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Home furnishing market in India is considered to be a growing exponentially. There are several opportunities existing for entrepreneurs or startups who wish to enter into this market. In an exclusive interaction with Rajesh Jain, Founder, iHOEMZ, Faiz Askari of SMEStreet found some interesting facts about this market's evolving dynamics and iHOMEZ' business journey.
The edited excerpts:
Rajesh Jain, founder of iHOMEZHow is the home furnishing market growing in India?
India houses the largest chunk of “young” population, coupled with higher disposable income which creates a favorable atmosphere for the Indian Home Furnishing industry to grow. This is also one of the reasons India was not much affected by recession. The young buyers are brand conscious and quicker decision makers. This buying behavior of the modern day consumer will shape the future growth prospects of home furnishing industry in our country.
How is the Indian consumer's buying behavior is changing?
An Indian retailer needs to have an understanding of the Indian customer’s mindset, which is different. In India one doesn’t only cater to a customer but an entire household. The buying is mostly done by and for the entire family for most of the products. With the entry of global players setting shop in India, the Indian retail sector needs to pull up its sleeves against emerging cut throat competition.
As an entrepreneur in this segment, what are your key observations regarding market trends?
Indians are price & value sensitive and very high level of innovation is required in product development in order to add value to Indian consumers. Retailers need to identify the segment, target and position themselves to address consumer needs; for eg. What will sell in South India will not sell in North India, especially in the home furnishing industry.
What are the key opportunities that you witness in this market?
Just like in the case of garments 10 years back, a lot of brands have entered in the “home décor industry”. Major organized retailers have recognized their potential and the emerging need for creating special zones for this industry in their stores for eg. Home Town, Home Stop, @ home etc..
What challenges do you experience as an entrepreneur?
Skilled man power is always in short supply. Also a lot of problem retailers are facing is the lack of knowledge of legal metrullogy act. Hence, addressing external forces like legislation and government bodies poses as a great challenge for the industry.
Is your company open for external funding? If yes, please share the brief plan.
No currently we are not looking for any external funding.
What will be your goals for next two years? Where would you like to see your business in next few years?
Retailing is all about detailing. As home furnishing retailing is an eclectic mix of textiles, adornments & contemporary fashion, iHOEMZ is trying to innovate & introduce new products in home décor industry. Also as Indian consumers are young & brand conscious, there is a housing boom. As Indians always love to spend on new homes, iHOEMZ wants to be a solution provider to entire household & not only to individual consumer in coming years. As India is growing not only in metros but also tier two cities are having rising income and hence, purchasing power parity. So a new group of ready buyers are already there, who want to buy quality products. As a lot of new homes are being built, there is going to be a boom in “home décor accessories” where a lot of organised players have entered. iHOEMZ would like to create a niche brand in the market, providing the most innovative & practical products to the Indian consumers. We would like to spread our reach across India by associating with LFS & E-commerce players.