(Newswire.net — November 17, 2021) — The need to acquire home and workplace automation systems coupled with changing lifestyles have led to the rising demand for smart furniture. According to recent research, the Global Home Furniture Market values at $624.09 billion in 2020 and expects to reach $1,107.34 billion by 2026, growing at a compound annual rate of 10.2%.
The demand for smart furniture continues to grow in every part of the world, directly affecting the traditional industry models and pushing manufacturers to increase production at enhanced speed all at once to keep up.
Smart Furniture Industry Drivers
Technological advancements have incorporated wireless charging, Bluetooth, beverage warmers, and cord management capabilities into furniture such as chairs, cabinets, dressing tables, and shelves. The rise of smart homes and the need for interconnectedness drives the demand for smart furniture.
The adoption of smart furniture in workplaces expects to fuel this demand. Smart workstations help monitor the duration an employee sits, stands, or steps away from their desk. The innovation of smart furniture for workstations has led to the achievement of an ergonomic lifestyle. For example, one could configure a smart chair to alert an employee if they have been sitting for too long.
Competition in the smart furniture market has also fueled this growth. Smart furniture companies produce such items as solar-powered rockers, tables or mirrors displaying current news, time, and date, smart tables with wireless charging ports, etc.
The need for customization and individuality has also led to the increased demand for smart furniture. The modern customer is willing to pay a lot more for customized goods or services if need be. As a result, more manufacturing companies are offering more options.
Smart Furniture Market Growth by Region
The growth is likely to be experienced more in the European and North American regions, while the Asia Pacific region should experience the highest rate of growth overall. With the increase in the number of individuals with discretionary income, more people expect to invest in smart solutions for their homes and offices. This will positively affect the smart furniture market. The major industry players are shaping up to be China, Japan, and South Korea.
How Smart Furniture Manufacturers can Adapt
Manufacturers are continually developing smart furniture that facilitates modern technology. Simple furniture production processes are no longer effective, as manufacturers must adopt strategies to handle and configure complex components and new designs. For maximum returns, manufacturers will have to limit production interruptions and minimize their operational costs.
The expectation for swift deliveries has also affected the furniture market. Manufacturers and dealers have to find a way to deliver customized products within the correct timelines and reasonable fees. The better these industry players will be at striking a balance between quality, speed, and customization, the higher the payoff. All processes, including design, prototyping, production, and final delivery, need to streamline for maximum returns.
The Effects on the Consumer’s Pocketbook
Even though the modern consumer is willing to pay the extra expense that they assume when upgrading their furniture collection, many may not have the option if expected to pay upfront and in full for the purchased furniture. To add another layer of financial strain to that, many millennials and even more Gen Z applicants refuse to carry a credit card and fall helplessly into debt with any major credit companies. The younger generations know they can bypass those astronomical interest rate fees their parents succumb to and opt for a different way to purchase their new furniture: The Credova Way.
Credova and a handful of recent financial startups recently introduced a better way for consumers to purchase big purchases like smart furniture. Institutions like Credova look to solve this credit crisis plaguing younger generations that refuse to battle credit card debt.
Credova’s response was a new buy now, pay later financing platform that offers significant benefits for the consumer pocketbook and the merchants they purchase from. Buy now, pay later programs allow consumers seeking assistance to apply for financing at the point of sale. Many companies similar to Credova partner with merchants across America to offer a buy now pay later alternative.
Credova and the New Buy Now Pay Later Financing Takeover
Credova’s financing platform makes consumers fill out one application but may offer them multiple options for financing their purchase. Consumers can purchase their smart furniture after finalizing their financing terms to know the expectations from the beginning. Now, it’s all contingent on the shopper’s credit approval that will say how many options for financing Credova might offer. However, with financing approval, no consumer is responsible for payment at that moment. Instead, Credova offers a select amount of months and a smaller, more manageable fee to pay each month until the consumer has paid the financing off completely.
“The best part about purchasing smart furniture or making any major purchase with Credova’s buy now, pay later financing option is Credova’s zero-interest payment promise on financing paid within 90 days of the original purchase.” Dusty Wunderlich, CEO of Credova continued, “Unlike major credit institutions, Credova wants to give consumers the assistance that they need in the moment of purchase without the back-breaking fees or escalating interest rates that tend to follow a major purchase on a traditional credit card.”
So if you are ready for that smart home upgrade and the smart furniture to go along with it, find Credova and their buy now, pay later financing option to take care of the needed upgrades, and pay for them later.
The Future is Now
Smart homes are popping up in every neighborhood in the US. It is only a matter of time before Americans eat off smart tables, watch Hulu from their smart couch, get a good night’s sleep in their smart bed, and work in smart furniture-filled offices.
Ladies and Gentlemen, the smart revolution has begun, and there is little to do to stop it, but Credova can help you finance it.