The year 2020 was a life-changing time for everybody around the globe. The pandemic has affected the lives of everybody, including individuals, busin
The year 2020 was a life-changing time for everybody around the globe. The pandemic has affected the lives of everybody, including individuals, businesses like Home Improvement, and institutions.
Lockdown was the necessary step taken to curb the spread of Covid-19. Lockdown was a forced closure of stores, schools, institutions and businesses everywhere.
But there is something good in every situation. All the businesses were shut down and saw a downfall. The retailers faced many issues during this phase. Amidst all the chaos, the home improvement industry saw a boom.
Due to lockdown, people are sitting at home and searching for activities to kill their time. Hence, there was a revival of the Home improvement industry.
The major reason behind this boom is the restricted movement of people outside. Being forced to stay at home and moving from the garden to the bedroom and again from the bedroom to the garden acted as a stimulus in the growth of this sector.
What Research Says?
As per research conducted, the Home improvement sector saw a continuous decline since 2014. Due to the lockdown in 2020, people have found their new interests and are enthusiastic about working on their home décor and infrastructure.
The trend has remained the same in 2021 too, and there is a boom in the home improvement sector. This has motivated and encouraged the retailers to move ahead with their business.
Some business may face financial constraint while entering into this new phase. They can consider the option of borrowing unsecured personal loan from the market and focus on their business strategies and operations.
Besides, the direct lenders provide these loans but they have more options to consider for the home improvement. For example, loans such as bad credit loans are also available with no guarantor required.
Home improvement by the Youth
The times are changing, and so is the mindset of people. Today’s youth is innovative and try their hands on different things. They have money and are willing to take the risk with their money.
Many people today try DIY ideas for their home décor, home improvement and various other things. With pandemic and its after-effects, the concept of DIY ideas is here to stay and see a boom.
During the lockdown in the UK, retailers have established contact with the youth through various apps. This connection will work as a catalyst for the growth of the home improvement industry.
Also, many programs launched on Social media platforms will make a significant change in the overall market.
This will encourage people from age groups to try their hands on various home improvement and DIY ideas.
Continuous rise of Home Improvement
Lockdown has taught us many things, from cooking to changing our lifestyle to changing our home décor. It has also taught us to try innovations in our homes, such as living areas, bedrooms, and cost-effective garden areas.
It is a proven fact that making the slightest change in our home can uplift our moods and bring positivity to the atmosphere. Adding a new painting in our bedroom or decorating our plants in our garden, or adding a new antique to our living room brings a positive change in our mental health.
Hence, homeowners are getting more inclined towards DIY home improvement ideas and are in favour of it. Apart from the direct engagement of the people, many social media applications are providing the required trigger in the customers.
There has been a drastic change in the preferences of the customers from pre-pandemic to post-pandemic. The home improvement process is becoming a new business and activity for people.
The need for more Home improvement retailers
With many people getting involved in the home improvement process, the need for home improvement retailers is increasing day by day.
A huge part of the customer base includes women and the youth. There has been an increase in the purchase of home improvement products which is increasing its demand. To meet the increasing demand, adequate supply is required by the home improvement retailers.
Due to the increased demand and customer engagement, many retailers are entering into this industry and trying to meet customer needs.
Many established retailers are in the planning phase of their store layouts and business operations. These days, online is the new model for the customers. Hence, retailers have to work on both their modes, i.e. online and offline.
The trans-formative technological growth
At the start of the pandemic, the retailers were burdened and pressurized by the changing needs of the customers and had to mould as per the customer needs.
They had to adopt new and interesting ways to keep their customers engaged. Many retailers switched to virtual modes instead of promoting their physical stores.
It was made easy for the customers to book an appointment for the virtual store visit and choose their preferred home improvement products pertaining to their bathroom, bedroom, or living room.
It has become easier for the customers to shop according to their preference, but it has put all the retailers in a difficult spot.
The retailers having a presence in both the modes, i.e. virtual and physical, are on a safer side compared to the retailers with only one method of presence. They are not able to cope with the completion in these tough times.
Businesses having futuristic thinking will adopt this transformative technology and be in the eyes of their customers. This will help them stay on top of their competitors and provide their customers with that extra edge.
Role of Influencers
The role of influencers has increased recently and has taken a blow. During the lockdown, many people have opted for being an influencer.
The influencer market has seen an upward trend during these pandemic times and is here to stay as there is a major change in the preferences and tastes of people.
With increasing influencers in the market, the pressure is also growing for original content. Edited pictures and copied content is losing their place in the market.
The audience is looking for authenticity and people who can showcase real talent. The audience demands unique content and is willing to pay the price for it too.
Retailers and influencers who are working on their content authenticity and uniqueness can have the edge over their competitors and earn huge profits. Authenticity is the need of the hours and should be considered by the retailers with utmost sincerity.
Undoubtedly, 2021 will throw its challenges and issues for the businesses, but they should be ready for it. Talking about the home improvement sector, 2020 was the beginning of a new era, and this shall continue for a long time.
Hence, the home improvement sector should consider it as an opportunity and work in this direction. This new era has got home improvement businesses some new breed of customers that will completely positively transform this sector.