Views: 0 Author: Site Editor Publish Time: 2024-01-12 Origin: Site
The new year has officially kicked off, and various strategies in the home industry have been gradually unfolding.
Seeing the trends and grasping the direction undoubtedly helps us seize the opportunities of the new year. So, what new changes might occur in 2024?
Regarding this question, Da Cai Research has made initial judgments from the perspectives of market size, business models, products, technology, channels, terminals, and the capital market for reference.
1.In terms of the overall market size, there's a possibility of a general warming trend, but fluctuations in different markets are still quite noticeable.
Markets such as retail, home furnishing, and e-commerce may experience growth. The demand for home furnishings and decorations brought about by the existing housing market will account for a more significant share. It is also expected that smart and elderly-friendly product categories will continue to grow.
2.The development of the existing market will receive more attention from businesses, leading to the introduction of more products, marketing strategies, customer acquisition, and services.
Exploration of renewal products, renewal packages, and one-stop services from demolition to renewal will lead to the implementation of new strategies and the gradual establishment of an operational system for the existing market.
3.The strategies of large-scale home furnishing, multi-category integration, whole-house customization, integrated door-wall-cabinet, and smart space are expected to remain hot topics until 2024. Products and delivery will continue to improve, with an increase in the number of participating companies and distributors. Among them, some successfully transformed distributors will emerge as role models for others to learn from.
4. There may be improvements in the capital market as this year has been a deep low point. There is significant room for improvement and it is anticipated that there will be some positive changes by 2024. Both the performance of listed companies and the number of new listings should see improvements. For growing home furnishing companies, financing difficulties still exist. However, there is still potential for these promising enterprises to be acquired by industry leaders, leading to more merger and acquisition cases taking place.
5, intelligent technology, ergonomics, digital design, digital production, AIGC and other digital intelligence technology applications, it is expected that there will be more new results, bringing more surprising products and experience.
6, channel, the whole channel, live e-commerce channels, county and township sinking channels, designer channels and other resource development, will also maintain a greater intensity.
Dealer retail is still dominant, around the dealer to establish offline offline marketing closed loop, to achieve the whole region to attract flow of customers, will be the breakthrough point to continue to make efforts in 2024.
Bulk purchasing channel operations will continue to take a steady course, maintaining strict wind control measures, centralized state-owned enterprise resources become the focus of development.
7, suitable for the elderly home heat is expected to have a new performance, from the intelligent bedroom, intelligent bathroom and other scenes, suitable for the elderly home market penetration will be further increased.
However, the possibility of high growth of the business is relatively small, 2024 is still the stage of precipitation, enhancement and accumulation.
8, cost reduction and efficiency is still the theme of 2024.
Starting from intelligent manufacturing, application of digital tools, information management, process optimization and other measures to reduce operating costs, improve efficiency and thus enhance overall competitiveness will determine success or failure for enterprises.
Not to be underestimated, the entire market environment still has numerous challenges, real estate investment, new home sales area and other improvement expectations are not ideal.
It remains to be seen how much the completed area will support home furnishings and home improvement consumption in 2024, even though the completed area shows growth in 2023. After all, the completion area needs to be converted into sales area, in order to more realistically promote home furnishing consumption.
The bottom line of the entire home furnishing market, but also rely more on the stock of housing renovation demand support, undoubtedly, the need for more powerful marketing actions to reach customers, the need for more advantageous products and services to impress customers.
1, the challenge of the product: each track is very crowded, product homogenization is relatively serious, the need to continue to launch in 2024 in the design, function, material, concept, color and other aspects of the more attractive explosive products, or more novelty, more hit the power of the new generation of products.
But the product of disruptive innovation, has been very difficult, how to break through, the challenge of R & D designers.
2, the challenge of the whole channel: at present, more and more companies and distributors to expand the installed enterprise channel resources, take the whole business route, but lower profits, slower settlement, how to achieve a balance between profit and revenue, but also need to continue to optimize the strategy.
3, the challenge of e-commerce growth: platform e-commerce, live e-commerce and other online channels, need to explore new ways of operation.
Especially live e-commerce, affected by the siphon effect of the head anchor, the follow-up live is difficult to achieve effective bandwagon, out of the effect, how to break through? Will be a serious challenge that companies continue to face.
Relying on Tmall, Jingdong, Pinduoduo and other mainstream e-commerce platforms such as flagship stores, the pattern is somewhat fixed, and the need for more growth-oriented home electric business enterprise healthy growth.
4, the challenge of terminal marketing: community marketing, community blasting, store landing activities, social media seeding, designer activities and other measures have been beaten into a red sea.
How to find the point of strength according to their ability to advantage, to establish a terminal business advantage, is always the core business difficulties faced by manufacturers.
5, the challenge of bulk business: bulk purchasing channels are still important, but the risk is relatively large, the central state-owned enterprises resources competition is white-hot, can get the central state-owned enterprises purchase orders for home furnishing enterprises, only a few.
How to effectively expand the bulk business, how to achieve a balance between the broadening of bulk channels and risk control, but also need to continue to dynamically improve the strategy.
As a four-trillion-dollar scale stage, the large home furnishing industry is never short of opportunities. The market is changing, and various opportunities arise every year.
Even for traditional home furnishing categories, there are still new opportunities, as the saying goes, "old trees blossom new flowers", "old bottles of new wine".
Enterprises need to take the initiative to find some opportunities according to their own ability and resources, and even create opportunities.
Dazai research believes that in 2024, at least in three directions, there are new opportunities worth embracing and digging.
First, the net red products will bring opportunities.
Big material research suggests that we should look at more social media, large exhibitions, to do a better job of peer learning and communication, will find some valuable consumer and trend product information.
Especially found some net red home products, catch two or three may help enterprises to get new growth.
Second, there are opportunities in channels.
As long as a certain channel does not have the existence of monopoly power, then the channel is worth doing.
As long as we do a little better than our peers in certain aspects, then the handbag channel can be done, the little red book, live + short video can still be done, the designer channel has the same potential.
The market is very voluminous, but not yet saturated, not rigid, reshuffling keeps happening.
Third, the opportunity of service.
The service upgrade of the large home industry, but only in recent years. In particular, the boom in the customized home business has brought about a big change, leading to free room measurement, free design, free delivery and installation has become standard.
Later, free home maintenance was adopted by some of the manufacturers in a position to gradually promote. However, the ceiling of the service is far from coming, many companies and dealers have not done a good job of service, such as after-sales follow-up service this point, most companies have not done.
Therefore, we believe that there are still many details that can be perfected in the service upgrade. Tree reputation by service, retain customers by service, to enhance the competitiveness of enterprises and realize the overtaking is also very helpful.
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