Can online furniture retailers become the unicorns of new age India?

Winston Churchill once said that “Necessity is the mother of invention,” and it corresponds well with the furniture because, over time, it has gradually evolved into a necessity for people across the world. This dependency on furniture for our convenience and obsession with design and decor has triggered the nationwide massive furniture sale in every segment. It may be an item of work-from-home furniture, luxury lounge chairs, or some outdoor furniture, especially after Covid-19 pandemic in 2020. 

Just to draw a fundamental difference, there was also a time when people were happy without furniture, without the internet, and even without electricity, but today the scenario is quite paradoxical because none of us can live without internet, electricity, or furniture. 

Furniture Retailers have grown into mammoths during the last five years, and this is the most visible and viable change one can observe in the market captivity. 

Thus, there are specific reasons to justify that; the online furniture retailers are already on the path to become the Unicorns of New age India. Lokendra Ranawat, Co-Founder & CEO, WoodenStreet, explores the factors responsible for same:

1. DIGITAL INFLUENCE 

The main reason behind this enormous success and the pivotal growth of furniture retailers in India is “Digital Influence.” It is a known fact in broad daylight today that every single business in the world needs the internet to make sales. New age India is just the next significant word for digital India platforms. The digital platform like Instagram or Facebook provides access to social media furniture shops online to every other human being on the phone. It is the most affordable device to access the internet. 

2. AESTHETICS 

Who doesn’t want to show off every new thing they bring home? Well, everyone, because ever since the social media is immensely active, everyone posts pictures of what “NEW” has come and who has the early access to such things. This is aggravated by watching the mouth-watering aesthetic furniture setup posts to entice the large consumer base, available and active online. 

Since the furniture is gaudy and luxurious in appearance, everyone wants such furniture setup for their home to create a comfortable and pleasing experience—another sharp reason for whopping furniture sales. 

3. COMPACT SPACE - MODULAR FURNITURE

The urban problems require urban solutions, which is the case with compact spaces in urban areas. Due to peripheral and consolidated space availability in urban areas, people can order modular furniture for their home, which occupies less space than traditional furniture and comes equipped with complete functionality for your convenience. 

This has driven the influence on modern furniture design in the furniture market. Today, maximum online retailers have a collection of such furniture modules made for packed urban spaces. 

4. FURNITURE INDUSTRY - ALL TIME CAREER CHOICE

The growth trajectory of the furniture industry has been so upwards that it has attracted mass employment in every segment, such as Furniture Designer. The designer is the top career designation in the industry, as every online furniture retailer is in demand of a furniture designer to create fascinating and compatible product designs to attract a colossal consumer base.
 
The other most requested designation in the industry is Business Developer because of ongoing tough competition to become the unicorns of New age India. 

Other than these jobs, there are plenty of essential positions available in various furniture retailer firms, waiting to hire the young professionals for mind-boggling ideas. 
 
5. CUSTOMIZATION & EXPERIENCE STORE

The customization process has added a revolutionary turnover to the furniture industry. It gives the customer the complete freedom to choose and select their furniture. Online furniture retailers have equipped custom-made furniture to their every product to attract wide customers across the nation. 

If we talk about the experience store, then it is another milestone in the industry for buyers who hesitate to believe in the quality of furniture products. Hence, the experience stores have all the setup in accordance with your home to give a familiar feeling. This has curated much friction towards buying furniture, pertaining to the self taste in decor and interiors. This will also continue to make the furniture buying experience relatively easy and convenient, which is another principal reason for online retailers to become invincible in the future furniture bazaar. 

Consequently, the above factors have propelled online furniture retailers to become the upcoming unicorns of new-age India. New age India is a ladder, in the process to become self-sufficient future generations of the young and skilled workforce. Hence, the time is not so far when online furniture retailers would have become the consortium of the furniture market. Thus, the Unicorns are ready to take off.