The furniture retailing industry has faced a challenging market over the past five years. Weak consumer sentiment, reflecting subdued retail spending across the domestic economy, has adversely affected trading conditions.
However, rising disposable incomes and increased demand for residential property construction have boosted industry revenue, which is expected to reach $7.4 billion in the next five years.
So, what’s the difference between businesses who are reaping the rewards from the growth – and those who aren’t?
Having disjointed business systems can be instrumental in the downfall of a furniture retailing company.
Outdated technology and/or multiple business processes can be the cause of several issues that can impact long term success, including:
- High operational costs and business inefficiencies.
- Limited business growth.
- Manual information exchanges that don’t communicate in real-time.
- Lack of visibility into key business metrics.
Successful home furnishing businesses spend their time on customer service and business strategy because they don’t need to focus on the management of spreadsheets, old on-premise solutions and/or point solutions.
By acknowledging that modernising back-office technology is the key to making informed, data-driven decisions, home furnishing distributors have the insight to capitalise on new business opportunities.
Streamlining operations is imperative for new product and service offerings, and development, supplier, and order management.
Successful home furnishing businesses are using agile business technology that allows them to explore new distribution channels, gain real-time industry specific KPIs, demand planning, supply chain, inbound shipment management, procurement, eCommerce and more – all in one complete system.
In today’s fast paced environment, cloud software for retailers provides insight, which is the difference between businesses who are thriving and barely surviving.
Cloud Software for Retailers