According to eMarketers’ research, the home furnishing business holds the second spot in terms of market size, just behind apparel and accessories. It has experienced an impressive 11% increase in sales. The graph clearly shows a gradual and steady rise in online furniture sales.
When we consider the global furniture market, it will reach a size of 516.6 billion USD in 2022. Experts predict that it will expand further, reaching 541.52 billion USD in 2023 and a whopping 780.43 billion USD by 2030.
This indicates a remarkable compound annual growth rate (CAGR) of 5.36% throughout the forecast period. In light of these findings, it is evident that the furniture store ecommerce platform is gaining traction, with more customers choosing to purchase furniture online.
We can see that you’re excited and eager to dive into the world of furniture business. Building an online furniture store and growing is a great idea. One more thing you need to focus on is Marketplace Development.
It means that creating and growing an online platform where people who want to buy furniture and those who want to sell it can easily connect. So, get ready for a fun adventure as we explore the ins and outs of building a successful online furniture store.
Advantages of Online Furniture Business
Since, the growth of the online shopping industry is growing on a regular basis. The individuals are following these trends and start shifting their buying behaviors. Keeping this in mind, the Online furniture business is also shifting its gears, and merchants have begun to build a website for furniture retail, that could give them an edge over the competitors. Although there are various opportunities for merchants if they build an online furniture store.
Convenience and Accessibility
One of the key benefits of an online furniture business is the convenience it offers to its customers. They no longer have to spend hours going from one showroom to another looking for the perfect piece. Instead, they can simply search easily through online stores, compare-down the best prices, and buy exactly what they’re looking for.
Wide Range of Options
Online furniture stores provide an extensive selection of products, catering to various styles, tastes, and budgets. From modern designs to vintage classics, customers have access to a wide range of options that may not be available locally. This abundance of choice allows individuals to find furniture pieces that truly reflect their personal style and preferences.
Online furniture merchants frequently provide reasonable pricing when compared to brick-and-mortar businesses. This is because it is possible to buy things directly from the producers or distributors and because overhead costs are lower down. Customers can now discover high-quality furniture at more reasonable costs as a result, making internet buying a desirable choice.
Personalized Shopping Experience
Customer satisfaction is enhanced with the specific shopping experience offered by online furniture sales. There are many websites that offer sophisticated search filters that let consumers focus their selection based on particular standards like color, material, size, and price range. Customers will have an easier time locating the ideal piece of furniture that fits their needs thanks to this personalized approach.
Research of Competitors’ Business
The affordability of furniture varies between home-buyers and hotel/hostel owners. Home buyers prioritize aesthetics and are willing to pay more for a furniture set that aligns with their vision. Conversely, business owners seek bulk purchases at discounted prices. Price your furniture based on material quality; Oak Wood dining tables command a higher price than DIY plastic ones. Offering good-quality furniture at reasonable prices fosters long-term customer satisfaction and loyalty. It will eventually help you gain more traction on your online store. Thoroughly research competitor prices without undercutting your costs to gain a competitive advantage.
Cost of Building Online Furniture Business
Are you ready to start your own online furniture store? In today’s digital world, many people shop online, making it a great time to take advantage of this opportunity. Whether you’re a passionate entrepreneur or an existing store wanting to expand, or build an online furniture store, it can grow and reach customers worldwide. But how much does it cost to begin this journey? Let’s look at the different factors and understand the requirements when it comes to build an online furniture store. Don’t worry we will understand this in a clear and simple table format.
Cost of Building an Online Furniture Business:
|Website Development and Design||$1000-$5000|
|Domain and Hosting||$100-$500 per year|
|Ecommerce platform||$29-$299 per month|
|Product Photography and Editing||$500-$1500|
|Shipping and Fulfillment||$500-$2000 per month|
|Marketing and Advertising||$500-$500 per month|
Note: You have to notice that the costs that we have mentioned above are the general guidelines and can vary depending on multiple factors, such as custom changes made on your website, the scalability of your business, along with your location.
Legal documents for Online Furniture Business
Legal paperwork is necessary when launching an online furniture business, and the specific documents you need may vary depending on the legal structure you decide to use for your enterprise. However, here are some of the common legal documents that you need to have consider
- Business License
- Trade Name Registration
- Tax Identification Number*
- Sales Tax Permit
- Contracts and Agreements
- Protection of Intellectual Property
- Insurance Covers
* In some countries, you need to have a tax identification number, such as an Employer Identification Number (EIN) in the United States or a Tax Identification Number (TIN) in other countries. This number is especially used for tax purposes and to identify your business.
Setting Up an Online Furniture Store
After clearing out all the basic steps now it’s time to set up your online store what steps are required to make it happen. So, without any further ado, let us begin the step and understand each step step-by-step.
Selecting Domain Name for Your Furniture Business
Choosing the perfect domain name for your website is a crucial step in building your online presence. To make it memorable, keep it short and align it with your brand name. Your domain should embody your company’s mission and evoke the experience customers want. Let us take the example of Durian. When you hear a name like that, you immediately think of exquisitely polished furniture and a plethora of luxurious, elegant styles to choose from. By choosing a domain name that reflects the essence of your brand, you leave a lasting impression and set the stage for a captivating and impactful customer journey. So, get creative and design a domain name that appeals to your target audience and sets you apart from the competition.
Select an Ecommerce Platform for your Store
Now, you have understood the advantages and the challenges you will face while starting your Online furniture business. It would be pretty much clear for you to understand whether you should progress with this or not. So, let us help you to answer your query of “where to sell furniture online” in a precise and proper manner.
Let me tell you a secret. Shopify commands a 20% Market Share. It’s the ultimate eCommerce platform for online furniture businesses due to several reasons.
|User-Friendly Interface||Shopify provides a user-friendly interface, and making it easy for beginners to set up and manage their online store. It offers a drag-and-drop website builder and customizable themes, enabling you to create a visually appealing and functional store without coding skills.|
|Robust features and Scalability||Shopify offers features, which include inventory management, payment gateways, shipping options, and SEO tools. It allows you to scale and allow your store to grow as your business expands, without worrying about technical aspects or server maintenance.|
|Mobile-Responsive Design||With the increasing popularity of mobile shopping, Shopify ensures that your furniture store eCommerce platform is mobile-responsive. It automatically optimizes your store for mobile devices, providing a seamless and user-friendly experience for customers browsing and purchasing on smartphones or tablets.|
|App Integration Ecosystem||Shopify boasts a vast app integration ecosystem, offering various plugins and extensions to enhance the functionality of your furniture store. You can easily integrate tools for email marketing, social media, analytics, customer support, and more, allowing you to tailor your platform to your specific business needs.|
|Reliable Customer Support||Shopify provides 24/7 customer support through various channels, including live chat, email, and phone. Whether you need assistance with technical issues, store setup, or any other concerns, their dedicated support team is available to help you promptly and ensure a smooth operation for your furniture store eCommerce platform.|
Magento is the ideal eCommerce platform for an online furniture business for several compelling reasons.
|Robust and Scalable Platform|
Magento is known for its robust and scalable nature. It can handle large product catalogs, high website traffic, and complex business requirements, making it suitable for a furniture store eCommerce platform that may have a wide range of products and varying customer demands.
|Flexible and Customizable||Magento offers extensive customization options, allowing you to customize your furniture store eCommerce platform to match your unique branding, design, and functionality requirements. It provides a modular architecture that enables the integration of third-party extensions and customizations to enhance the user experience and meet specific business needs.|
|Rich Feature Set||Magento comes with a rich set of features essential for running an eCommerce business. It provides robust catalog management tools, advanced search and filtering capabilities, integrated payment gateways, multiple shipping options, promotional tools, and analytics, among others. These features empower you to create a seamless shopping experience for your customers and effectively manage your online furniture store.|
|Mobile-Friendly and Responsive||In today’s mobile-driven world, having a mobile-friendly eCommerce platform is crucial. Magento offers responsive themes and mobile optimization features, ensuring that your furniture store website looks and functions well across different devices, including smartphones and tablets. This enhances user experience, improves conversion rates, and expands your customer reach.|
|Strong Community Support||Magento boasts a vast and active community of developers, designers, and merchants who actively contribute to its growth and share knowledge. This community support translates into frequent updates, security patches, and an extensive library of plugins and extensions. Additionally, you can access a wide range of online resources, forums, and tutorials, making it easier to troubleshoot issues and get assistance when needed.|
Apart from these many platforms, you can also use other eCommerce platforms as well such as, WIX, WooCommerce, Odoo, SquareOnline, BigCommerce as per your convenience.
Well, you can check out our portfolio, which we designed on the Magento Platform, and what changes we have done over here.
Implement Secure Transactions
Creating a secure environment for online transactions is crucial to gain the trust of customers. Implement the following measures such as Partner with reputable payment gateways that prioritize security and offer encrypted transactions. Display trust seals and badges to assure customers that their payment information would be kept safely secure. So make sure that you have a very popular payment gateway option that you can use for both of your domestic as well as international clients. Obtain and install SSL Certificates to encrypt data transmitted between your website and customers.
Regularly update your website’s security features and promptly patch any vulnerabilities to safeguard against potential threats. Clearly outline your data protection and privacy policies, assuring customers that their personal information will be kept securely and confidentially. Comply with relevant data protection regulations to build trust and credibility. Consistently deliver exceptional customer experiences to build trust and loyalty. Provide prompt responses to inquiries, offer personalized recommendations, and exceed customer expectations with seamless order fulfillment and post-purchase support.
Setting up Shipping and Logistics
For ensuring a smooth and delightful delivery experience for your loyal customers, there are multiple factors you need to consider. Firstly, it’s crucial to account for applicable taxes based on the location of delivery, whether it’s local, national, or international. Additionally, you must decide whether the products will be directly transported from the supplier’s warehouse to your customers. It’s also important to select the most suitable mode of transport. By negotiating favorable shipping rates with reliable logistics providers, you can optimize cost efficiency. Lastly, it’s also important to communicate your shipping policies, and delivery times, and provide tracking information to your customers. This ensures transparency and enhances the overall customer experience.
From Feedback to Action with Customer Feedback
Warmly invite all your lovely customers and demand them to share their thoughts and experiences they took with themselves while buying the furniture. Ask them for reviews, testimonials and share them on your platform. Having positive feedback plays a vital role in building our store’s outstanding reputation and drawing in more customers. It’s an excellent way to display your satisfaction and help others in drawing more attention towards your store. So, don’t make this mistake and ask for reviews.
Mastering the Art of Customer Service
Offering an after-sales and service would help you to enhance your trust factor in the market and build a long-lasting relationship with your clients. Providing customer support can be done through various processes, Live Chat, eMail, and phone. Always make sure to respond quickly to all your customer inquiries and handle all their problems or concerns in a timely and professional manner.
Challenges of Online Furniture Business
You also need to be aware of the certain amount of challenges that you will be going to encounter while running your online store and a few of them we are mentioning over here:
Limited Physical Inspection
One of the main challenges of buying furniture online is the inability to physically inspect the product before making a purchase. Customers rely on product descriptions, images, and reviews to assess the quality, comfort, and durability of the furniture. To overcome this challenge, sellers should provide comprehensive and accurate product descriptions, highlighting key features and materials used.
Uncertainty in Product Quality
Another concern for online furniture buyers is the uncertainty surrounding the quality of the product. Without physically seeing and touching the furniture, customers may worry about its durability and overall craftsmanship. Sellers can address this concern by offering high-resolution images from different angles, showcasing the details and finishes of the furniture.
Delivery and Shipping Issues
When purchasing furniture online, there’s always a risk of encountering delivery and shipping issues. Furniture items are sometimes large and heavy, requiring special handling and careful transportation. To ensure a smooth delivery process, sellers should partner with reputable shipping companies that specialize in furniture transportation. Providing customers with tracking information and regular updates on the status of their shipment can also help alleviate concerns.
Returns and Exchanges
In the event that a customer is dissatisfied with their online furniture purchase, the process of returns and exchanges can be more complex compared to returning items to a physical store. Sellers should establish clear and fair return policies that outline the conditions and procedures for returns or exchanges. By addressing this concern proactively, sellers can instill confidence in their customers and build trust in their online business.
Discover the limitless possibilities of launching your very own online furniture store. Dive into the digital realm and tap into the constantly expanding online shopping trend. With the entire world just a clock away; you can turn your dreams of Marketplace Development into a reality. Develop a well-thought-out that encompasses website creation, efficient inventory management, effective marketing and exceptional customer service.
From concept to implementation, an exciting journey awaits you. Connect with a vast audience of furniture enthusiasts and establish your online store as the ultimate go-to destination. Get ready to soar to new heights and leave your mark in the competitive world of online furniture retail. Don’t miss this golden opportunity and let success be your faithful companion. Remember, it all starts with knowing how to start an online furniture store.
Q: How to become an Online Furniture Retailer?
A: To become an online furniture retailer, you need to create a professional eCommerce website and establish sourcing channels to procure a variety of furniture products. Additionally, you should focus on marketing strategies to drive traffic to your website and offer exceptional customer service for developing a strong reputation in the industry.
Q: What does it take to start an online furniture business?
A: To start an online furniture business, you need a reliable e-commerce platform and website, along with a strong supply chain for sourcing, secure transaction options, delivering furniture products to customers, etc. For that, we have curated the list of important pointers as you can read them over here.
Q: How much does it cost to start your online furniture business?
A: Since we have bifurcated the cost in a beautiful manner in the form of tabular format. Since we are only going to provide you a rough estimated cost that would be somewhere between $4000-$10000. But, still, it depends a lot on the customer’s demand.