Badcock & Home Furnishings E-commerce
To provide data on the e-commerce home furnishings space, as well as Badcock Furniture, including the following; the “digital shift” in home furnishings, demographics of Badcock locations, average ticket of Badcock customer (in store vs online), information on white label or private brands in the Badcock home furnishings space, data on Badcock's technology, innovation, information about the competitive set, and white space opportunities for Badcock and the value of those opportunities
Online furniture and homewares sales are projected at $200 billion globally for 2019.
Trends in the e-commerce space for furnishings include an increased use of mobile, data driven personalization, product customization and Augmented Reality use. Badcock introduced a new sales based model of operation which expanded opportunities for furniture dealers, and all stores are currently being converted to this model.
The 2018 revenue from furniture and home furnishing e-commerce was 65.1 billion USD, with a projected growth to nearly 100 billion USD by 2022.
Furniture and home furnishings make up 12.9 percent of total retail e-commerce sales in the US. Key opportunities in the home furnishings e-commerce space include targeting millennial buyers, new e-commerce software technology that allows more display options, and advanced web store search functionality to allow consumers to better find the items they want. Challenges in the home furnishing e-commerce space include consumers wanting to see what they purchase before acquiring and furniture that is bulky and/or expensive shipping. While little was specifically available on their e-commerce or digital strategy, Badcock’s hiring of communications veteran Barb Scherer as vice president of marketing may lead to a more integrated marketing approach, which may include a focus on promoting e-commerce.
"Our company is focused on utilizing technology in order to be more agile and to better service our customers, employees and suppliers," much of that focus in the past couple years has been focused on HR and employee training.
Key competitors to Badcock include Ashley, IKEA, Copeland, Masco, Baker, Glenarbor, Cheese Kingdom, Giorgi Bros, Lexington, Roche Bobois, Henredon, Christopher Guy, HHG, Stanley and Kindel.
Proposed next steps:
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A demographic analysis of key Badcock locations, and a report on white space opportunities for Badcock and the value of those opportunities
A deeper dive into information on white label/private brands carried by Badcock
A competitive analysis of 6 of Badcock's key competitors (please note which ones preferred)