The impact of pandemic COVID-19 has affected all of us worldwide. It has crashed entire economic growth and stability. Almost more than 50% of people have lost their work, jobs, and business. Also suffered loss of confidence, collapsed physically, emotionally, and financially due to COVID-19 crisis. Within a few months, this pandemic has changed the entire scenario of business, industry and the work of essential service industries are going to function in the future to come.
Let us today talk specifically about how the furniture manufacturers, not only furniture but all kind of manufacturers in India are facing the heat of the crisis and are coping up to run the business. The impact of COVID-19 on furniture industry is evident, and in addition to this, it has also impacted the health issues and movements, commuter of the people.
COVID-19 Effect on Manufacturers
The situation of the Indian manufacturers has worsened due to the pandemic. They are facing the challenge of coping with the current situation with before and after phase of pandemic. Right now, we are living in the “current” phase that has observed a pause in the business. Nowadays, essential commodities like groceries, medicines, and other food shops are allowed to operate in full fledged, but still they face many problems due to barriers. There are various issues the manufacturers deal with that includes managing the customer demand, coping with supply chain problems, following social distancing norms, and maintaining proper hygiene of all the employees.
In this pandemic situation, the essential commodities are impacted to a lesser extent as compared to the other secondary products available in the market. The customers have lost their faith in the services due to this virus impact and have stopped purchasing other things except for the essential goods because of scarcity of means.
When the industry steps in the “After” phase, they need to make proper strategies to get back in “Before” stage. The furniture industry post COVID scenario will put forward a new challenge to adjust according to new business techniques.
The furniture industry’s future business strategies will provide a roadmap to flourish well in the market. It will provide the manufacturers with the challenge to prove their mettle and adopt different and effective ways to run their business smoothly.
Change in Consumer Behavior Due to COVID-19
A drastic shift can be found in consumer behavior due to the pandemic attack from the “current” phase to the “after” phase.
The consumers in the “current” stage are busy in the stock for the essential commodities for the future so that they don’t feel scarcity later on.
When the consumers enter the “after” phase, then daily life will start pacing as it was earlier, but the customers will start doubting everything, scared due to economic crisis.
Observing current situation, we can quickly evaluate that there will be a switch to the consumer buying pattern as they will be more inclined towards purchasing local brands as compared to expensive brands. Furniture businesses also need to digitize themselves in every way, making it a secure transaction so customers can have faith.
The impact of COVID-19 on the market is visible. The furniture manufacturers need to adopt the new marketing strategies so they are well prepared for the “Current”, “After”, and “Future” phase to cope up with the market needs. The furniture industry’s future strategies will decide their new consumers.
Manufacturers have to invest in products which have a high conversion rate. They have to keep in mind the needs and requirements of the new consumers that are relying on them. They need not only think of the present scenario but have to think about the future and even beyond that when everything will be normal.
If furniture manufacturers adopt speed in delivery and agility in their current functionality, they are surely going to crop the fruits in the future to come.
Financial management will be a very crucial task for people across the nation now days. Many of us have suffered across the dwindling jobs, salaries, wages, interest, returns payments, and installments all over globally. This situation has forced manufacturers to optimize the costs to have enough cash flow and margin so that they can survive through this phase.
Furniture Manufacturers have to be very cautious to play a proper role in the not only production but in supply chain management. The demands keep on fluctuating in the supply process, but the manufacturers have to be vigilant enough to tackle every sort of supply. They have to make a proper logistics planning. If the company adopts digitized ways like online trading, social media activities, then it can help to improve success ratio. The business has to adopt delivery-based models like online woocommerce so that the customer demands can be fulfilled to reduce economical and physical burden.
If you want your business to flourish in the next few years, you should become a good entrepreneur. Always ask your employees about their well-being so that you build trust in the market. Once everything comes back to normal, they only have to rebuild themselves to meet the business’s changing demands.
Retention is going to be the key. Manufacturers have to ensure not losing their old customers on any cost. Regular feedback and quick response to queries will build a level of trust not only in the services but give them an elated shopping experience. They need to reflect that proper hygiene, sanitization, social distance levels are being maintained for everyone’s safety.
There have been various rules/regulations and laws declared time to time by the state, central, and local governments to ensure citizens’ safety. To abide by all the rules, announcements and safety measures will cost a lot to the furniture manufacturers. It will also hamper their resources. But they have to cooperate with the government because these steps are only for the betterment of the situation and come out from this pandemic. The lockdown is being lifted in various stages, so it becomes the responsibility of everyone to support the government.
As the Corona virus COVID-19 spread of the epidemic, no one can predict what is going to happen worldwide due to its effects. This pandemic is an eye opening lesson for everyone to transform business ways and make the business digitally enhanced, flexible and agile. If this situation happens in the future, everyone should be prepared with sufficient experience of tackle situation and enough economic background to handle it. It has forced every industry to focus on the digital means so that they have proper facilities, virtual communication, and interaction to fight back. This is the time for the manufacturers to analyze the scenario properly and make ways to stand above all these disasters.
The impact of COVID-19 on manufacturers cannot be estimated yet. We can only hope and pray to god that it ends soon. A flexible business strategy and well-equipped professional team with all the available resources will definitely stand out and survive the current situation. Digitization’s is unquestionably the future we can predict as for now!
Source: Comfortzone Chair Manufacturer
We introduce our self as manufacturer of sofa, office chairs, dining chairs, tables, beds, mattresses, office and home furniture which reflects your needs, attitude, lifestyle and very important optimal space utilization which is your Comfort Zone
