Furniture | Furnishings
About Furniture | Furnishings Industry
Rising disposable incomes, cheap home loans, favourable government policies has led to increasing demand of housing and infrastructure in the country. This has eventually raised the demand of furniture as well as furnishing. The industry of furniture is accelerating to meet the infrastructural needs (commercial and residential). International brands are strongly dominating the Indian market with their variety and quality solutions to fulfill customer requirements. Moreover, due to steady urbanization in India, furniture & furnishings brands are now gaining widespread popularity in the Indian market.
Challenges faced by the Industry
- Getting integrated with the new technology and processes as per the trends in the market.
- The business is mostly carried out in huge volumes. So, management of inventory space and selling space is a challenge.
- Higher costs of labor and adoption of new technologies to minimize wastage and optimize the quality.
- There is a consumer shifts in shopping preferences, which needs to be identified regularly. At the same time, the brand needs to identify their USPs and growth strategy.
- Setting up channels of distribution/ sales i.e. E-commerce, Dealership, Franchise, etc.