The Furniture & Home Furnishings market size was valued at USD 28827.76 million in 2022 and is expected to expand at a CAGR of 12.41% during the next 5 years, reaching USD 58172.13 million by 2027, as per an extensive quantitative analysis and exhaustive qualitative analysis of various key players in the furniture industry across the globe.
On the basis of product type, this market is primarily split into:
- Sofas
- Tables
- Chairs
- Beds
- Desks
- Mattresses
- Dressers
- Others
On the basis of the end users/applications, it is sub-divided into:
- Residential
- Commercial
And, geographically, this report is segmented into several key regions including:
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
The furniture market is changing rapidly with the ongoing expansion of the industry. Advancement in retail technology has provided today’s businesses with multifaceted advantages resulting in daily economic shifts allowing furniture and home furnishing retailers to carry more inventory and/or have larger stores without having to proportionately increase their IT investment.
The following three distinct aspects of the furniture and home improvement business, when handled better with the help of modern retail software solutions, empower retailers to provide more value to their customers and improve margins by:
Customer Service
- Timely availability of real time information about customer buying history, average spend per visit, and brand or category preferences in the retail CRM facilitates cross-selling/up-selling promotions and increases conversions on footfalls.
- Providing a single window of customer service for both, cash & carry and home delivery facility helps to enhance the overall customer experience
Inventory
- Enhanced inventory visibility across all channels to avoid loss sales opportunity
- Leveraging in-store inventory by enabling stores to fulfill orders received online leading to higher inventory turns
- Easy management of goods transfers, picking and packing activities, and reservations at store level
- Enhanced inventory management with traceability and control over products that have quality defects or have been returned
- Managing single products, packs, or variants based on a number of product characteristics like color, size, style, height, width, length, & more
Business Intelligence
- Centrally managing products, prices and promotions across all channels
- Ensuring quality data management and consistency across various categories and sales channels
It is very important for a company to comprehend the patterns of the market movements in order to strategize and operate better. An efficient retail POS system offers the companies with a head start in planning as well as operations and an edge over the competitors.
As a furniture retailer, you too can be a part of the massive growth opportunity in the near future by adopting the right retail software solutions for your brand. ETP V5 Retail Software has been enabling retailers just like you in elevating retail performance to facilitate increase in basket-size, sales revenue and customer satisfaction. Learn more…
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