World furniture sales have been growing steadily since the boom in new home builds. Although the demand is high, shifting consumer buying preferences and changing tastes mean that furniture retailers are faced with huge opportunities for growth but also with great new challenges.
Today’s furniture customers are young, tech-savvy and live in increasingly small living spaces. They use both traditional and new shopping venues –from the brick-and-mortar store to e-commerce websites and mobiles – and look for highly customizable furniture, which will meet their need for differentiation and functionality.
As the demand for custom builds and special orders for non-stock items increases, the management of inventory and sales has become increasingly burdensome for furniture retailers. Furniture businesses are also quickly realizing that they need to offer a multichannel shopping experience if they want to reach the new generations of consumers, create brand awareness and stay competitive.