By Alan Wolf, YSN
Retail software provider STORIS has compiled a comprehensive look ahead at the furniture industry in 2021.
Its just released 2021 Furniture Industry Trend Guide cites marketplace forces that will impact the category this year, and offers ways that retailers can leverage these factors.
Chief among the changes is the transition from urban to suburban living, which was further propelled by the pandemic and low mortgage rates. Given the greater indoor and outdoor square footage of suburban homes, STORIS said, retailers who can cleverly merchandise multi-functional use of space can capture higher average ticket values from home buyers. Moreover, marketing furniture and appliance upgrades to sellers who secured above asking price for their home can help retailers tap into another viable pool of buyers, the company advised.
Unfortunately, one thing that may not change this year is inventory availability, given ongoing supply chain constraints and rising consumer demand. STORIS suggests a diversified vendor strategy to help contend with a limited product pipeline, as “putting your eggs into fewer baskets could be leading to fulfillment issues.” Indeed, which vendors you partner with, how you connect with your vendors, and which geographic regions you source from can directly impact your performance, the company said, and cited a reevaluation of supplier mix as a top initiative for retailers in 2021.
STORIS, with offices in New Jersey and Florida, offers a cloud-based, Unified Commerce Solution that integrates critical retail functions including point of sale, inventory control, accounting and business intelligence. This gives retailers of all sizes complete control over all furniture retail business channels, which can improve profitability, create efficiencies and enable growth, the company said.
A complimentary copy of STORIS’s complete 2021 Furniture Industry Trend Guide is available here.