The home furnishings market in the country is expected to exhibit a CAGR of 8.77% between the years 2022-2027 as per leading market research firm; Imarc Group. The growing demand for luxury home furnishings, along with the emergence of personalized trends for home décor, is mainly driving India’s home furnishings market.
Another leading market research firm, Redseer’s research stated that India’s online furniture and home market is expected to grow at a whopping rate of 39% per cent CAGR over the next five years. It is also seen that the average selling price on verticals is 10x higher for furnishing and 2x for décor than horizontals, denoting the difference in target audience base.
It was observed that the key trends for the industry growth were a superior omnichannel presence, customer experience, product innovation, specialized supply chain, and technology tool capabilities with AR, AI & VR.
Here are some of the top 5 startups aiding the furnishing retail industry boost its sales by leveraging technology:-
Flipspaces: Established in 2015, Flipspaces is the first tech-enabled brand which offers a full stack solution for the design and build of commercial spaces. It is also the largest global supply chain platform for interior products and services backed by its strong technology and industry acumen. Flipspaces’s SaaS-driven product Vizstore is a virtual store which allows interior product owners to digitize the product display, visualization and selection experience aided by virtual reality technology. Embracing its cutting-edge technology specially created for furniture and furnishing retail stores, it helps boost sales by 30% while reducing store rent to mere 3 paise per sqft.
Pepperfry: Pepperfry since 2011 brings to you stylish and quality furniture with attractive EMI options. From electrical appliances to wall art, Pepperfry grants everything you need to make your apartment a home and your home your dream one.
Furlenco: In 2011, Furlenco was born to give everyone access to awesome furniture without any hassles. Plus, they have complete freedom to use it for as long as they want or change it as per their needs.
Urban Ladder: Urban Ladder commenced operations in 2012 with a vision – to make a million homes beautiful. They had a mission to enable their audience to think of setting up space as an energizing, creative pursuit and to help to breathe life into empty rooms with ideas.
Rentomojo: It is an online furniture rental platform that was incorporated in November 2014, and currently operates in Bangalore, Pune, Mumbai, Hyderabad, Chennai, Delhi, Gurgaon and Noida. RentoMojo was founded in November 2014 in India.
