Work-from-home Policy during COVID-19 Drives Demand for Home Decor Products on e-Commerce Websites
Since most individuals are still abiding by the work-from-home (WFH) policy amidst the COVID-19 (coronavirus) outbreak, companies in the online home decor market have incorporated an elaborated list of WFH furniture on their websites. Many schools and colleges are under scrutiny for resuming their lectures during the pandemic. Hence, manufacturers are focusing on school essentials such as study tables, bean bags, and wall shelves.
Currently, the online home decor market is gradually picking pace in countries still struggling with the pandemic. However, between January 2020 and March 2020, the online furniture business experienced a drastic increase in traffic. The global traffic on furniture websites has witnessed an increase from January through March, since many people have been preferring office set-up at home. Brands, such as Pottery Barn, IKEA, and Home Depot have competed to provide customers with furniture services during the pandemic.
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Vertical Gardens Hold Lucrative Growth Opportunities for Interior Designers
Home decor is an exciting activity for individuals who have recently bought apartments. With the growing digital influx, online home decor is undergoing a transformation to meet the demand of customers. Increasing number of startups are tapping incremental opportunities in the online home decor market. For instance, Green Drops is keen on expanding its business in vertical gardens to help create more oxygen and decorate the ambience of houses.
Every year, several students enter the business of interior designing with Fine Arts degree. This trend for wanting an exciting career in home decor has contributed toward the expansion of the market. The growing business of green walls is contributing to a collective and estimated revenue of ~US$ 128 Mn by 2030 for the online home decor market.
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Handmade Luxury Retail Items Gain Popularity
The concept of luxury home decor is growing popular among individuals. In this regard, Moon River Stop, an online one-stop shop, offers individuals with luxury décor options. Companies in the online home decor market are increasing their production capabilities to manufacture high-end luxury products with impressive designs and craftsmanship to lure customers. They are increasing product uptake for blue pottery, antiques, glass vases, metal bowls, and the likes.
Companies in the online home decor market are increasing efforts to combine traditional artistry with contemporary appeal to increase product uptake. They are catering to festive occasions to meet the needs of buyers. Graduation, house warming, and promotions are emerging categories that manufacturers are focusing on. On the other hand, manufacturers in India are setting the standard for luxury retail that highlights Indian heritage and quality craftsmanship. Handmade items are being highly preferred by customers.
Data Protection Laws Ensure Safe Purchase of Online Home Decor Products
One of the main disadvantages of online shopping is that the buyer is unable to touch and feel the product, which might lead to return of goods. In several cases, individuals feel that the item that they have ordered is completely different from what they saw online. Hence, companies in the online home decor market are investing in photoshoots for products so that customers do not feel misled during their buying experience. They are increasing efforts to mention detailed description of products to minimize return and exchange of goods.
Manufacturers in the online home decor market are creating awareness among customers to buy goods from trusted websites. Trusting an unknown seller with your personal details also raises the issue of malicious practices. Hence, manufacturers should increase awareness about data protection laws to ensure safe purchase of online home decor products.
Earth Tones and Biophilic Design Trends Create Business Opportunities for Companies
Popular e-Commerce giants such as Pepperfry and World Market are leveraging their digital marketing by writing blogs and articles about home styling. New interior design trends including Earth tones and multifunctional spaces are bolstering the growth of the online home decor market. As such, the market is slated to register a favorable CAGR of ~8% during the assessment period. Other interior design trends such as floral wallpapers and biophilic designs are creating business opportunities for manufacturers.
Manufacturers in the online home decor market are luring customers by offering discounts and offers on new room designing services. Registration and cashback offers are boosting product purchases. e-Commerce giants are collating their list of best-selling products to ensure repeat purchase of products. Candle holders, wall accents, and indoor plants are being highly publicized in the interior designing sector.
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Sophisticated and Handcrafted Apparels Personify Interior Designing at Home
The U.S. online education platform MasterClass is growing popular worldwide, which also shares information on home styling and interior designing. An explosion of social media content on YouTube and Instagram has further amplified revenue opportunities for companies in the online home decor market. The trend of home makeovers is another key market driver generating sales for manufacturers. Handcrafted cups, sophisticated wall scones, and innovative coasters are setting the language for great aesthetics in home decor. Apart from furniture, companies in the online home decor market are increasing their production capabilities to manufacture sateen bed sheets, innovative pillow covers, and rugs that suit the design taste of individuals.
Online Home Decor Market: Overview
- According to the latest market report published by Transparency Market Research on the online home decor market for the period 2020–2030 (wherein 2020 to 2030 is the forecast period and 2019 is the base year), increasing online shopping and need for home furnishing products across the globe is expected to drive the online home decor market
- Globally, revenue generated by the online home decor market accounted for US$ 151.1 Mn in 2019, which is expected to expand at a CAGR of ~8% in terms of value throughout the forecast period
Growing Demand for Interior Decoration across Globe: Key Driver of Global Market
- Rise in demand for home decor products and awareness about interior designing, etc., is projected to expand the online sale of home decor products during the forecast timeline. Increase in standard of living and disposable income among users has led to the demand for furniture such as sofas, tables, dining tables, and beds. In addition, increasing preference for online shopping and demand for other products such as home textiles, flooring, wall décor, and lighting has also enhanced the sales of online home decor in recent years.
- Increase in online sales of interior or home decoration products, even in higher ticket products (furniture, dining tables, etc.), is anticipated to be a major driving factor of the online home decor market in the near future. The past couple of years have seen a rise in online furniture options.
Boom in e-Commerce Industry to Create Better Opportunities for Online Home Decor Market
- Growth of the e-Commerce industry has created huge opportunities for manufacturers and distributors in the online home decor market. Producers and suppliers of home decor products are focusing on selling their products on various e-Commerce websites across the globe to cater to a comprehensive range of customers across the world. Online shopping has taken precedence over brick and mortar retail in various countries. Online reviews and feedback on home decor products such as furniture, furnishing, wall décor, and lighting also helps customers to choose the best products or accessories available in the market. Moreover, intense competition between online retailers helps consumers to obtain very good deals, when they buy home decor products through online modes of distribution. Many home improvement retailers are entering the online space and offering newly designed home decor products. They are also providing attractive discounts, exchange offers, and installment schemes to customers to direct their attention toward their exclusive range of products.
Increasing Popularity of Home Décor Products: Key Trend of Market
- Demand for home decor products, especially furniture, bedding, mattresses, rugs & carpets, and a wide variety of wall decor products, etc. is increasing the overall online sale of home decor products. People have moved from choosing traditional wooden furnishing to eclectic home decor designs, keeping in mind the comfort, luxury, spacing, and other needs of modern-day lifestyles. Living room furniture, beddings, carpets, wall hangings, and decorative lights are the preferred choice of customers. Customers are spending decent amount of money on the purchase of home decor through online modes of distribution. Awareness and affordability are the two major factors, which play a vital role in the process of making buying decisions by customers. Youngsters are more trusting when it comes to ordering online. These factors are likely to increase the online sales of home decor products in the near future.
- The overall production and supply of home decor products were hampered due to the outbreak of COVID-19. However, it has generated immense opportunities for online suppliers or retailers to expand their sales channels and increase the overall profitability of the business. Online retailers are also understanding consumer requirements, their preferences toward design, shape, size, and colors of home decor products, and are trying to provide affordable and innovative products. Online home improvement retailers are also working on their websites and trying to go beyond providing product images. Online retailers are launching with innovative features which provide an opportunity to customers to explore the respective products and offerings more intensely. Numerous opportunities exist for home decor retailers and distributors in emerging or developing countries to cater to untapped markets in terms of online sales of home furnishing and interior decoration products.
Customer Preference for Physical Retail Experience to Hamper Online Home Decor Market Growth
- Purchasing home decor products through online sales channels is becoming popular and individuals are buying home decor products from e-Commerce websites and various online home improvement retailers. However, majority of customers still prefer physical retail experiences to online experiences. Customers value the in-person evaluation of the size, design, material, and the significant feel of home decor products before making a purchase decision. This experience does not always translate into online stores. Customers are still inclined toward tangible traits such as color, pattern, style, and texture when evaluating products for their home. Hence, the ability to see, touch, and feel products as well as take products home immediately ranks highest among the reasons customers choose to shop in offline stores rather than online. These factors are anticipated to hamper the growth of the online home decor market in the near future.
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