1. Increased Digitization has boosted Home Furnishing and Décor Market
More trends and developments in the Home Furnishing and Décor Market
- The e-retail business in India is being boosted by technology improvements, such as the availability of high-speed internet networks, like 4G, and increased adoption of smart devices.
- Customers will be able to purchase furniture more easily through internet channels, as a result of these improvements. Furthermore, the growing number of smartphone users in India, as well as online shopping, is driving the furniture manufacturers to market their products through online channels.
Digital Marketing
- Furniture industries and retailers are increasingly using social media and digital marketing for furniture products.
- Customers are now easily reached through social media to make them aware of the latest product offerings. An active presence on popular social media platforms such as Facebook, Instagram, Twitter, and YouTube can increase the customer base manifold.
2. Emergence of New Players in the online furniture and home decor market in India
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- Some of the major players in the Indian online furniture and home decor market include Pepperfry, Urban Ladder, Flipkart, Amazon, and Snapdeal. These platforms offer a wide range of furniture and home decor products, ranging from sofas and beds to curtains and wall art.
- Growing popularity of online shopping is encouraging furniture manufacturers, such as Godrej Furniture, Nilkamal, and others, to introduce and sell their products online.
- For example, Nilkamal's flagship brand @Home, a prominent offline retailer of prefabricated furniture products, has launched an online shopping facility for its exclusive selection of @Home furniture, furnishings, and home decor items. Moreover, Swedish furniture behemoth – IKEA recently entered the market.
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3. Growing Government Support
- The government has also introduced various programs to promote skill development in the furniture manufacturing sector. These programs aim to provide training and education to workers, which will help to improve the quality of the products manufactured in India.
- Export Promotion: The Indian government has also been promoting the export of furniture from India. It has introduced various export promotion schemes, such as the Merchandise Exports from India Scheme (MEIS) and the Market Access Initiative (MAI), to help Indian furniture manufacturers to increase their exports.
- As India strives to become a worldwide manufacturing hub, key legislative initiatives, such as "Make in India" and "Vocal for Local," have boosted the manufacturing sector, including furniture manufacture.
- The Government of India's Make in India project intends to raise the manufacturing sector's proportion of the country's GDP to 25% by 2025. Furthermore, in August 2019, the government approved 100% FDI in contract manufacturing via the automated route, boosting the sector's growth.
