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News of the entry of IKEA in the India’s market has brought in renewed vigour and has put the furniture space in the country under limelight. In a society where people desire to own branded products and lead aspirational lifestyles, the way one styles their home has become a creative means of self-expression for all to see and a reflection of their social status.
Consumers are now investing significant time in setting up their homes. In line with increasing focus on interior decoration, consumers have started to opt for high quality products and stylish designs for indoor furniture to improve the aesthetics. Consumers are spending time reading blogs and articles to educate themselves on making their homes more functional and attractive.
Material, colour and comfort are the three key attributes a consumer looks for when buying furniture apart from affordability. Consumers are increasingly finding modular and functional homes quite appealing, because of which customisation has become important. Efficient utilisation of space, desire for uniqueness and authenticity is driving demand for customisation.
The furniture space in India, traditionally dominated by regional and local players is buzzing with activity from the organized and large chained players. The activity has been characterized by new entrants like IKEA who are keen on tapping in to the Indian market that offers such significant potential and expansion of business by established players such as Godrej Interio and Nilkamal. The desire for convenience and affordable products has aided the popularity of internet retailers and emergence of furniture rentals.
Omni channel strategy is increasingly being adopted by players to maximize their consumer reach. Offline retailers are making their presence felt online whereas online players are expanding their footprint offline by setting up stores to provide consumers with a holistic shopping experience. Affordable prices, high quality durable products, attractive discounts, ease of access to stores, convenient home delivery offering with timely assembly is key for the success of organized players.
It is quite an exciting time for the furniture segment in India. With consumers being quite involved in product purchases, it is an opportune moment for organized players to tap into the vast potential that the furniture segment offers with a thorough understanding of the consumers and their preferences.