Why Most Modern Furniture Brands Fail At E-Commerce
E-commerce companies have paved their way into the world of business quite effectively. Since people prefer to shop online, these companies can make it quite big in their industry. They offer ease to the customer by letting them order from their homes. In addition to saving precious time, online shopping also saves fuel. There is a wide array of items to choose from and decide.
Modern furniture online shopping also came into existence when people realized that this market gap was not filled yet. Mid mod furniture shopping was quite cumbersome, because not only did it need an extensive (and expensive) shopping spree but was also quite baffling for the customer. However, the internet has seen the death of many mid-century modern furniture sites like Dot and Bo, whose alternative is Emfurn.
Reasons for failure:
Lack of patience: impatience can be quite damaging to any company. To build and grow any modern furniture business you need more than just a few years to prosper. Profits cannot be earned immediately; neither can you attain that speed easily. Perhaps the people got bored of the stories and the managers got tired of creating them.
Market niche: It is highly important to start a particular business with potential scope in it. Mid mod furniture businesses are saturated already and you need something very unique to make it work. It is also pretty problematic if larger retailers are in the business and you're a newbie.
Cash flow failure: This basically means that cash flow can go down the drain. Companies make the mistake of underestimating the required budget or miscalculating the risk involved. This means that both the investor and the customer lack interest in the company because of their monotonous modern furniture products or investment crisis.
No Real Investment: It is conceivable to open an online modern furniture store from just a little investment. However, that does not imply in any case that you can carry on a business with meager amount of funds. Similar to any new business, a young online mid-mod furniture store may need numerous infusions of funds and a momentous quantity of hard work for it to succeed.
Poor Inventory Management: the input versus output balance is very crucial to the success of any business. If you have too much modern furniture at your hand, your cash flow will deteriorate at a pace that you cannot keep up with, nor reverse. Neither shall you be able to sell those pieces fast. On the other hand, if the mid-mod furniture item line is too limited, your customers will lose interest fast because they demand variety.
A Bad Website: Even if you have the most amazing modern chairs and modern furniture coupled with the best business idea, a bad website can cripple your entire company. If it is too confusing, the clients will lose interest. If the information is limited or false, they will lose trust in you. If the website is slow, they'll avoid it. If they cannot see it on their smartphones, they'll never bother seeing it on a laptop. On the contrary, even if the plan is not too great, but the website is eye-candy, you can allure a lot of potential clients to yourself.
Poor Product Photography: the downside of online modern furniture shopping is that the clients cannot actually see the mid-century modern furniture from their naked eye. It is only a photo that can lure them to buy it. This means that the pictures of the products must be true in form, clarity must be top notch, lighting should be adequate and photography skills should be commendable. If the product is presented vaguely and dryly, the customers will not have much interest in it. On the other hand, a vibrant picture can be extremely pleasing to the customer.
No Competitive Advantage: Any modern furniture business needs to make its way in the industry by having a competitive advantage. If they offer nothing new in comparison to their rival companies, they can never be successful. Many times, companies spring up with great websites but the products they offer are monotonous to others. No one likes the same thing over and over again.
All in all, we've seen why companies fail and how they can easily be replaced. To keep your company in the business, you need to keep your competitors in mind and not make the mistakes that we highlighted above. Only then can you survive, unlike the sad fate of Dot and Bo and replacement by sites like Emfurn.
