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Online Home Décor Market: Growing e-commerce industry to Drive Market Growth.
The global Online Home Décor Market is estimated to be
valued at US$ 171.0 Bn in 2022 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023-2031, as highlighted in a new
report published by Coherent Market Insights.
Market Overview:
The online home décor market offers a wide range of products, including
furniture, floor coverings, lighting fixtures, textiles, and decorative items,
that can be purchased conveniently from the comfort of one's own home. The
advantages of online home décor shopping include easy access to a broad range
of products, competitive pricing, and the ability to browse and compare options
quickly. This market caters to the growing demand for stylish, unique, and
affordable home décor products.
Market Key Trends:
One key trend driving the online home décor market is the rising preference for
sustainable and eco-friendly products. With increasing awareness about
environmental issues, consumers are seeking home décor items made from recycled
materials, organic fabrics, and sustainable resources. This trend is driven by
the desire to create aesthetically pleasing interiors while minimizing the
carbon footprint. Companies in the online home décor market are incorporating
sustainability into their product offerings to cater to this growing demand.
Note: Key players not mentioned as instructed.
Porter's Analysis
Threat of new entrants: The online home décor market faces a moderate threat of
new entrants. While the market is relatively saturated with established
players, the low barriers to entry in the e-commerce industry make it possible
for new companies to enter the market. However, the strong brand recognition
and customer loyalty enjoyed by existing players pose a challenge for new
entrants.
Bargaining power of buyers: The bargaining power of buyers in the online home
décor market is high. With numerous online retailers offering a wide range of
products, buyers have the ability to compare prices and quality easily. This
puts pressure on suppliers to offer competitive prices and provide high-quality
products and services to attract and retain customers.
Bargaining power of suppliers: The bargaining power of suppliers in the online
home décor market is relatively low. Online retailers often have multiple
suppliers to source their products from, giving them the ability to negotiate
for favorable pricing, terms, and conditions. Additionally, the availability of
alternative suppliers further weakens the bargaining power of individual
suppliers.
Threat of new substitutes: The threat of new substitutes in the online home
décor market is relatively low. While there are physical stores that offer home
décor products, the convenience and wide selection offered by online retailers
make it less likely for consumers to switch to traditional brick-and-mortar stores.
Competitive rivalry: The competitive rivalry in the online home décor market is
intense. With a large number of players vying for market share, competition is
high. Online retailers differentiate themselves through factors such as
pricing, product variety, quality, and customer service to gain a competitive
edge.
Key Takeaways
The global Online
Home Décor Market Demand is expected to witness high growth, exhibiting
a CAGR of 7.0% over the forecast
period (2023-2031). The increasing
adoption of e-commerce and the rising demand for home decoration products are
the primary drivers for this growth. The convenience of online shopping and the
availability of a wide range of products are attracting more consumers to
purchase home décor items online.
In terms of regional analysis, the Asia Pacific region is expected to be the
fastest-growing and dominating region in the online home décor market. The
increasing disposable income, urbanization, and evolving lifestyles in
countries like China and India are driving the demand for home décor products.
Additionally, the growing popularity of online shopping platforms in the region
is further fueling the market growth.
Key players operating in the online home décor market include Inter IKEA
Systems B.V., Home Depot Product Authority, LLC, Kimball International, Inc.,
Herman Miller, Inc., Ashley Home Stores, Ltd., Home 24 SE, Lowe's Companies,
Inc., Signify Holding (Philips), Springs Window Fashions, and Pepperfry. These
companies have a strong market presence and offer a wide range of home décor
products to cater to the diverse needs of consumers. Continued innovation,
strategic partnerships, and focus on customer experience are the key strategies
adopted by these players to maintain their competitive position in the market.
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