Since last year, work-from-home has become commonplace in private as well as public sector jobs. Most households were not even ready to embrace this change for a longer period that ran into months this year as well. Along with minor changes in lifestyles, the need for additional or suitable furniture also came up. For instance, chairs that people normally possess in their house are not made for usage that runs into hours. The casual use of a laptop/desktop on the dining table or by sitting on the couch is one thing; working for longer durations to do office work is another.
Another interesting trend is with luxury furniture. While many customers postponed or trimmed their budgets on furniture, the demand for luxury furniture found a vent to meet the supply needs via the online channel while avoiding the need to go out.
Building a sustainable business starts with market research. The better the comprehension of a market, the better are the possibilities of making better assessments and decisions in identifying and defining the target market, formulating a strong channel strategy, taking the right competitive stance, etc. In market research, YRC’s team of market research consultants brings forth a detailed and meaningful view of the target market with actionable insights that help in the formulation of better strategies and planning at later stages. The areas of assessment include market demand, market segments, market size, competition, pricing, the performance of different channels, etc.
ECommerce Business Model
Customers are extremely picky when they are buying furniture online. Durability is the topmost consideration for a given quality and price tag. Other factors that weigh in are home delivery, ease of installation, favourable return and replacement policy, etc. YRC maintains that if these concerns can be addressed, it can create a strong brand positioning in the market. YRC helps clients identify and build a strong UVP-based business model around customer priorities. The team goes through a planned and systematic process covering assessment of consumer behaviour, SWOT analysis, insights on customer-user experience journey, etc.
Digital Marketing Services
Digital marketing is not a tough nut to crack once businesses have a clear understanding of who their customers are and what their priorities and expectations are. Before embarking on formulating digital marketing strategies for its clients, YRC’s team of digital marketing experts carries out a detailed study and analysis of the target market segment and consumer behaviour. It is only after this assessment is done, the team finds the best way forward to marketing and promotion on digital platforms towards ensuring that clients’ brand identity is rightly portrayed to the right audience on the right platforms at the right time with the right content.
Digital analytics help online furniture businesses better understand consumer behaviour and the general market trends. By reading overall purchase patterns or identifying upcoming designs and trends in furniture products, an online furniture business can accordingly make the necessary adjustments in their product designing, marketing and operations. Digital analytics throws light on consumer behaviour along their shopping journey touching a multitude of physical and digital touchpoints. This understanding is critical for businesses to improve their products and services. YRC’s dedicated team of digital analytics professionals consistently works on analytics to help clients do better business, foresee predictable changes, and cope up by making the necessary adjustments.
Given how frequently customers make online purchases or touch any one or many of the digital touchpoints in their shopping journey, it has become critical for businesses to map this experience of customers and users. It can shed important light on product improvement, payment convenience, delivery preferences, support services, return and replacement, the impact of advertising and promotional activities, etc. YRC’s digital business experts work closely with clients to better understand their customer orientation. YRC crafts the digital CX strategies for its clients with due focus on CX and UX mapping.
With a change in the market behaviour, comes the need to revisit and realign the way business is done. The last 18 months has reiterated this lesson for online furniture businesses. YRC has responded to this change by realigning its services to suit the new market realities so that their clients continue to benefit and successfully cope up with what is also a new normal for businesses.
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