Massive underlying development in E-retail, E-commerce and Supply Chain will improve online furniture & home décor landscape in India: Ken Research
Key Findings Huge surge in demand of online furniture and home décor items from Tier 2 and Tier 3 cities would be witnessed in FY’27 owing to increasing digital penetration in these cities. Growth of corporates, retail, hospitality and healthcare sectors have raised the demand for the commercial real estate and would provide a boost to the online furniture sales in India. Various furniture manufacturing clusters are planned across India to promote economies of scale by meeting domestic requirements and pushing India into a global furniture manufacturing hub. Emerging Technology: With the advancement in data analytics and interactive technology, online retailers are able to offer immersive buying experience along with personalized solutions to the customer based on their preferences. Apps and portals would focus on AR and VR tech to help the customers visualize and select the best furniture items. The personalized furniture trend is gaining popularity and will be the major trend in future. Growth of Omnichannel Sales: Initially furniture e-tailers were facing challenges in solving the ‘touch and feel’ problem. This drove a push into creation of a network of experience stores that enable users to experience the products before buying - thus providing a strong level of trust which was missing in online till then and which was a habitual need of any furniture buyer in India. This has led to strong growth in the overall sales of these e-tailers and compete with major offline retailers. Rental Furniture could be the next Big Thing: Majority Young Working Professionals in India keeps on migrating internally due to their job requirements, thereby not intending to invest in furniture as it is a hefty task to take it around. Companies such as Rent Mojo and Furlenco in India lease out furniture on rent on a monthly, annual and biannual basis. While Furlenco designs and owns the furniture it rents out, Rentomojo has an asset-light model where it ties up with suppliers to rent out the furniture. Analysts at Ken Research in their latest publication “India Online Furniture & Home Décor Market Outlook to FY'2027 - Driven by Expanding Customer Base and Increasing Government Initiatives to Promote Furniture Industry” believe that the Online Furniture & Home Decor market in India is expected to experience positive growth owing to the growing demand for the office furniture, increasing ecommerce market coupled with the surge in the penetration of smartphones and growing internet users in the country. The market is expected to register a positive CAGR of 36.8% in terms of revenue during the forecasted period 2021P-2027F. Key Segments Covered:By Product Category Furniture Furnishings & Home Decor By Furniture Items Beds Sofa Sets Dining Furniture
Chairs & Tables Others By Furnishings & Home Décor Textiles (Linen, Curtains, Cushions & Covers) Table Décor & Wall Décor Mattresses Lighting Others (Spiritual, Flooring, etc.) By Region Tier 1 Tier 2 Tier 3 By Commercial/Personal Usage Personal Commercial Request For Sample Report @ https://www.kenresearch.com/samplereport.php?Frmdetails=NTM2Mjk3 India Online Home Décor Market Companies Covered:Pepperfry Home Town Home Centre At Home by Nilkamal Godrej Interio Urban Ladder (Reliance Retail) IKEA Space Wood Durian Key Target Audience:Online Home Décor Companies E-Commerce Marketplace Platform Retail Companies PE and VC Firms Time Period Captured in the Report:Historical Period – FY’2016-FY’2022 Forecast Period – FY’2022-FY’2027 Key Topics Covered in the Report:India Furniture & Home Décor Market Overview Key Furniture Manufacturing Clusters India Online Furniture & Home Décor Market Overview India Online Furniture & Home Décor Market Size India Online Furniture & Home Décor Market Segmentation FY’2022
India Online Furniture & Home Décor Market Growth Drivers India Online Furniture & Home Décor Market Trends & Developments India Online Furniture & Home Décor Market Government Role and Initiatives India Online Furniture & Home Décor Market Logistics Constraints India Online Furniture & Home Décor Market SWOT Analysis Competitive Landscape of India Online Furniture & Home Décor India Online Furniture & Home Décor Market Cross Comparison India Online Furniture & Home Décor Future Scenario Future Market Size and Segmentations, FY’2022-FY’2027F Covid-19 Impact on India Online Furniture & Home Décor Analyst Recommendations Case Studies For More Information on the research report, refer to below link:India Online Furniture and Home Décor Market Related Reports:The KSA Furniture Market By End Users (Home, Office, Hotels And Industrial), By Product Categories (Bedroom - Bed, Wardrobe, Dressing Table; Living Room - Sofa, Sofa Cum Bed, Television Sets, Coffee Table And Center Table; Dining Room; Kitchen), Children Furniture And Online Furniture Market Outlook To 2022 UAE Home Furniture And Furnishing Market Outlook To 2022 - By Living Room Furniture (Sofa, Sofa Cum Bed, Other Sitting Furniture, Coffee Tables, Others), Bedroom Furniture (Bed, Mattresses, Wardrobes, Chest Of Drawers), Dining Room, Home Office, Kitchen Furniture And Furnishing (Home Textile, Window Covering, Barbeques, Lightning Products) Contact Us:Ken Research Ankur Gupta, Head Marketing & Communications Support@kenresearch.com +91-9015378249