Retail Observer

RETAILOBSERVER.COM APRIL 2014 56 RO Bill Bazemore Furniture Trends Bill Bazemore is the Vice President of Furniture for Nationwide Marketing Group. Call (770) 442-9726 or visit furniture@nationwidegroup.org. 2014: THE YEAR OF OPPORTUNITY H ere we are in 2014, the year of OPPORTUNITY. The economy continues to improve, consumer debt is down, consumer confidence is up, mortgage rates remain low, and home values were up 12% in 2013. These are great signs with regard to the 2014 forecast, and offer a wealth of OPPORTUNITY this year. Speaking of OPPORTUNITY, an up and coming group that we all in the furniture industry need to reach is the Millennials: young adults within a certain age bracket who are beginning the process of buying homes, which means they also need furniture for that new home. This is a group to focus on, as they make up 70% of the population! The Millennials are a generation of consumers who approach buying in a manner different from their parents. They rely heavily on the World Wide Web for updates, sales, and information concerning products. They expect a social environment when they walk into a store and they want immediate results. When they decide they want something, they want it now and they want it their way. The internet has become the new wave of pre-shopping at your store and is the first place consumers go. Does your website truly represent who you are, provide accurate and up-to-date information in an easy to use and friendly environment? What about your visibility in Social Media? The Millennial buyers are consistently immersed in social media and expect information to be at the tip of their fingers. These new buyers no longer want to make a phone call or go into a store to ask a question, they want the information now. Take a step back and look at your store both inside and out. Is it appealing from the outside? Is it warm and friendly on the inside? Does it appeal to your customer's senses? Are you offering the right product in the right environment or is it cold and, well, boring? Today's consumer wants to be wowed with product offerings, selections and displays. They expect and deserve well-educated sales personnel, products that match their lifestyle and a friendly environment to shop in. Are you taking the guesswork out and building complete packages that bring the entire room together? Are you taking advantage of the OPPORTUNITY for add-on sales such as extended warranties, top of bed comforter sets with the pillows and shams on display, rugs, wall art, and accessories that all bring the entire package home? You must be armed with the necessary tools to succeed in this opportunistic time. Nationwide Furniture will be launching new product categories and merchandising concepts to help bring more OPPORTUNITY and greater profitability to your operations. We anticipate that our member retailers will have endless OPPRTUNTIES by expanding into the Outdoor Living category. Outdoor Living is a big market and represents a tremendous OPPORTUNITY. Why? Consumers are spending more money on enhancing their outdoor living area with products such as grills, outdoor kitchens, and furniture. According to a New Report by Global Industry Analysts, Inc. the US Outdoor Furniture Market is expected to exceed $4.4 billion by 2015. So with that said, Nationwide Furniture will be displaying a dynamic presentation of outdoor products by manufacturing partners such as CR Plastics (check out the GIANT Adirondack chair), Kamado Joe, Napolean Grills, MTD, Husqvarna and more. The opportunities for your business to excel this year are endless. Learning more about how to reach your consumer via the internet and social media will open new doors and create OPPORTUNITIES. Appeal to your consumer's senses by offering products that enhance their lifestyle and compliment their lifestyle. Make your customers shopping experience one that YOU would want! Be open to change and growth in 2014, and the OPPORTUNITIES won't stop.

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