The furniture industry has always been driven by innovation and creativity. There is no end to design innovation and new materials are emerging continuously. Market players have brought their stores online and opened up the entire store on the e-commerce platforms. The customer-centered innovation will bring changes in the way furniture has been perceived traditionally. New products are launched by taking environmental concerns into consideration. Moreover, market players have been adopting various strategies to raise their stake in the market. Among those strategies, expansion and acquisition are major strategies. Expansion strategy opens up new opportunities in the new regions and marks international presence. Moreover, an acquisition strategy is adopted to accelerate the growth of the company. With design and material innovation, market players will implement different strategies in the coming years to achieve sustainable growth. According to the report published by Allied Market Research, the global furniture market is expected to reach $800.59 billion by 2025. Following are some of the activities taking place across the world.
Launching new products and promoting sustainability are among the major strategies of market players. They launch innovative furniture products that offer quality and value to users. Zinus, one of the e-commerce furniture companies, upgraded its major mattress product with the launch of the Green Tea Luxe Memory Foam Mattress. The company aims to bring luxury to users along with high-quality materials. Jen Cha, the Co-President at Zinus, outlined that the company combined premium materials with enhanced design for the development of affordable and luxurious mattresses. It is capable of offering long-lasting performance, comfort, and durability.
Zinus infused green tea in each layer in addition to ActiveCharcoal Microparticles. This combination gives freshness and eliminates unpleasant odor. Moreover, the 7-zone ventilation system is utilized for enhancing airflow performance and provides relief in areas such as shoulders, knees, and hips while sleeping. A breathable knit cover is utilized for ensuring comfort from top to bottom. Such innovative furniture products are meant to offer comfort along with high-quality sleep to users.
Along with the launch of customer-centered products, market players adopted the strategy of expansion to achieve more market share in the furniture market than before. Startups are among the forefront runners in the adoption of the expansion strategy. The furniture and home goods e-commerce startup Homzmart launched its operations in the Kingdom of Saudi Arabia (KSA). The startup will work in collaboration with international companies such as Al-Motlaq Furniture and Al Rugaib Furniture. It aims to provide a seamless, hassle-free, and one-stop experience to Saudi buyers. The e-commerce platform of Homzmart will offer tens of thousands of products under one roof.
The startup has an objective of exploring opportunities presented by the multi-billion dollar e-commerce market in Saudi. The e-commerce platform is equipped with artificial intelligence technology. It helps the customers by optimizing the content of furniture sellers and facilitating buying decisions. Moreover, there is a national housing development program under which new houses have been constructed. This will present new opportunities for the startup. The expansion strategy comes after closing the $15 million Series A funding round in May 2021. This strategy will help the startup in gaining an international presence and a strong foothold.
The endeavor to gain a strong foothold in the market continues with the acquisition strategy. Dorel Industries Inc. completed the acquisition of Notio Living for $19.0 million. Dorel Home, a segment of Dorel Industries, completed this acquisition. Notio Living provides thousands of products from around the globe and working in the furniture industry for the past 25 years. Moreover, it has a strong presence in the e-commerce market. This experience will prove to be vital for Dorel Home to strengthen its foothold in the market. Norman Braunstein, the President of Dorel Home, highlighted that this acquisition helps in speeding up the strategy of growth. The combination of the existing product portfolio of Dorel with the distribution capabilities of Notio in the European region will assist in achieving growth.
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