Innovation within Furniture Industry- How to Ace the Game
The furniture industry is continuously witnessing an ever growing growth, which is more determinative of the industry’s future. With the constant presence of growth, innovation, experimentation, and the continuous energy of the o'fused and small retailers utilizing every opportunity with new technologies, the growth of a new generation of consumers and communication methods are guaranteed as well.
Success Stories of the Furniture Industry
In order to understand the growth of the furniture industry, looking at the success stories will provide a better insight. Examples include the introduction of the app by Jerome’s which brings real- time website experience to the shoppers within the store, with the review, video, email- subscription features. June 2017 witnessed the growth of The Room Place with the opening up of the twenty-fifth and the largest store with a support of 100,000 square foot warehouse. Other success stories of the growth of the furniture industry are marked by the stories of City Furniture, with the plan of creation of the largest expansion in the company history with a modern 28,000 square foot concept. Financing technological support in the furniture market is quite common in the industry, as the example of Ashley with an investment of $300 million in AR and VR merchandising concepts.
Financial Tips to Survive and Ace the Furniture Industry Competition
Therefore, while the success stories help provide a better insight it also marks the increased competition and needs for effective financing measures to stay a step ahead in the furniture industry.
The grave mistake of treatment of furniture as a commodity- Apart from the case of low- cost providers, the assessment of marking price as the focal point of the sale proposition is highly unsustainable in the current furniture industry. The reason lies within the customer base of the industry, where the consumer choice is not limited to al localized media market.
Marketing of dreams instead of furniture- The need for fulfillment of the hidden desires of consumers marks the key marketing strategies. For successful financial marketing, selling the promise of dreams fulfilled such as of a warm, invent and well- decorated home instead of a piece of furniture will help deliver the key customer experience. Therefore, the financial marketing plans require being revolved around the concepts of a family life with the inclusion of furniture combined with the personal and relatable family stories.