With the rapid advancement of innovation and digitalization in physical retail and e-commerce, from checkout to inventory management, order fulfilment, and in-store service, the use of retail technology plays an essential role in enhancing the consumer experience.
As per leading industry body Invest India, the Indian retail market is estimated to reach $2 Trillion by 2032 at a CAGR of 25% and the contribution of online retail in the total retail market in India is projected to increase to 10.7 per cent by 2024 when compared to 4.7 per cent in 2019 as per a recent study by Anarock and Retailers Association of India (RAI).
With the recent surge of digitalization in retail, it has bolstered the Visualization of shopping, especially with respect to furnishing in retail and with the adoption of e-commerce acceleration at breakneck speed; the demand of virtual merchandising has increased in leaps and bounds. It is further boosted by data analytics and modern tech-driven automation with AI, AR & VR has brought about a hyper-personalization of the shopper experience, which has additionally captivated the journey of the retail industry.
Also with evolved retail edge technology maturing and advancing, it further aided in increasing the In-store conversation rates and thus drove better sales.
So here are the Top 5 startups playing the role of a gamechanger in Virtual Merchandizing aiding Furnishing retail to drive better sales:
Flipspace: Established in 2015, Flipspaces is the first tech-enabled brand which offers a full-stack solution for the design and building of commercial spaces. It is also the largest global supply chain platform for interior products and services backed by its strong technology and industry acumen. Flipspaces SaaS-driven product Vizstore is a virtual store which allows interior product owners to digitize the product display, visualization and selection experience aided by virtual reality technology. Embracing its cutting-edge technology specially created for furniture and furnishing retail stores, it helps boost sales by 30% while reducing store rent to mere 3 paise per sqft.
Pepperfry: Pepperfry since 2011 brings you stylish and quality furniture with attractive EMI options. From electrical appliances to wall art, Pepperfry grants everything you need to make your apartment home and your home your dream one.
Furlenco: In 2011, Furlenco was born to give everyone access to awesome furniture without any hassles. Plus, the complete freedom to use it for as long as they want or change it as per their needs.
Urban Ladder: Urban Ladder commenced operations in 2012 with a vision – to make a million homes beautiful. They had a mission to enable their audience to think of setting up space as an energizing, creative pursuit and to help to breathe life into empty rooms with ideas.
Rentomojo: It is an online furniture rental platform that was incorporated in November 2014, and currently operates in Bangalore, Pune, Mumbai, and Hyderabad.