When shopping for furniture, bedding, rugs and home decor, modern customers want their items quick and they want them cheap. In general, shoppers aren’t visiting multiple showrooms to make comparisons before custom-ordering a room full of furniture and then waiting months for delivery.
Today’s shoppers pick up occasional pieces and grab-and-go items like accent chairs or mismatched tables that they happen upon at stores like Target or IKEA or HomeGoods. They visit Pinterest and online catalogs but spend less time in stores.
“We certainly have always had the philosophy that you can completely change a room with a new accent piece of furniture,” says Bill Cain, president of Chelsea House, in the magazine, Retailer NOW. “People love a small table they can put in the back of their car and take home without the hassle of deliveries. I only see this trend growing when the millennial generation ages and downsizes.”
In the apparel industry, a focus on “fast fashion” means consumers expect trends to be available in stores faster and they expect to refresh their closets more often. The same is true of the furniture and home goods industry.
“People are engaging with their home spaces or office spaces very similarly to how they engage with their wardrobes. A space is never really done—it becomes a continual reflection of themselves,” says Noa Santos, CEO and co-founder of Homepolish, an on-demand interior design service. “The idea of waiting eight weeks for a couch delivery seems absurd, especially to younger consumers.”
Getting products into homes quickly
This demand for convenience and speed means manufacturers and businesses need to streamline distribution and delivery processes, whether it’s in retail stores or internet sites. Multichannels often work hand-in-hand as consumers may do research online but still like to see items in stores.
Retail e-commerce sales of furniture and home furnishings grew 16.4 percent in 2017 to reach $35.95 billion, and is expected to total $62.36 billion by 2021, according to Home Furnishing Stores and Digital Commerce 2017: Trends and Benchmarks. Overall, furniture and home goods account for about $100 billion of the U.S. retail market.
Getting products into households quickly means home goods producers and distributors have to hurry to keep pace. Small businesses need flexible financing solutions and quick turnaround so they can take advantage of trends in the marketplace before they fade and change.
Quick cash flow for businesses
Crestmark financing specialists understand the small-business needs of this quick-changing marketplace and can help companies get the timely funds they need.
With flexible financing options for furniture makers, textile importers, cooking equipment manufacturers, lighting distributors, and others looking to grow their home furnishings businesses, Crestmark provides access to working capital so business can produce the products that are in demand—while they are still in demand.
If you need fast financing, Crestmark can help. Call us at 888-999-8050.