Daily News
From Home Furnishing Business
Storis Report Urges Furniture Retailers to Focus on Consumer Outreach, Marketing
January 8,
2023 by HFBusiness Staff in Business Strategy, Industry 
Some 70 percent of retailers surveyed by retail software provider Storis said they are not planning to open new stores in 2023, making investments in areas such as consumer outreach and marketing critical to their success, the company concluded in its annual home furnishings industry trend guide.
Storis said 53 percent of those surveyed reported they are planning more proactive consumer outreach this year, while 37 percent said they are boosting marketing spending. In addition, 26 percent said they are cutting operating costs and 16 percent are shifting product price points.
“Retailers must foundationally understand customer insights to make strategic merchandising, advertising, and channel marketing decisions,” Storis said in the guide. “Having strong customer analytics in place can help you buy products at attractive price points and invest in the right marketing channels.”
The guide said home furnishings retailers also should pay attention to trends such as wellness and sustainability, and encouraged them to make an extra effort to sell protection plans, which give the consumer peace of mind and deliver the retailer margins as high as 75 percent.
Storis also said retailers should offer design services, since consumers will continue to invest in their existing homes because higher mortgage rates will keep many of them out of the housing market.
The full trend report is available here on Storis’ website.