The Future of Online Home DécorReading Time: 8 minutes
The home decor space has been transforming at a swift pace. Home decor was an offline, selective, and elite market a few years before. Today, home decor is finding clients who are experimental, open to selecting and buying online. Here, we are talking about the future trends of Home Decor.
Some stats and success stories of Online Home Decor:
Here are the latest and remarkable insights of the home-furnishing eCommerce industry:
- The eCommerce furniture and appliance revenue is $258 billion and is forecasted to grow to around $394 billion by 2022.
- With more than $350 million, retailers Purple and Leesa lead the online mattress sector with innovative product marketing approaches.
- For digitizing their home-furnishing business, Magnolia Market (a leading shopping complex) used Shopify Plus not only to make sales but engage online customers using Augmented Reality (AR).
- Using eCommerce automation, Interline (the parent company of top home furnishing brands Dania Furniture and SCANDIC) boosted sales by 30 percent, with 65 percent of digital sales coming from the vicinity without a retail store.
Looking at the above statistics, we have come up with future trends and predictions for the home decor business in the digital world.
9 Ways eCommerce is Shaping the Future of Home Decor and Furniture Industry
In the year 2020/21, we have seen tremendous eCommerce acceptance and found businesses growing using digital transformation. Let us discover some of the eCommerce predictions to explore where the home decor business is heading,
1. Consumers switching from Offline to Online Mode
When it comes to furniture and home decor consumers prefer the engagement, personalization, and buying experience offline. Designing that engages the user and gives a similar buying experience for your online home decor store to be successful is the topmost priority.
If shoppers enjoy the personalized retail experiences that ease their buying journey, customer loyalty tends to increase. Personalization steers impulse purchases lead to lesser product returns and boosting overall revenue.
Even though the lack of a physical store is a big challenge, online retailers can provide better experiences using digital retail technologies like automated chatbots, visual search, virtual stores, and augmented reality.
On the other hand, the acceptance of omnichannel business strategies has assisted many retailers in enabling precise balance and increasing digital and offline revenues. With the same business concept, many home decor and furniture brands saw their profits evenly split amid physical and online stores in recent times.
2. Advancements in Online and Mobile Shopping
We can see that conventional purchasing is transforming and today, every generation is moving towards online and mobile shopping.
Online and mobile shopping is currently no longer a secondary choice for the home decor business in 2021. The majority of offline businesses have already built mobile-friendly furniture websites to enable their sales and operations.
Both B2B and B2C online businesses have emerged for eCommerce shoppers. The figure below showcases how COVID-19 has forced consumers to shop on online channels in most business categories. As per McKinsey, the furnishings and appliances industry saw a 30 percent growth in customers buying their products online.
So, the stay-at-home orders that have enabled better physical distancing have led most of the consumer segments to shop digitally.
What we can conclude is that developing mobile-friendly eCommerce portals can steer more business opportunities to the retail stores than those online portals that are not fully mobile optimized.
3. Modernization in the Technology Space with Chatbots
Since the beginning of 2021, consumers look forward to chatbots, one of the top marketing technologies, as digital sales professionals during their online shopping journey. With the online buying journey being 24/7, smart chat tools will require to be more advanced as per the consumers they will attend.
Today, consumers demand finding the home decor product insights they are exploring within a click of a button, so chatbots even require having business intelligence. Also, researchers clearly display that without dynamic engagements, conventional online experiences are not yielding desired results, so transformations are needed.
Ecommerce chatbots work as a digital marketing tool for online businesses. By applying smart prompts, they make interactions with passive visitors on an eCommerce store, web, or mobile application, and try to turn them into active prospects.
A step further, automated AI chatbot tools can intelligently notify prospective customers about the promotional deals and offer them quickly the applicable discount coupons to enable prompt sales opportunities.
Other useful use cases of chatbot consist of customer onboarding, enabling customer learning, automating lead generation, and motivating consumers for buying on your online store, which even applies to home decor businesses.
4. Visual Search will Enhance the Shopping Experiences
How can a home decor business ensure that their customer base is getting what they are exploring on their online store? The answer is visual search.
Visual Search is one of the top home decor eCommerce website features that simplifies the product search taking them to successful conversions. It even blends physical and digital shopping experiences and augments conversion rates while buying products online. It can further assist in tracking and accurately measuring online business success.
You can even monitor the products that are frequently explored and purchased to drive your online sales strategies through visual search techniques.
Giving customers the command to search and explore with their camera application and accessing home decor product pictures online can better convey their buying motivation.
Visual search has improved the online shopping experience at such a superior level that from customers out of 12 million worldwide respondents, around 31 percent selected home decor as the business type they utilized by the visual search for the most times subsequent to the apparel industry.
As per Accenture, 63 percent of customers would opt and shift at least half of their transactions to businesses providing image eCommerce.
Further, Deloitte and Gartner mentioned the boost in demand with a forecasted Image Recognition Market of around 39 billion dollars and an estimated 30% rise in online commerce revenue respectively for early adopter companies by 2021.
5. Modern-day Shopping Experiences with Visual AI
A few years back, customers had to navigate from one business portal to the other and open numerous tabs to explore every product category.
However, today with modern-day visual AI, you can suggest and display similar eCommerce products, enhance search outcomes, and enable search queries swiftly. You can even explicitly predict and facilitate personalized product suggestions in real-time scenarios.
A step further, access to precise neural nets is facilitating eCommerce providers to clearly understand their consumers and innovative trends with respect to their online behavior. Also, accurately predicting the subsequent moves of your prospects on digital channels is made possible by the predictive abilities of AI techniques.
With visual search blended with visual AI solutions, online businesses can further enable customers with dynamic visual navigation and social visual content concepts that better contextualize the home decor and furniture business, motivating them to purchase products digitally.
6. Augmented Reality will Shape User Experience
AR covers and layers digital components on top of real-world set-ups, facilitating users to visualize their existing reality with a fresh approach. The technology has already enabled many mobile applications and video games.
However, it has proven its success efficiently in digitally-powered furniture applications. Besides, as per a study by Centric Digital, around 60% of online furniture shoppers demand to shop utilizing augmented reality applications.
Further, with advanced retail mobile applications, you can apply AR technology features to understand the customer needs and even suggest precise home decor or furniture products online. You could also personalize customer requirements based on a home’s explicit dimensions offered by the customers digitally.
An additional advantage of enabling consumers to visualize their home decor and furnishing products in their home spaces is that it reduces product returns. As the consumer already has clarity of how the product will look and fit in their offices or homes.
7. Users will Discover More on Virtual Stores
For enabling the next level of personalization to the digital shopping experiences, online businesses can create virtual stores. These digital platforms deliver consumers a precise virtual experience, which allows them to get the ease and comfort of the home.
One of the significant players in this advanced technology is Lowe’s Holoroom, a modern-day tool, which offers the feel of a virtual showroom or visualizes a home space.
The technology offers users a mocked-up version of how their offices or homes would look when diverse products are placed in their space. The complete scene that users view is a virtually created version of a house. And the in-depth experiences will enable them to think or decide on how multiple products placed would work out on the whole.
The prime idea is that customers will get a better shopping experience than the online one they have access to currently. They can easily explore the virtual home decor products similar to how they would if they were in an offline business store.
8. Easy Ecommerce Financing and Cash & Carry Options
If you are not providing your consumers with financing choices for home decor products, then you are behind the current times and missing out on the trick.
In the current time, every product can be financed, right from vehicle repairs to medical bills to home products and even small items purchased from big-sized digital businesses.
The home decor industry has been involved in financing. However, in the existing time, consumers not only anticipate being offered easy financing choices but even quick approvals digitally.
So, they can buy products quickly and get pleasure from their products at the same time. This is even significant while providing an effective customer experience as if consumers aren’t content with the payment preferences you offer them; they may switch to your competitors.
9. Cutting-edge Business Competition and Digital Advertising
Many online businesses are constantly adding to their online marketing and digital advertising budgets to win over their business rivals. With this said, when hyper-targeted advertising campaigns steer the sales outcomes, the ROI is enhanced compared to the wider reach-based marketing tactics.
Google Shopping campaigns can effectively advertise and promote your home decor and furniture products. They can bring you to the top of the Google search results at the precise time when prospects are exploring to buy the types of products you sell online. Your Shopping advertisement comprises item pictures, pricing, product ratings, deals, and other insights that make it simpler for customers to buy your products digitally.
However, for most online businesses, managing a big marketing and advertising budget is crucial. Specialists in digital marketing suggest online businesses resolve this challenge by having flexible promotional strategies. They can play amid organic marketing tactics and paid advertising to work out a balanced sales plan.
The bright future of home decor and furnishing eCommerce
Home decor and furnishing is a trending industry with a significant prospective for business growth and maturity.
Further, to be at the forefront of the digital revolution, online businesses are accepting modern technologies like Visual Search, Visual AI, and Augmented Reality. This is true as there is a boost in the number of young consumers that are trying to go visual and digital.
These technologies provide swift and customized online shopping experiences that consumers demand. With few taps and a product picture, online customers no longer have to search for precise words to clarify what they think to buy.
On the other side, online retailers have the command to connect and interact with consumers, offering them the best products and services using advanced digital channels.