COVID-19 has impacted retail in ways no one could have predicted, and the furniture sector is no different. In a recent survey, TD Bank polled 102 furniture retail executives and decision makers to learn how the pandemic has affected their industry and their planned response to keep customers engaged.
Although nearly all furniture retailers have had their supply chains disrupted by the pandemic (94 percent), optimism remains high – with more than half believing that purchasing volume will either increase or remain steady for the remainder of 2020.
In order to foster that purchasing volume, furniture retailers have taken financial action – offering everything from online deals (82 percent) to additional financing options (69 percent) and free or reduced shipping (79 percent).
Further findings showed:
- Brand loyalty holds strong under pressure: Nearly 87 percent of respondents said that their consumers show the same or more brand loyalty in times of uncertainty
- Going Digital – Furniture retailers ahead of the curve: Although the furniture industry may be viewed as slow adopters to disruption, many retailers already had digital offerings in place, meaning business continuity under the current conditions is well positioned. For example, 78 percent were already using digital ads and had email communications underway pertaining to the crisis and 86 percent had online ordering in place.