In the summer of 2023, sofa giant DFS claimed that the highest mortgage rates since 2008 have “depressed sales volumes by 15% to 20% across the market.” Inflation outpacing wages, fewer first-time buyers, and falling housing prices deterring people from selling, means home and furniture sales are slowing.
A financial crisis, while challenging, unfolds unique arenas for businesses to innovate, pivot, and discover untapped markets and demographics. For home brands, navigating through economic turbulence involves tactfully extending their reach through multi-platform selling, tapping into new markets whilst sustaining the business’s vitality.
Consumers expect the boundaries between online and offline shopping to converge, meaning home and furniture need a multi-channel, multi-platform approach to selling to make a strong impression during turbulent financial times. This means creating new experiences outside of a brand’s typical channels to expand their impact seamlessly.
We asked our experts how brands can use a multi-platform approach to tap into new markets and demographics.
Marketplace Integration: A home and furniture brand can extend its reach by integrating with established marketplaces like Amazon, eBay, and Etsy. This allows access to a vast customer base actively seeking home decor items. For example, a furniture brand can list its unique handmade wooden tables on Etsy, targeting customers with a penchant for artisanal pieces.
Social Commerce: Engaging younger demographics is achievable through platforms like Instagram and TikTok. Using shoppable posts and ads, a brand can showcase stylish room makeovers, enticing younger audiences to replicate the look in their own homes. For instance, a brand can collaborate with a popular interior design influencer on Instagram to feature their products in beautifully styled home settings.
Customised Merchandising: Home and furniture brands can use data and insights to personalise their product offerings. If customers in a specific region show a preference for sustainable furniture, the brand can curate a collection of eco-friendly furniture pieces tailored to that market, showcasing their commitment to sustainability.
Unified Dashboards: Utilising integrative technologies, a unified dashboard helps a home and furniture brand efficiently manage its diverse e-commerce sales channels. This ensures consistent inventory management, order processing, and customer communication, all from a single dashboard. This data-driven approach empowers the brand’s leadership to make informed decisions and optimise strategies for enhanced overall sales performance.
Streamlined Inventory Management: An automated inventory management system maintains inventory consistency and improves demand forecasting. For example, if a retailer identifies that certain products sell exceptionally well on Amazon, they can adjust their inventory levels accordingly to meet demand.
Consumer Behaviour Analysis: Data analytics allows the brand to track consumer behaviour across different platforms. For instance, they might notice that customers on their website tend to browse larger furniture pieces, while those on social media engage more with decor accessories. This insight informs product recommendations and marketing strategies.
Cross-Platform Personalisation: Customers encounter a seamless shopping experience as personalised engagements and communications traverse across platforms, ensuring continuity in customer experience.
Performance Metrics: By closely monitoring platform-specific performance metrics, the brand can adapt its strategies effectively. For example, if a home and furniture brand observes that its Pinterest marketing efforts are driving more traffic and conversions, they can allocate more resources to Pinterest marketing.
Unified Customer Support: Providing a seamless and consistent assistance experience across all e-commerce platforms fosters trust and satisfaction. It’s a critical element in building strong, lasting customer relationships and bolstering brand reputation.
Efficient Fulfilment: By leveraging streamlined logistics processes and dependable fulfilment methods, brands can consistently meet their delivery promises, building trust with customers. This not only enhances the overall shopping experience but also strengthens brand loyalty and reputation.
Loyalty Programs: Speaking of which, implementing loyalty programs, incentives and rewards for customer engagement and purchases across various e-commerce platforms are all an excellent way of tapping into new markets for the long term. These programs foster customer loyalty and encourage repeat business by offering tangible benefits, such as discounts, exclusive offers, or points accumulation.
Coherent Visual Identity and Messaging at Every Touchpoint: Ensuring the brand’s visual identity remains consistent across all platforms forges recognisability wherever customers encounter the brand. Maintaining a consistent tone and messaging in communications and marketing across all platforms reinforces brand trust and recognition.
In times of financial uncertainty, home and furniture brands can strategically utilise multi-platform selling to adapt and thrive. By expanding their reach and engaging with diverse customer demographics, these brands can discover new opportunities and revenue streams, guiding the brand toward new horizons of success, even in the face of crisis.
Find out the e-commerce effectiveness of the top 50 UK Home retailers and how they compare.
