The global pandemic due to COVID-19 has severely impacted many, if not all, industries, including trade, travel, and communication. The same goes for businesses and companies in the home décor and textile industry, as among other sectors. While this may mean a lot of considerable challenges, there may also be tons of opportunities for change and growth.
So, amid the pandemic, how will you be able to increase the home décor market, or at least your own sales for the business to thrive? Read on as I talk about the home décor and textiles sector and what you can do to increase the market!
Increasing The Home Décor Market
Are you wondering how your business and the overall home décor market can rise? Whether you have Sydney antique shops or sell new products, these are ways on how you can adapt to the new normal:
1. Understand The Phases And Value Chain
COVID-19 will affect your business’ performance, both short and long-term, as well as your value chain. The disruption was unexpected, but unfortunately, not the last crisis we would face. That’s why it’s important to prepare and plan ahead in case something similar happens again in the future.
When you work on the consequences and opportunities of the crisis, you should identify three phases, which are:
a. Protecting your business and running it as well as you can
b. Rebooting your business and move it back to production
c. Retool your business and future-proof it
During the early stages, you have to quickly deal with the crucial parts of the business. It’s best to prioritize speed over perfection, rather than to wait for all the information. If you do so, it may be too late, so work on the limited information you receive for now and adapt to changes.
Whether you’re talking to your employees or buyers, one thing is clear: You have to communicate. Both are essential parts of the business and you have to ensure their wellbeing. Communicate clearly and stay in contact with both parties, and inform them about the specific situations, explaining the areas they are concerned about.
Besides this, you also have to check your cash flow and make sure it stays as healthy as possible during the pandemic. You can do so by ensuring running orders are completed and paid for and to work out scenarios if buyers are postponing or canceling orders to prevent losing the transaction. Furthermore, limit the spending and cut costs, such as negotiating discounts on fixed costs and being creative with your expenses.
2. Stay Connected
Besides working out a plan based on different phases, you also have to look into adapting and staying connected with consumer behavior and needs.
When staying connected with trends and consumer behavior, you have to consider the following:
• All consumer needs will stay the same, even is the crisis has affected it for the short or long period. The underlying and deeper needs consumers have in the home décor industry won’t be easily affected and stay the same, as they have deeper human value.
• Emotion continues to drive demand. Consumers might think they can’t afford certain products but would still want to treat themselves, celebrate, or give gifts, even when they are considered non-essential items.
• Consumer confidence would affect consumer behavior, and this is a relevant indicator of the home décor market. This will show you what your consumer’s expectations are based on their financial situation, as well as their intent to purchase during the economy.
3. Look Into The Trends
There are many important trends you have to take note of when it comes to the development of the home décor market, as well as consumer preferences and sentiments. All these trends were already prevalent before the outbreak, but it has become even more important after COVID-19, and it may even accelerate such trends further. Take note these major changes:
● Polarization of spending will be relevant, with two types of consumers emerging: Those who aren’t affected by the crisis, and those who have less to spend because of the crisis. Big corporations will continue growing, as they will have more online sales. Big players such as Zara Home will have better online sales and combine that with sales from physical shops.
● On-Demand Economy has been around before the pandemic and will continue becoming stronger during and after the crisis. These are “always-on” culture of buyers, who want to get whatever they want without putting much effort. They want customization, convenience, participation, and instant gratification when they purchase something.
● In time-sensitive markets, you will want to have quicker delivery times and faster transactions, which gives you a competitive advantage. Utilize technology for increasing productivity, which can help with customer satisfaction and loyalty.
● Stay clear and attractive, giving your customers more transparency for safety reasons. It’s also best to appeal to millennial and provide visual products with sustainable values.
Wrapping It Up
This worldwide outbreak of COVID-19 has created a huge impact not only on people but businesses and economies. Fortunately, for the home décor sector, there are ways to kickstart sales and increase the market during and after these current events. With the right methods and strategies, you can continue protecting your business and prosper.
So go ahead and follow any, or all, of these methods mentioned above to stay relevant and continue selling. Good luck!
