In my last post, I offered up some interesting statistics regarding eCommerce as it relates to the furniture industry. I expect some of my readers will challenge these numbers because they include home furnishings and not just furniture. My answer is a question: Do you just sell furniture, or are you a destination stop “for everything for the home.”
The reason I ask that question relates directly to the reasons why people shop for “the home” at brick and mortar stores like Crate and Barrel, Target, Ikea and other national retailers. They are looking for those unique and stylish home accessories and accent items that “complete” their look of a specific room. With that said, do you showcase your home accent buyers on your website? If not, then you should! Just refer back to the statistic that over $42 Billion of our category sales will be done online. It’s also a great way to keep online buyers engaged on your website.
Add to these statistics the 800-pound eCommerce giant, Amazon. According to data floating around the internet, Amazon’s furniture sales were estimated at $4 Billion in 2017, representing a 51% increase year over year. Additionally, Amazon has created Amazon Home, which enables customers to shop by room, look, home decor, specific items or category.
In addition to Amazon, we have Wayfair, Overstock, Hayneedle and more taking business from you. After reviewing the facts, do you really think you can survive in retail if you don’t have an e-commerce strategy and platform that offers a multitude of products that are at least relevant to furniture?
Our industry overall is expected to grow to $114BN in 2018, a 4.9% increase which is very good. Naturally, if I was a retailer, I’d want more. I’d want Amazon’s growth! Of course, to get that kind of growth, , one would have to possess thousands and thousands of SKU’s (or products) on their website_ essentially, a ton of different products. If they don’t, they’re doomed to be replaced by retailers who do.