Have you taken your furniture business online?
The growth of online furniture customers
The growth in furniture sales has increased drastically over the years, especially in regard to their online sales, enabling people to shop conveniently for their homes, from their homes. This enables people to visualise much more easily how products will look in their homes. With eCommerce sales accounting for 16.4% of all retail sales globally, expecting to surpass $6.5 trillion by 2023. With the lockdown keeping us all home, the e-commerce industry for furniture will grow.
What does this mean for furniture companies?
Furniture companies need to take advantage of this ever-growing opportunity since the new era of technology will continue to rise. Physical stores will continue to exist but utilising the ever-expanding eCommerce industry will increase the profits of the furniture industries. This can be achieved by promoting their products online, via their own web pages, social media and search engines. Particularly with the new generation increasingly shopping online, having grown up within a world of e-commerce, particularly with their hectic schedules preventing them from being able to take time out and visit stores. Therefore, for a furniture store to not offer a cashless, virtual alternative would be a disadvantage, giving valuable business to competitors who provide these services.
Also, social shopping is increasing even more, with social media becoming a part of the everyday life of the younger generation, those already living in their own homes to first-time buyers. Already, social media sites including Facebook and Instagram, have built-in tools to help you promote your business to the right audience. Already, with the current state of the pandemic, those who are working from home, furloughed and stuck in their own homes, are already using social media and online shopping to look for furniture.
So with the furniture industry having so much potential, why are banks reluctant to work with furniture companies?
The online furniture industry is considered high risk by banks due to the high chargebacks they face as a result of their unique characteristics. Which includes issues regarding damage during shipping, long delays of orders and many others.
So, what can furniture businesses do about this?
with ePay247 we can support you by providing you with a payment processing gateway which will help you expand your business and increase profits. We have work with many high-risk companies, personalising a plan to help you succeed. Our clients’ aims and success is our priority. So, contact us today to get support in taking your business online, with one of our many payment gateways.