E-commerce in office furniture
E-commerce in office furniture
While the pandemic has caused radical changes in everyone's life, it has also led to significant restructurings in the business world. Due to prolonged restrictions, somewhat out of necessity, consumer expectations and needs have changed, forcing producers to discover new commercial opportunities and adapt quickly. In the office furniture sector, e-commerce has become one of the fastest-growing retail channels.
Since 2020, the prolonged closure of offices due to the pandemic led to a decrease in furniture demand. Additionally, customers preferred to avoid retail shopping in adherence to social distancing rules. Hence, customers choosing the convenience of purchasing office furniture from the comfort and safety of their homes accelerated e-commerce in the office furniture sector.
Customers, under pandemic conditions, turned to e-commerce sites or manufacturers' websites to compare prices for desired products, instead of visiting physical retail stores. This period also saw accelerated digitization worldwide, with progress equivalent to 5-6 years happening in less than a year, forcing more producers and sellers to adapt to online retail strategies faster than anticipated to reduce costs and increase profit margins. Alongside, there is an increase in online furniture stores aiming to minimize the high costs associated with retail stores.
The growth opportunity in selling office furniture through e-commerce channels is forcing online retailers and manufacturers' websites to improve purchasing processes in terms of security and reliability. Policies that encourage customers to make online purchases include secure transactions, cash on delivery options, favorable return policies, and integrated, centralized customer services.
Home-office furniture sales significantly increased as more people shifted to working from home
Although people initially struggled with working from home as they were not used to it, over time they adapted to home-office scenarios and a new work-life balance began to emerge. After about two years, as companies shifted to a hybrid work model and this became the new normal, a larger population started turning towards smart office furniture. With this new normal, the need for multifunctional, flexible, ergonomic, and comfortable office furniture for home-offices became apparent, leading to increased demand for smart office furniture that serves multiple purposes. Professionals working from home for extended periods prefer furniture that is simple, compatible with other home furnishings, and can easily transform into a workstation while maintaining productivity.
In today's world, where nearly every product can be sourced online, e-commerce in the office furniture sector continues to grow rapidly in our country as it does globally. The global home-office furniture market size, which was around 3 million dollars in 2020, is expected to exceed 7.5 million dollars by 2030, recording an annual compound growth rate (CAGR) of 8.8% between 2021-2030.
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