The growth of online furniture shopping has been exponential in recent years. In a New York Times article, it was reported that online furniture sales have been growing at a rate of 15 to 20 percent per year, outpacing the growth of brick-and-mortar furniture stores. The article cites a survey by the National Furniture Bank Association, which found that nearly 30% of furniture sales were made online in 2018, up from just 9% in 2010.
“The online furniture market has exploded in recent years, providing customers with more choice, greater convenience, and an overall better experience,” says Steve Conine, Co-Founder of Wayfair.
Similarly, according to a report by McKinsey & Company, the global online furniture market has seen substantial growth in recent years, driven by the increasing popularity of e-commerce and the convenience of shopping for furniture from home. Consumers today want the ability to shop from the comfort of their own homes at any time, without the painful process of visiting multiple stores and wasting time and energy. With just a few clicks, they can browse and compare products, read reviews, and make purchases. As such, the report notes that online furniture sales have grown at a faster pace than overall e-commerce sales, as consumers become more comfortable with the idea of buying large, expensive items online.
“The rise of online furniture shopping has been phenomenal and we are seeing a growing number of consumers opting to buy furniture online,” says Jim Brett, former CEO of West Elm.
In line with a customer survey, conducted by Accenture, which outlines consumers furniture shopping preferences: 61% of consumers prefer to shop for furniture online, due to the convenience and accessibility it offers. Additionally, the survey found that 84% of consumers believe that online shopping provides a much better overall experience than shopping in physical stores.