The worldwide furniture and home furnishings retailers market is predicted to increase at an 8.5% compound annual growth rate (CAGR) from $372.83 billion in 2020 to $404.7 billion in 2021. At a CAGR of 4%, the market is estimated to reach $481.11 billion in 2025.
The furniture and home furnishings retail market comprises sales of furniture and home furnishings by companies (organizations, sole proprietorships, and partnerships) that sell furniture and home furnishings and appliances to end users from fixed point-of-sale sites. Businesses in the sector run out of showrooms with sizable spaces for their products’ displays. The market for furniture and home goods is divided between brick-and-mortar and internet retailers. Therefore, customers who utilize online stores to purchase furniture and home décor benefit from augmented reality, which is becoming more and more common among online shoppers.
When marketing products to retail enterprises and other organizations, clients prefer to have a solid concept of what the product would be like. Augmented reality (AR) can boost B2B sales by altering how customers see and interact with items. With proposals for potential inventions, this is especially true.
Is AR reliable to satisfy global client demands?
The furniture business is seeing an increase in the use of augmented reality. The rationale is that it allows shoppers to “test out” things without leaving their homes while utilizing shopping applications. According to data, 60% of US online shoppers prefer to explore 3D furniture models before purchasing them, making furnishings the most popular AR category among all product kinds.
Because AR furniture applications allow customers to try before they purchase, they assist to decrease product returns. With AR models, customers can see exactly how a piece of furniture will fit into their interior without making a guess. Shoppers can finally decide which item to buy once they have seen how the product’s real dimensions and design will fit in their space.
In the furniture sector, Augmented Reality is being used to make the product selection process interesting and efficient. It resembles design games that we’ve all played at some time quite a bit. As a result, 55% of purchasers found AR purchasing more pleasant and engaging than traditional shopping. Out of curiosity, they frequently go through all of the app’s goods, try all of the alternatives, and actually enjoy the process.
For instance, Pepperfry, an online marketplace, has revolutionized the way Indians buy furniture and improved the online shopping experience by utilizing digital technologies like augmented reality. Its own technical design has allowed it to gather more than 60% of all web traffic.
Retailers must adapt to changing consumer needs with the appropriate technical advancements since today’s consumers depend on personalization and convenience from brands. Not only that, but over the next few decades, retail purchasing will transform even more than it has already changed the globe.
A further example of a technology that will alter how we envision the future is augmented reality. The potential for augmented reality (AR) to enhance many aspects of the in-store retail experience is enormous, from interior navigation to try-before-you-buy experiences at home. The technology can be a huge help in marketing and sales, both for consumer applications and B2B ones. Using these apps where they matter the most for your organization might offer you a competitive advantage.