In The Furniture Retail Industry In 2021
The onset of Covid-19 has forced businesses all over the world to rethink how they deal with clients and subsequent transactions, such as the BOPIS model (according to National Retail Federation) i.e., buy online, return in-store, and click-and-collect. This is especially true concerning furniture retailers. Even though many businesses have had to close down due to these circumstances, a few have been fortunate enough to stay afloat by making some major structural changes to their current business models as a way of retaining customers. However, we are still learning and growing. That said, let’s take a look at some of the latest tech trends in the furniture retail industry in particular, that we can look forward to in 2021 and years ahead.
How the Economy Changes Before and After Covid-19?
With several vaccines now being launched, the outlook for the global economy is improving. Businesses and consumers are quickly getting used to this new normal, the age of digitization and innovation as we like to call it.
There are certainly quite a few technological advances that we can look forward to in the future. We are hopeful that these advancements will bring about more of a change in the industry and steer us in the right direction with regards to developing the industry and transitioning into a techier environment.
Tech Trends to Look Forward to In the Furniture Industry in 2021
Contact-Less dealing with Customers
Self-checkout systems have been in place in large retail chains for quite a while now. A large majority of the consumers have also stated that they prefer the self-checkout option, and since social distancing is still a big part of in-person shopping, we could benefit from incorporating the same in the furniture industry.
Now more than ever, the absence of such facilities such as contact-less delivery has even become a deal-breaker for potential customers. It is also a relatively new concept, with studies showing that around 30 % of retail consumers first experienced contactless payments after the pandemic. Therefore, there is a need to develop easily integrable systems that are easy to get used to and cater to consumers at large.
Predicting Consumer Demand Using Machine Learning
With system analytics in place, businesses can gauge interest in a particular product, predict consumer demand well beforehand, and manage their inventory accordingly. This can allow them to streamline marketing strategies and project them to customers interested to increase efficiency and sales.
Predictive analytics aid retailers to produce more customized search results and aid their customers in a much better way. In comparison to traditional methods forecasting methods, machine learning does the same job at an accelerated pace. With data now being processed at such high speeds, it also allows retailers to forecast trends for a defined period in the future and manage their products/services accordingly.
Automated Solutions for Order Fulfillment
Warehouses in the retail industry are now increasingly making use of automated systems to optimize order fulfillment. With a ton of demand and competition underway, companies are moving to adopt automated solutions such as Autonomous Mobile Robots so that processing and order fulfillment can be more efficient.
Another excellent advantage is that these automated solutions can be integrated with your company’s existing systems providing a service that goes well beyond simply fulfilling orders and sending out shipments.
Digital Showrooms & Virtual Staging
The virtual shopping experience is on the rise: from interactive apps to full-service digital galleries, the industry is currently experiencing a significant push in innovation. Many giant brands in the retail furniture industry have started to apply virtual space technology for customers to experience products like Bo Concept with intelligent “experience points” or augmented reality at Villeroy & Boch.
In the furniture industry, the most important thing is to provide the best product experience for customers without leaving the house. Therefore, digitalization with digital showrooms or virtual reality technology is opening up a new and exciting experience for both buyers and sellers in furniture retails. Furthermore, theoretically, the unlimited virtual environment can replace expensive retail space while users can access it anytime and anywhere. The development of ever-improving VR products is driving this trend and unlocking the unprecedented potential for the furniture and interior design industry.
AI Store Assistants
AI Assistants or intelligent virtual assistants are chatbots that use natural language processing along with predictive analytic tools to assist customers as well as retail workers.
AI or robot store assistants are changing up the average shopping spree in a big way. Much like a regular store assistant, they can help you look for specific products in the store, answer queries, and even access coupons, etc, simply and safely.
Convince consumers buying from virtual store more?
Sourcebynet, with more than 20 years of experience in the furniture industry, on-the-ground staffs and the necessary relations in the industry to deliver a market-leading service in indoor furniture design, sourcing & delivery. Not only do we guarantee the fastest speed to market, in just 120 days from production to delivery; but we are also committed to product quality and “retail-ready” furniture. All our efforts are to set you apart from the competitors and win your customers’ trust, especially when online shopping or virtual store is the trend now. Connect with our key account managers if you have any questions about furniture that sells!