Top Revenue Generating Ideas for Home Decor Business in 2020
The home decor business is an ultimate platform where the number of retailers of the home decor items like interior things, furnishings, etc.are participated. While looking into the construction and real-estate sectors, the growth will be noted. The number of residential apartments, independent villas is increasing and this turns home decoration into the most needed business platform in the market.
To launch a new startup, an investment with enough knowledge in the field is needed for entrepreneurs. If they invest an amount without knowing the current market situations and the revenue earning metrics, then it will get wasted.
Proper planning for better launch and the awareness of possible revenue-generating ideas are the necessary things that bring the expected revenue and sustainability for the business. This blog will help the one who is looking for the possibilities to launch the home decor business and get success in such a competitive market.
Market Analysis of Home Decor Market
Revenue-generating Business Ideas for Home Decor Startup
-Online Wall Decor Services
-Online Wooden Decor Platforms
-Online Decor Lights Delivery Services
-Online Window Treatment Services
-Online Paint Store Services
Top Five Tips to Earn a Good Profit in Home-Decor Business
1. Explore the Global home Decor market
With the increase in awareness and the new interior design ideas, the home decor business is demanding one in the last five years. Here are the top observations from the research analysis report on the world home decor market
- The market value for the online home furniture services was worth 39.9 bn USD and the forecast analysis shows that the overall growth rate in the five years at a CAGR value of 8.87%.
- Forecast analysis during the period 2015–2020 stated that the overall market value of the global home decor business is observed as 664 bn USD with a CAGR value of 4.2%.
- In the same way, the analysis in the next seven years projected the value of 838.6 bn USD and the corresponding growth rate will be 3.9%.
Besides this market growth, some advanced niches are also getting a boom in the home decor market. The rise of environmental awareness in the developed countries brings new products like eco-friendly decor products into the market. In the same way, multi-functional furniture, table sets for the work from home people are especially getting new attention in the market.
Focusing on stylish and varieties, most of the customers turn their purchasing via online platforms. Lifestyle improvement, the increase of disposable income, and urbanization on the people’s side are the common driving factors for the home decor industrial growth.
Scope: Focusing on two major aspects like convenience and more offerings, online home decor platforms are getting familiar in the market. Varieties play the major role and the portrait of all the items as per the home structure drives more customers towards the home-decor business platforms.
By launching the startup with the advanced metrics through the online platforms, the contribution to the growing market is the guaranteed one. Prior to doing this, being aware of the top unique business ideas to launch the business is the necessary one for the baby boomers.
2. Revenue-generating Business Ideas for Home Decor Startup
The home decor business is a vast platform and it includes a number of products to keep both inner and outer looks well and good. Right from the wall decor items, painting products, screening items, window upgrade items, decorating lights to the furniture, the online home decor business is in need to cover a wide range of business streams.
The customer expectations also varied based on the services they are going to select. To balance the customer’s expectations with product availability, the usage of online platforms is the essential thing. Let’s elaborate on the revenue-generating ideas for the new business launchers in the home decor market.
A) Online Wall Decor Services
To fill the empty wall with attractive products like whiteboard films, printed 2D wallpapers, character projection and the wallpapers with the quotes are available in the market. Creating a common platform between the homeowners and the supplier or the creator allows them to book the items in an easy way.
Functional Tip: Being a wallpaper designer or startup owner, you can first build a suitable platform to show the type of wall decor items available to you. Imperative designs, affordable prices are the necessary thing as per the customer side.
If the homeowners have any plan for an event or any family function, then the demand for the wall decor items is the huge one. Rather than creating many franchise in-store purchasing platforms, look for an opportunity for any on-demand app development platform to show their items effectively.
B) Online Wooden Decor Platforms
Because of the simple maintenance, better look, and easy-to-clean, wooden products are mostly-used things. Bookshelves, kitchen cupboards, doors, etc are the major products. For this platform, the customers participating here look for the details regarding the brand name of the furniture, sizes, supplementary things for assembly.
Since the wooden items are bulky and high-quality, delivering them needs special attention. Hence, the suppliers are in need to build a partnership with the logistics player in the market.
Functional Tip: To grasp the specific place in the wooden decor market, the services offered to the customers must be satisfied. Nowadays, mobile app users are growing and they order and experience convenient delivery directly at their doorstep. For the wooden decor items, the number of players available in the market and the offerings are also variable ones.
Providing smart comparative options to make the fine decision about the purchasing of wooden items on the basis of three major factors: affordable, delivery, and the brand. The worthy way of implementing such a business platform according to these factors is to hire the best solution provider and get the best-fit solution.
C) Online Decor Lights Delivery Services
One of the eye-capturing business platforms in the home decor business is the decor lights delivery services. Either seasonal or the consistent way of booking the decor lights makes the decor light service providers do the business attentively. Decor lights have major demand in laser shows, drive-in theatres, party places, etc. Multi-cuisine restaurants always have a demand for various decor lights.
Functional Tip: Identification of the type of events like the birthday, marriage, corporate, etc is the immediate step and the organization of the decor lights according to event type is the essential one. Lights availability, scheduled delivery as per the events, and service assurance are the three major metrics to capture the customer’s attention in this business.
D) Online Window Treatment Services
Window treatment is the sub-domain of the interior design business platforms and it includes the cover-up of windows with curtains, blinds, drapes, and many fabric materials.
Nowadays, some new dimensions are added to this business platform like light adjustments technically spoken is tinting. This business is the process of controlling the light to the inner rooms to control the temperature.
Functional Tip: Perfect assembly is the main expectation from the customers in order to control the light intensity within the room. Hence the experienced professionals are aggregated in the window treatment business process.
Grouping them and managing their activities are tricky things and also risky for manual-based operations. To automate the delivery and assemble the items, get instant solutions from experienced developers, and apply for your growth.
E) Online Paint Store Services
A colorful and attractive business platform in the home decor market is painting services. Paints with various colors, exterior and interior finished coatings, supplementary accessories for the painters are the top required essential goods to carry.
Offline store-based purchases suffered from the limited options and hence the painters directly switched onto the online platforms to get unlimited paint variations according to customer requirements.
Functional Tip: Since the paint stores’ availability in offline mode is higher, providing attractive services with a wide range of paint availability makes the service providers step ahead in the market.
Emerging online platforms transform store-based purchases in an impressive manner. To build the business model, a strong front and back-end with the demanding feature is the necessary thing. Hence, the better idea is to look for a customized solution provider prior to launch.
3. Top Five Tips to Earn a Good Profit in Home-Decor Business
Getting started is an easy way with preliminary ideas. But, real effort is required to assure sustainability in the market. Profit margin is the biggest concern for the startup owners. To make the business a profitable one, here are some of the tips to be focused one while building the business model
Increasing Visibility- Even though the store-based business models exist, upgrade to online visibility is also an essential thing. Getting closer to the customers via social media integration within the business model is the trendy business idea in recent days.
Timely Delivery- Whatever the goods ordered by the customer, they specify the time for the delivery process. Assurance of timely delivery is an essential thing to capture more attention from the customers.
Smart Payment Modules- The entire process is ended with the payment. Providing simple and easy options for payment irrespective of the currency variations makes more number of retailers as well as the customers come into play.
Real-Time Product Tracking- Live status of the products whether they are in the purchase or in a delivery trip reported to the customers is the attention gathering option. The inclusion of tracking options in the business model assures professionalism in the home decor business.
Seamless Interfaces-Either a stakeholder for the business or the customer, accessing the products or switching over from one to another must be an easy thing. When the workflow is an easy one via online platforms, the number of participants is getting increased. Thereby, the expected profit margin is crossed.
The home decor business is the growing industry that contains a number of products in a single domain. If you are into the idea to launch the home decor business, then the few dimensions listed here are helpful for you. The selection of anyone from them based on your location and the scope value can provide the path to enter into the home decor market.
To stay for a long time, you need to focus on the technical platform you selected. If you don’t have enough idea in platform selection, then it is the best option to outsource your business idea to the on-demand business solution providers.