The online household furniture industry has enjoyed significant growth, thanks to consumer behaviour shifts towards online commerce.
This growth trajectory is poised to continue, with projected revenue of $1.5 billion, marking an estimated 8.7% surge.
What’s behind the current growth?
The outbreak of COVID-19 served as a catalyst for online furniture sales. Due to lockdowns and in-person shopping restrictions, consumers turned to digital retail channels in unprecedented numbers.
Shifting their holiday spendings towards home improvements due to travel restrictions, consumers have led a marked uptick in sales of outdoor, bedroom and lounge furniture. More people working from home fueled a notable uptick in home office product sales.
This shift has been enhanced by increased consumer confidence in online transactions, streamlined website navigation, and robust transaction security measures, collectively fostering a widespread embrace of online shopping.
As traditional bricks and mortar retailers have made the shift online, they’ve enjoyed an overall increase in profitability due to reduced operating costs and economies of scale. This has been achieved despite the challenges of logistical delays and reduced manufacturing activity in overseas markets, contributing to hold-ups in furniture availability.
The allure of product comparison, coupled with the appeal of competitive pricing and cost-effective delivery options, has offered consumers an enticing package when in pursuit of new furniture. Over the past half-decade, the industry’s revenue has flourished, boasting an impressive annualised growth rate of 15.6%*.
What does the future hold?
The traditional bricks-and-mortar model of furniture retailing has made way for an omnichannel retail experience. Consumers can choose to visit a showroom and touch and feel the products, but also have the option to complete their purchase online. Alternatively, they can browse online and check stocks before visiting the store in person.
Looking ahead, online shopping will remain the cornerstone of continued growth in household furniture sales. Key to this growth is the swelling number of internet subscribers, further propelled by the advancement of online connectivity and data-centric platforms. The surge in residential construction will also drive sales from the next generation of homeowners.
Projections indicate an annualised growth rate of 4.6% over the next five years, culminating in a total industry revenue of $1.9 billion by the conclusion of the 2027-28 period.*
How can Eway help?
Selecting an online platform that integrates with Eway will provide your furniture and homewares business with a seamless payment processing solution. Eway’s leading payment gateway allows your business to accept credit card payments from your customers through secure and convenient online transactions.
Some popular online platforms that integrate with Eway
Shopify: Shopify is a robust e-commerce platform that offers a seamless integration with Eway. It allows businesses to set up an online store, customise the design, manage products and inventory, and securely process payments through Eway.
WooCommerce: WooCommerce is a popular plugin for WordPress websites, enabling businesses to build and manage their online stores. With the Eway integration, WooCommerce users can easily accept payments through Eway’s secure payment gateway.
Magento: Magento is a widely used e-commerce platform known for its flexibility and scalability. It offers an Eway extension that allows businesses to integrate Eway’s payment gateway into their Magento-powered online stores.
BigCommerce: BigCommerce is a comprehensive e-commerce platform that caters to businesses of all sizes. BigCommerce’s integration with Eway ensures a smooth payment experience for customers, enhancing trust and conversion rates.
Each platform offers its unique set of features and customisation options, allowing you to create a tailored online presence while leveraging the secure payment processing capabilities of Eway. See our website for a full list of shopping carts available for you to plug into.
In the digital era, furniture and homewares businesses can significantly increase profits by embracing online opportunities. Going online offers expanded market reach, increased brand exposure, round-the-clock accessibility, cost efficiency, and valuable data insights. By adapting to the online landscape, your furniture and homewares business can thrive, drive higher profits, and stay ahead of the competition.
To find out more about how integrating with Eway can help your business offer a seamless payment experience, build customer trust, and drive sales growth get in touch.
*Source: IBISWorld – Online Household Furniture Sales in Australia, March 2023
Subscribe to updates
Get the latest news and payment insights from Eway hot off the press.