Navigating Newer Markets
The internet-first firms have realised that a physical presence gives the customer security and increases the legitimacy of the online presence in big-ticket purchase categories where brand standardisation is essentially non existent. As a result, they have taken action by opening outlets in strategic areas to increase brand recognition.
However, brick and mortar furniture retailers also have e-commerce websites and use them to get customers into their physical locations. The first two elements of the AIDA purchasing process can now be completed by searching online or going to markets.
The enormous expansion of the service sector in the area has increased demand for business furniture rental on a global scale. Rapid urbanisation, the expansion of the hospitality sector, and an increase in gross tourist arrivals have all contributed to the growth of the rental furniture market. These factors are also driving the transformation and generation of startup ecosystems in nations like India, China, Malaysia, Singapore, Indonesia, Bangladesh, South Africa, Estonia, Lithuania, Latvia, and Brazil.
In order to meet the demands of the steadily expanding urban population, construction-related activities are accelerating in the Asia Pacific area, where residential furniture leasing is a growing industry. The rapid urbanisation of developing nations is directly responsible for the expansion of the worldwide rental market for residential furnishings throughout the anticipated timeframe.
According to research from management consulting firm Redseer, India's rental furniture and appliance business, which includes companies like RentoMojo, Furlenco, Rentickle, and CityFurnish, is currently valued USD 4.5 billion, with the top 20 cities accounting for 55% of the entire addressable market. With an average monthly order value of Rs 1,900 (about $25), Indian furniture rental businesses are able to service 14 million households.
In the foreseeable future, renting furniture will increase dramatically. This is suitable for bachelors, students, and transient migrants. The marketing, testimonials, and good reviews are the main ways that this works. Building a network in cities with a high student population or seasonal movement may be beneficial.
However, brick and mortar furniture retailers also have e-commerce websites and use them to get customers into their physical locations. The first two elements of the AIDA purchasing process can now be completed by searching online or going to markets.
The enormous expansion of the service sector in the area has increased demand for business furniture rental on a global scale. Rapid urbanisation, the expansion of the hospitality sector, and an increase in gross tourist arrivals have all contributed to the growth of the rental furniture market. These factors are also driving the transformation and generation of startup ecosystems in nations like India, China, Malaysia, Singapore, Indonesia, Bangladesh, South Africa, Estonia, Lithuania, Latvia, and Brazil.
In order to meet the demands of the steadily expanding urban population, construction-related activities are accelerating in the Asia Pacific area, where residential furniture leasing is a growing industry. The rapid urbanisation of developing nations is directly responsible for the expansion of the worldwide rental market for residential furnishings throughout the anticipated timeframe.
According to research from management consulting firm Redseer, India's rental furniture and appliance business, which includes companies like RentoMojo, Furlenco, Rentickle, and CityFurnish, is currently valued USD 4.5 billion, with the top 20 cities accounting for 55% of the entire addressable market. With an average monthly order value of Rs 1,900 (about $25), Indian furniture rental businesses are able to service 14 million households.
In the foreseeable future, renting furniture will increase dramatically. This is suitable for bachelors, students, and transient migrants. The marketing, testimonials, and good reviews are the main ways that this works. Building a network in cities with a high student population or seasonal movement may be beneficial.
