Industry News

Urban Ladder partnered with GoZefo

India: Furniture retailer Urban Ladder has joined hands with GoZefo to give a foothold in the furniture segment. The new start up brand GoZefo has offered an exchange plan to make its customer base broader and stronger during the festive season. During October, people in India generally clean out their homes for the preparations of Diwali, and sell their old stuff in order to buy the new furniture, therefore the company is strengthening its strategy and focusing on exchange plans and lure the customers to exchange their household furniture via portal. 

With this exchange plan this becomes the company’s third big move in their business strategy. GoZefo being a used and factory seconds household goods portal creating a lucrative offer for the customers with pocket friendly prices, various payment modes, with the convenience of customized pickups which proves a hassle-free experience.

According to TechSci Research, being a fragmented and unorganized furniture market, India offers immense opportunities to domestic and international players. The demand for furniture is growing in the country due to changing lifestyle, increasing purchasing power, rapid urbanization and widespread availability in tier II and III cities. In order to increase the product availability, organized furniture manufacturers are entering into tie-ups with E-commerce retailers. Further, major players are routinely focusing on ways to make their products affordable for the customers in small cities and towns from where they are expecting next phase of growth to come from.

According to a report published by TechSci Research, “India Furniture Market Forecast and Opportunities, 2019”, the country’s furniture market is projected to grow at a CAGR of around 26% during 2014-19. Home furniture segment is the leading contributor, followed by office and institutional segment. Western region is expected to be the highest revenue contributor in India furniture market, followed by southern region due to the presence of large number of industrial hubs and upcoming infrastructure developments in these regions. Over the next five years, the Indian furniture market is expected to witness increasing consolidation due to growing entry of international companies as a result of the government’s 100% FDI approval into the country’s furniture industry. Consequently, the value share of small and mid-sized furniture players forming the unorganized sector is expected to decrease over the coming years.