The home décor industry in Australia is growing fast. Many online retail stores have been positively impacted by the pandemic, as millions of consumers prefer the efficiency of online shopping.
Temple & Webster, one of Australia’s top-rated online retailers, is one such company that has experienced a boom. During the lockdowns, the online homeware store saw a boost in sales due to an increase in requests for furniture and other household items from consumers who work from home.
“While we don’t take for granted how fortunate we are to be able to trade though lockdowns, we believe Covid has accelerated the shift from offline to online that was already in progress”, chief executive Mark Coulter says.
Temple & Webster experienced an impressive 85% growth in revenue and saw a 62% growth in active customers. This spending boom can be attributed to an increase in consumer interest for home furniture and accessories, including a huge growth of online retail platforms.
Taking it a step further, Temple & Webster has also developed an innovative strategy to excite consumers: it recently invested in an artificial intelligence interior design software that allows customers to upload a photo of an item they like onto the platform, which in turn generates similar items.
For entrepreneurs and business owners operating in this sector, Temple & Webster is a gleaming example of how to take advantage of changing online consumer behavior. There are mulitple opportunities to buy a business that specializes
Businesses operating in the ecommerce sector should conduct meticulous research concerned with consumer demands, including consumer expectations, payment options and protection and quality control.
The increase in online shopping is a positive outcome for this looking to sell an ecommerce business. Whether you specialize in home décor, fitness, clothing, or other products and services, this is an opportunity to increase your business’s value.
Ensure you are familiar with current consumer trends. Find ways to change how you conduct business, increase your customer base, and develop innovate technologies before selling. Staying up to date with industry knowledge will attract buyers.