Driven by pent-up and deferred demand, India’s online furniture and furnishing market is expected to reach an estimate of US $50 billion in the coming five years at a growing rate of a 39% CAGR, stated by a recent report. The home furnishings market in India is expected to exhibit a CAGR of 8.77% during 2022-2027.
As per report by Redseer which is a Bengaluru based market research firm, the online furniture category is predicted to foresee 3X growth in shoppers in the next five years with a 1.8X jump in annual spending per shopper. It was also seen that the average selling price (ASP) on verticals is 10X higher for furniture and 2X higher for decor than horizontals, indicating the difference in target customer base.
It was also observed that verticals with superior omni-channel presence, customer experience, product innovation, specialized supply chain, and technology capabilities are well-positioned.
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Here are some of the top 5 startups helping transform the furnishing retail industry:-
Flipspaces: Established in 2015, Flipspaces is the first tech-enabled brand which offers a full stack solution for 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 the 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 arts, 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, the 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 a 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.