Monday, August 15, 2022
  • About Us
  • Contact
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions
  • Refund and Cancellation policy
Startup Terminal
  • News
    • News
    • Funding
    • Tie-up
    • Acquisition
    • Launch
    • Australia Startup News
    • Singapore Startup News
    • India Startup News
    • UAE Startup News
    • UK Startup News
    • US Startup News
  • Feature
  • Interview
  • Technology
  • Video
  • Events
  • Variety
  • Special Initiatives
    • Startup Terminal 40 Under 40 India
    • Startup Terminal 40 Under 40 Middle-East
    • Startup Terminal Women 40 Under 40
  • Login
No Result
View All Result
Startup Terminal
Home Opinion

Opinion: The impact of COVID-19 pandemic on furniture industry

StartUp Terminal Bureau by StartUp Terminal Bureau
February 12, 2022
in Opinion
0
Opinion: The impact of COVID-19 pandemic on furniture industry
156
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

Related posts

Keka HR Digital Transformation partner

Keka: guiding to achieve HR digital transformation 

July 20, 2022
Mrs. Sushma Paul Berlia

India’s Union Budget 2022-23: Reaction from Mrs. Sushma Paul Berlia

February 12, 2022

Author: Ashish Aggarwal, CEO of Indo Innovation

The corona virus pandemic has
affected just about every area of our lives. Prior to the announcement of the
pandemic, the furniture industry’s growth had traditionally been thought of as
unstoppable, as sales could come from a variety of sectors, namely – from
traditional channels or through the private & public sector, and commercial
office spaces among others. The logic behind this assumption is that rising
expenditures on listed sectors expands the revenue of the furniture industry as
almost no brand across industries goes without the basic need for furniture. In
this way, the furniture industry is one of a kind that supports the other
sectors of the society.
In the last couple of weeks,
the internal audit teams of many Indian brands noticed a gradual decline in
revenue as sales have been low. Further, across the industry, the deals that
had to be finalised in the upcoming months has been more or less cancelled due
to financial reasons. Essentially, the industry is facing its worst nightmare
with no guaranteed stability. The continued decline in sales due to the
pandemic will make it difficult for brands/sectors to have an upper hand
anytime soon in sales.
In fact, the office furniture
business – a marketplace that has always been on an upswing for brands like
ours – requires a strategic algorithm of ethics, craftsmanship, dedication,
patience and discipline. And since the lockdown business has been dipping
gradually.
Having said this, even during
the present crisis, many brands and thought leaders in the industry are looking
to innovate with what they believe will be the key driving force in the months
to come: eco-friendly furniture. According to many studies, 46% of the growth
in this market will be seen in the APAC (Asia-Pacific) region with market
growth accelerating at a CAGR of almost 6%. In fact, the studies also show that
the incremental growth of the industry in USD, between the years 2018-2023, was
found to be 22.32 billion.
In this matter, Ashish
Aggarwal CEO of Indo Innovations said, “The COVID-19 crisis will have a
substantial impact on the global economy. Businesses all over the world will
have to evolve to accommodate this fluid situation. Your website will become
your business card, your store, and your showroom. Prioritizing digital
merchandising and online presence can help you navigate through this difficult
time. The digital activities will include a series of podcasts or webinars,
virtual product tours, 360-view showroom presentations, and more. Other major
impact of Covid-19 on furniture industry will be on supply chains. Furniture
brands need to develop an effective supply chain response plan to mitigate risk
and prepare for any interruptions that the coronavirus outbreak can cause. This
can involve, among other things, aspects like supplier engagement response with
cross-tier risk transparency, inventory critical part identification,
production-capacity optimization, demand management, logistics-capacity pre-booking,
and route optimization.”
Although the market is
fragmented between major and minor suppliers of office furniture, the trending
demand for eco-friendly furniture will offer immense growth opportunities in
the coming months. Further, to make the most of this trend, market vendors will
focus on the growth prospects in the fast growing segments, while maintaining
their positions in the slow-growing segments.
Additionally, brands have
also started identifying an increasing consumer preference for multifunctional
and customised furniture as one of the prime reasons driving the office
furniture market growth during the next few years. The identification of these
trends was done after careful study of the market size, trends and industry
analysis. Some of these trends include:
·       
Increasingly technological offices
·       
Flexible and multifunctional spaces
·       
Dark coloured office furniture items
·       
Vertical gardens, plants and green cover
·       
Leisure and relaxing spaces with sleep pods
Finally, however, experts saw an industry wide decline
in output by 10% decline in the first three months of this fiscal. But the
manufacturing of MDF board, which is also used in packing and construction, saw
an 18% jump. It could also have been helped by an 8% rise in exports in that
period. This means that government intervention may help in creating an upswing
in sales for brands such as ours. By encouraging exports of modular furniture,
the government will not only allow the industry to grow during a slump, but it
will also pave the way for future deals that can be made with foreign brands.
Therefore, allowing the opening of a bilateral channel of communication and
opportunities of collaboration between the Indian and the global brands. This,
we believe, could provide the right stimulus that our industry has been waiting
for these past couple of weeks.

Ashish Aggarwal, CEO, Indo Innovation
(Ashish Aggarwal is the CEO of Indo Innovation. Views expressed in the article are of the author.)

Tags: Opinion
Previous Post

Factors to be evaluated for Debt Portfolio by Investors- Tax status, Safety, Risk appetite and Liquidity needs: Fintso Report

Next Post

Opinion: Surviving Lockdown as a Startup and the Way Forward

Next Post
Opinion: Surviving Lockdown as a Startup and the Way Forward

Opinion: Surviving Lockdown as a Startup and the Way Forward

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

‘We want to be a destination where consumers can save more with our exclusive coupons’ – Ravi Trivedi, Founder, CouponRani

‘We want to be a destination where consumers can save more with our exclusive coupons’ – Ravi Trivedi, Founder, CouponRani

5 years ago
Artium Academy secures seed funding from Sonu Nigam and leading early-stage investors

Artium Academy secures seed funding from Sonu Nigam and leading early-stage investors

11 months ago
Priyaka Varma

International Women’s Day: Interview with Priyanka Varma

1 year ago
Sylo partners with Bitbns to serve the Indian market

Sylo partners with Bitbns to serve the Indian market

2 years ago
">
">

POPULAR NEWS

  • Arpita Mehta, Fashion Designer

    International Women’s Day Interview: Arpita Mehta, Fashion Designer

    295 shares
    Share 118 Tweet 74
  • Interview: Aneesha Dalal, Master Instructor and Principal Dancer at The SHIAMAK Dance Academy

    243 shares
    Share 97 Tweet 61
  • Interview: Tushar Jain, Founder & Managing Director of HSCVPL

    243 shares
    Share 97 Tweet 61
  • Five Management Consultancy Trends for 2021

    236 shares
    Share 94 Tweet 59
  • International Women’s Day: Interview with Samina Yusuf, Manager, Pixcom Group of Companies

    204 shares
    Share 82 Tweet 51
Startup Terminal

Startup Terminal is a leading global news portal for Technonolgy, Startups and Business Enterprises.
Startup Terminal is an official media partner to the following global events/forums-

MWC 4YFN, Barcelona, Spain
ConnecTechAsia, Singapore
NXTAsia, Singapore
Africa Com, Cape Town, South Africa
Converge Events, Singapore
young Startup Ventures, USA

Marketing: marketing@startupterminal.com
Editorial: editorial@startupterminal.com

Follow us on social media:

Latest News

  • Bluecopa raises $2.3M led by Blume Ventures
  • Apeejay Stya University inks MoU with Vorphy
  • PriceLabs raises $30 Million Investment from Summit Partners
  • Equity Management firm Qapita acquires ESOP Direct
  • HCL Technologies Wins the Cisco Global Digital Sustainability Award
  • ChrysCapital Appoints Sanjay Jalona as an Operating Partner
  • ChefKart raises $2 million, led by Blume Ventures and Pravega Ventures
  • Jagriti Kumar, CFO, NLB Services named in SIA 2022 40 Under 40 list
  • Keka: guiding to achieve HR digital transformation 

Latest Tweets from Startup Terminal

Recent News

Bluecopa raises $2.3M led by Blume Ventures

Bluecopa raises $2.3M led by Blume Ventures

August 4, 2022
Apeejay Stya University inks MoU with Vorphy

Apeejay Stya University inks MoU with Vorphy

August 6, 2022
PriceLabs raises $30 Million Investment from Summit Partners

PriceLabs raises $30 Million Investment from Summit Partners

July 28, 2022
Qapita acquires ESOP Direct

Equity Management firm Qapita acquires ESOP Direct

July 27, 2022
  • About Us
  • Contact
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions
  • Refund and Cancellation policy

© 2022 Startup Terminal - Leading Global News portal for Startup news, Tech news, & Business news Startup Terminal.

No Result
View All Result
  • News
    • News
    • Funding
    • Tie-up
    • Acquisition
    • Launch
    • Australia Startup News
    • Singapore Startup News
    • India Startup News
    • UAE Startup News
    • UK Startup News
    • US Startup News
  • Feature
  • Interview
  • Technology
  • Video
  • Events
  • Variety
  • Special Initiatives
    • Startup Terminal 40 Under 40 India
    • Startup Terminal 40 Under 40 Middle-East
    • Startup Terminal Women 40 Under 40

© 2022 Startup Terminal - Leading Global News portal for Startup news, Tech news, & Business news Startup Terminal.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In