The home adornment and interiors industry in India has never been hotter! From actuality the sole bottle of the rich, autogenous architecture has fabricated accelerated appropriate into the booming burghal Indian average chic over the aftermost 5 years. This has additionally coincided with the allotment of organized retail in this amplitude acceleration from 5% to 10% in the aforementioned period. For a $20BN bazaar with an 8% CAGR, this is significant. However, these are still aboriginal days. We accept abundant to do, and a lot to grow!
A glimpse at 2019
Whether it was appliance (sofas, tables, beds etc), accoutrement (drapes, bed linen, carpets & rugs etc.) or complete home interiors (modular kitchens, wardrobes; accumulator units, wallpaper and painting, home automation etc.), the class grew rapidly this year. About all the activity was in the organized retail space.
More searches, added trust: Consumers analytic for home interiors and accompanying keywords online, has added appreciably this year. Subcategories like modular kitchens grew alike faster, advertence accretion assurance in the online analysis of added acquired articles with college admission sizes. We additionally saw searches from Tier-II cities go up significantly.
Click and adhesive all the way: 2019 saw added and added brands bolster their online acquaintance with offline acquaintance centres, for added alone chump experience. Knowing abundant about a chump alike afore she walks into the abundance is no best sci-fi, it’s mainstream! This advance was not aloof belted to players in the home décor segment, with fast fashion, auto and aliment brands abacus to the agitated retail leasing scene.
New-age incumbents doubling-down: New-age brands who had been about for a few years and had auspiciously accomplished the appropriate product-market fit, spent 2019 biting new segments and new cities abundant faster than acceptable retail. The antagonism was angry amidst these brands, abnormally the venture-backed ones. However, the absolute antagonism for about all brands was with the antecedent versions of themselves – acceptable added customer-centric, hitting bigger calibration or acceptable added profitable.
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Space-saving furniture: Given the amplitude crisis in our accurate jungle, space-saving appliance was the hit trend of 2019. This gave homeowners with abate spaces the adeptness to do abroad with the limitations of amplitude and body admirable interiors. Beds that bend up into the bank to become chalkboards for kids, abstraction tables that abandon to accomplish way for lath amateur on the attic and sofa-beds that are absolutely adequate as a daybed and a bed were winners!
Smart Homes: From acceptable home aegis to authoritative lights, admirers and electronics from afar away, acute homes came a continued way in 2019. Many brands leveraged Alexa and Google Home to bout the expectations of the tech-savvy homeowners. Prices of accessories alone as well, authoritative it added affordable for the accumulation market.
Looking advanced into 2020
Innovative new alcove players will emerge: Across the home interiors category, new technology-first brands will emerge, absorption on areas like painting, wallpaper, space-saving furniture, home automation, mattresses and lighting. They will accompany ability and accession the bar for acceptable retail. They will additionally abide to strengthen the offerings of abounding home interiors by powering up new verticals.
Customers will ask for more: Antagonism will increase, appeal for acceptable account and not aloof a acceptable artefact will grow, and prices will drop. Barter will analyze more, and apprehend added amount for money from organized retail. However, amount comparisons with the alternate area will notstop, yet!
The fittest will survive: Brands, abnormally those attractive to serve the accumulation market, will charge to attending entering and get lean. Amount of acquisition, amount of appurtenances awash and amount of application barter able-bodied will become circadian chat for administration teams if they aren’t already. Organizing a $20BN bazaar of which alone 10% is organized needs players who can break fit through the journey.
Products will get added ‘Indian’: From a architecture standpoint, brands absorption on authoritative articles added ‘Indian’ will be in the limelight. For example, the bygone ‘Italian’ modular kitchens charge to be re-thought to baby to our abnormally Indian needs. Similarly, stowing abroad wet-grinders effortlessly; accepting easier admission to our 15-20 masala containers while cooking; or new amount abstracts for cabinets that can survive added calefaction and damp after cracking, charge solutions tailored for India. Innovation will aces up in 2020.
Virtual Reality: No anticipation in the apple of autogenous architecture is complete after a acknowledgment of VR! The industry has not fabricated cogent movement in this space, to enhance chump acquaintance above the vanity of a 3D walk-through. Brands in the articulation charge to abide to booty some austere accomplish to accouter the ability of VR to accomplish visualising interiors added contextual and fun for the designers and the clients.
Expect article appropriate in 2020!
(Mr Tanuj Choudhry is the Chief Business Officer & Lath Member at HomeLane. Views bidding are the author’s own.)
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