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3/6/2019

E-commerce and the Future of the Furniture Industry

Once upon a time, shopping for furniture was always a tactile experience. Couches were sat on, mattresses laid on and drawers opened and closed. More than ever, with today’s social distancing requirements, many of those decisions are being made online.

E-commerce’s rise to power

E-commerce was already becoming a preferred way to shop for furniture before COVID-19, with online-only and digitally savvy furniture retailers taking more of the market share from smaller, regional retailers. Such tough competition can affect your small business customers’ ability to pay for inventory. 

Strategizing for a digital world

Consumers typically expect to find the best and most convenient deals online, and smaller retailers can surprise shoppers by offering limited-time discounts. 

When possible, price-matching competitors’ prices can turn a hesitant customer into an enthusiastic one. These tactics can inspire loyalty and prevent customers from shopping elsewhere.

Creating an omnichannel experience

Since many shoppers may long for more traditional shopping experiences, retailers can find creative ways to invite customers to see on the pieces they’re interested in.

Smaller companies actually have an advantage over large ones when working to up the digital ante. Because they don’t have lengthy implementation processes or miles of red tape for approvals, change can happen quickly

It’s not enough to simply invest in digital processes, however. To outsmart and outpace the competition, retailers must integrate smart updates to their physical stores and digital platforms, creating one seamless system that puts the customer experience at the center.

With the right digital systems in place, for example, offers like local pickup or delivery can entice customers to finalize those purchasing decisions.

Who are you selling to?

As digital evolution in the retail industry speeds along, you need assurance that your customers in the furniture industry will be around for the long haul.

Seek a financial provider that understands the landscape. Don’t leave your business at risk; consult with a seasoned team that has experience determining who is positioned for success and who is headed for trouble. Once you understand your risks, you can begin seizing opportunities for growth.

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