As per recent report by IMARC group, An international Market Analysis Research and Consulting Group firm, “Furnishing industry which is a major chunk of the Home décor segment reached a mammoth market size of INR 48,625 Crore in 2022 and forecasted to touch INR 78,536 Crore by 2028, exhibiting a growth rate (CAGR) of 8.23% during 2023-2028.
If the pandemic taught us something, it was “Being ‘Digital First” and it was the only recipe to survive in the new retail world. The adoption of technology and leveraging modern tech like AR & VR, ML & SaaS made offline retailers take a quantum leap in 2022 whilst online retailers continued to make inroads.
SAAS-based technology interventions allowed retailers, specially furnishing retailing to augment their customer experience, refine operating processes and gain insights about customers and fine-tune products through analytics and AI. The role of ML came handy to analyze a room’s dimensions and suggest furniture layouts that optimize the use of space and simultaneously examine the client’s preferences.
The year 2023 is believed to be dominated by like Metaverse & Virtual Reality (VR) and Augmented Reality (AR) aiding customers a chance to have a complete shopping experience, anytime and anywhere
So here are Top 5 startups revolutionizing the Virtual Retail technology with aid of data-driven business decisions:-
Flipspaces: Established in 2015, Flipspaces is the first tech-enabled brand which offers a full stack solution for design and build of commercial spaces. It is also the largest global supply chain platform for interior products and services backed by its strong technology and industry acumen. Flipspaces SaaS driven product Vizstore is a virtual store which allows interior product owners to digitize the product display, visualization and selection experience aided by virtual reality technology. Embracing its cutting edge technology specially created for furniture and furnishing retail stores, it helps boost the sales by30% while reducing store rent to mere 3 paise per sqft.
Pepperfry: Pepperfry since 2011 brings to you stylish and quality furniture with attractive EMI options. From electrical appliances to wall arts, Pepperfry grants everything you need to make your apartment a home and your home your dream one.
Furlenco: In 2011, Furlenco was born to give everyone access to awesome furniture without any hassles. Plus, the complete freedom to use it for as long as they want or change it as per their needs.
Urban Ladder: Urban Ladder commenced operations in 2012 with a vision – to make a million homes beautiful. They had a mission to enable their audience to think of setting up a space as an energizing, creative pursuit and to help to breathe life into empty rooms with ideas.
Rentomojo: It is an online furniture rental platform that was incorporated in November 2014, and currently operates in Bangalore, Pune, Mumbai, Hyderabad, Chennai, Delhi, Gurgaon and Noida. RentoMojo was founded in November 2014 in India.
