Furniture Brands Take Note: Top Eight Tips for Getting Ahead in 2024

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‍Expand Your Global Presence

To maximize your sales potential, it is essential to diversify your geographical markets. Consider expanding into new territories, such as the United States, which offers unique growth opportunities. Partnering with a nearshoring setup can help you establish a global presence and efficiently serve your international customers. By diversifying your market reach, you can acquire new customers and increase your revenue streams.

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Embrace Nearshoring

One of the most effective ways to boost sales in 2024 is by adopting a nearshoring strategy. By establishing manufacturing facilities close to your target market, you can benefit from reduced transportation costs, faster delivery times, and increased flexibility. Nearshoring allows you to be more responsive to customer demands and changing market trends, giving you a competitive edge.

Learn more about LTP’s success in implementing nearshoring.

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Develop a Robust Sustainability Strategy  

Consumers today are increasingly concerned about the environmental impact of their purchases. To attract eco-conscious customers and differentiate yourself from the competition, it is crucial to prioritize sustainability in your manufacturing processes. For example, you can use sustainable materials, implement design strategies for disassembly, and offer changeable covers for your furniture. By aligning your brand with sustainable solutions, you can attract a larger customer base and build long-term loyalty.

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Prioritize Quality and Durability

Quality and durability are key factors that influence customers' purchasing decisions. We recommend investing in high-quality materials and craftsmanship to create furniture that withstands the test of time. By emphasizing the durability of your products, you can build trust with customers, increasing the likelihood of repeat business. Quality and durability also have a positive impact on your products’ sustainability, because they won’t have to be replaced after just a short amount of use.

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Consider Outsourcing to a Specialized OEM Partner

To free up cash tied up in stocks and create more time to focus on marketing and sales, consider outsourcing certain manufacturing processes to a specialized original equipment manufacturer (OEM) partner. This allows you to tap into their expertise, reduce costs, and increase your agility in responding to market demands.

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Offer Configurable and Modular Soft Seating

In today's dynamic living and working spaces, customers value flexibility and customization. Incorporate soft seating options into your product lineup, such as sofas and lounges that can be easily reconfigured or even designed by the customer themselves. Providing modular furniture solutions allows customers to adapt their living spaces to their evolving needs, allowing them to feel satisfied with their purchases.

Embrace Digitalization

Find ways to incorporate automation, robotics, and 3D technology to streamline your production and development processes.

For bettering the end-customer experience, you can consider implementing augmented reality (AR), virtual reality (VR), artificial intelligence (AI), as these digital tools can help you optimize efficiency, reduce errors, and offer personalized, immersive experiences to consumers.

For example, by using machine learning algorithms, you can predict trends that identify popular styles, colors and materials, and make shopping fun and interactive.

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Adopt Automation and a Lean Production Setup that is Ready for Scalability

By integrating advanced robotics and lean production setup, you can achieve greater efficiency and scale operations while reducing costs. Automation enhances precision and speed, while efficient production eliminates waste and optimizes workflow. This combination can result in the ability to quickly adapt to customer demands. It also maximizes profitability, improves employee safety and aligns with your sustainability goals.

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Conclusion

In a changing market, increasing sales can be challenging, it requires a proactive approach to adapting to market trends and customer demands. By embracing nearshoring, sustainability, durability, outsourcing, offering configurable soft seating and digital options you can position your brand for success in a highly competitive industry. Remember, staying agile, customer-centric, and focused on innovation will set you apart and drive sales growth in 2024 as well as the years to come.

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About LTP

LTP Group is a production partner for demanding Sport & Outdoor and Furniture brands with 12 privately owned factories across 7 countries in Europe, Asia and North America.

About the Writer

Meryl Siegman is a content writer specializing in the interior design industry. She has an avid interest in the evolution of office design in a world impacted by the COVID-19 pandemic.