How Retailers in the Home Decor Category can Gain More Market Share

The rise of online retail has brought tremendous opportunities for retailers in the home decor segment although to realize this potential, retailers need to carefully craft their market and customer acquisition strategy.
How Retailers in the Home Decor Category can Gain More Market Share

The unprecedented growth witnessed by the e-commerce segment has opened new avenues of growth and expansion for the home decor category. These new opportunities can be leveraged not only for enhancing the conversion rates of prospective buyers but also to drive up the revenue of the category from the existing market capitalization of the segment. 

In this article, we list specific strategies that can help retailers in the home decor category to gain more market share by delivering a better customer experience to the target market. 

UX of the Selling Platform: For delivering the best user experience, it is absolutely paramount for home decor companies to come up with an interface that is simple and easy to use. Companies should focus more on the visual experiences and the interface shouldn’t come with too many buttons and controls for keeping things simple and uncluttered. The layout of the content and its positioning also need to be optimized for delivering a better user experience. 

Sharing Information: Transparency and authenticity are two critical factors defining success in the online space. These principles are equally useful for the home decor segment and companies operating in the category as recommended to share as much information as possible with prospective buyers. Again the pictorial representation of the facts especially in the form of infographics can help customers to make a quick decision by processing the information in a fast and rapid manner. 

Maximize Value: Customers always prefer organizations that offer them maximum bang for the buck. In other words, the companies must strive to offer value for money products and by offering a higher sum of tangible and intangible benefits, home decor companies can maximize their sales prospects. This is also beneficial for creating loyalty among the existing customers as they become confident about the value proposition of the company. 

Customization is Key: It might be difficult and somewhat resource-intensive also but if an organization can offer the customization option to prospective buyers nothing could be better than that. This is specifically important for the home decor category as customization will bring uniqueness to the table which is valued more than anything else by the prospective buyers. 

Pricing vs. Exclusivity: In a battle between price and value, retailers in the home decor segment can choose either of the strategies to win over the customers. While the affordable pricing can click with value-conscious customers, there is a chunk of buyers who are more concerned with buying something unique and exclusive for their homes. The latter segment considers their homes as extensions of their personalities and won’t mind shelling out extra money to point out something unique and remarkable. The optimal strategy for the retailers here is to focus on value in the case of generic items but when it comes to something antique, they should customize it and charge a premium for the uniqueness of things. 

Customer Support: A proactive customer care cell can do wonders in strengthening the credibility of the organization among prospective buyers. Specifically, in the segment of e-retail, customer support can help in a number of different aspects including the processing of the payment, dispatch and delivery of items, and return of the defective pieces among others.  

Loyalty Points: In order to make your existing customer loyal, home decor organizations can offer loyalty points on each and every repeat purchase made by the buyer. Also, it would be beneficial if the company can extend different options to redeem the loyalty points accumulated by customers. For example, these loyalty points can be exchanged for offering monetary discounts or non-monetary benefits such as free dining, movie tickets, or a vacation to a travel destination. 

Seeking Feedback: Customers are the best source of getting genuine feedback and companies must establish close connections with buyers to know their overall experience with the organizations. To get unbiased feedback, you should contact the customers at the time in place of their choice. Also, not having extensively long feedback forms and collecting responses only on important parameters can also be helpful in getting a genuine response from customers.  

Seamless Delivery: The timing of the delivery is very much important and can really become instrumental in creating a good image of the company in minds of prospective buyers, It's also important for home decor companies to deliver the items at the exact location as any discrepancy in this regard can bring bad name to the organization. 

Data Analytics: By collecting the users' data and analyzing that with the help of modern-day analytical tools can reveal insightful information about the target market. This information can be then used for strategizing the businesses and devising effective strategies for segmentation, targeting, and positioning of products and services. 

Segment Customers: All customers have different demands and hence it makes sense for the business to target the different groups based on their specific needs. Home decor companies need to specifically focus on either the value or exclusivity needs of the target market and then come up with a smart strategy to focus on creating, communicating, and delivering a superior value proposition. 

Omni Marketing Channels: The use of Omni marketing is really helpful in making sure that you reach target audiences across the wide spectrum of demographic and psychographic divides. Rather than focusing on one particular channel of communication, the use of a variety of promotional media will help to ensure the message reaches the target group effectively and efficiently. 

Offering Choice: Having a vibrant and dynamic portfolio consisting of a range of choices will definitely boost the business prospects of any company including home decor organizations. Of course, adding different products to the portfolio is a costly exercise though if the process is conducted in a steady manner over an extended period of time, it can be successfully accomplished by the company. 

Personal Communication and Promotional Efforts: Organizations must invest in personalized communication and promotional efforts to make sure that they cater to the individual needs of buyers. Although the accomplishment of this ambitious objective seems difficult though with the help of data analytics this objective can be achieved by home decor organizations. 

Conclusion

In order to capitalize on the opportunities in the e-commerce market, home decor companies need to come out with specific strategies for customer conversion, acquisition, and retention.  All the above-mentioned points can prove helpful in this regard and can make sure that home decor organizations continue to work at their optimum and offer maximum benefits to all stakeholders in the value chain. 
 

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