With all of the issues the home furnishings industry is facing, you might think things are slowing down. And while that’s true in some regards, many retailers and manufacturers are still reporting high sales numbers.
That’s likely to continue through 2022, according to experts, especially as shipping problems ease and more and more businesses learn from the challenges they faced over the past year and implement new strategies for growth.
To get a few answers, The FAM polled the industry to see how business is these days, and the results are somewhat surprising.
While nearly half of respondents said business is still on fire, another half said it’s slowing down some. A small percentage, 6%, said things are flatlining, but another 10% said they’re seeing negative numbers.
While 10% is nothing to bat an eye at, it is notable that the industry is half and half on business being great and getting slower.
If business is slowing down for you, there are a few things you can do to keep momentum through the holidays.
- Make sure you have a good balance on your direct-to-consumer approach. Are you giving people a good way to buy from you online to take that away from the DTC companies? These days, selling solely to the trade could leave you behind—especially with so many manufacturers starting to sell DTC. If manufacturers can work out a strategy to sell both to consumers and the trade without negating the positive effects the sales have on either party, you have a better chance of finding success.
- Find new ways to drive traffic. If you’re a mattress retailer, host a chiropractor in your store and have people come in for a free, five-minute consultation. If you primarily sell furniture, offer a “sit and snack” event where people can come in and sit and test out the sofas while enjoying a nice snack and drink. Have you read “Come Back To Bed” yet? It has a plethora of ideas for driving traffic.
- Build value in the products you sell. You can do this in multiple ways, whether it’s through creative marketing or social media strategies, or simply anything that can help you boost your efforts and maximize out every ticket. Remember, you’re not selling a product, you’re selling the ideas of happiness and relaxation. To offset those rising acquisition costs, make the best use of your customer visits and be sure to have an effective follow-up plan so you can stay with the customer even after the store visit ends.
Everyone’s business is different, but with persistence and strategy you can drive greater and more meaningful traffic to your store, hit those who primarily shop online, and keep your business’ fire burning bright.
