As an independent retailer, the search for sourcing and selling furniture involves navigating through a difficult and ever-changing landscape of consumer preferences, quality considerations and effective marketing strategies. Independent retailers play a vital role in offering unique furniture selections tailored to niche markets. However, it’s not just a case of selecting furniture to buy based on your preference, you need to think about consumer behaviour. Placing your eggs in one basket will rarely work as you’ll need to accommodate buyers of all tastes and styles.
If you’re struggling to understand the art of furniture buying, then fear not. Read on through our comprehensive guide on how to tackle this terrain while ensuring success and growth for your furniture retail business.
What is Furniture Buying?
Furniture buying is the process of selecting and purchasing furniture for your independent retail store. It can sometimes be a daunting task, as there are so many different styles, materials, and prices to consider. However, with a little planning and research, you can find the perfect furniture to complement your independent furniture store.
What are the Factors to Consider when Buying Furniture?
There are several factors to consider when buying furniture for your independent store. As seasons vary and you build new relationships with suppliers, you’ll find yourself with a bigger pool of furniture to purchase. However, it all starts with understanding consumer behaviour. Understanding what the consumer wants and accommodating a wide range of customers is key to a successful retail store. Consider some of the factors listed below when buying furniture for your independent store.
Quality and Durability
For independent retailers, investing in durable and high-quality furniture is a must. These pieces are not just about looks as they need to withstand the test of time and heavy foot traffic. Select materials that are known for longevity like solid wood, metal frames, or high-grade plastics. While initially pricier, they ensure long-term cost-effectiveness which will put you in good stead for returning customers. Those who feel like your store supplies high-quality furniture will be more likely to return.
Price
While quality shouldn't be compromised, being mindful of your budget is crucial. Plan and allocate your budget smartly across different furniture categories. Prioritise key pieces that have the most impact on the customer experience and gradually expand your collection as your business grows. It’s also a good idea to cater for customers who will be looking for low-cost furniture as well as high-end furniture. Although the margins may not be as high on the low-cost furniture, it still provides steady revenue and the opportunity to cross-sell additional furniture.
Versatility
Versatility is key in retail spaces, especially for independent stores that might undergo layout changes or seasonal displays. Look for furniture pieces that offer versatility, such as modular shelving units, adjustable display racks, or multi-functional tables. These adaptability features allow you to effortlessly modify your space as needed. If you’re clever with your purchase, then you can sometimes cover multiple seasons or trends with one item. As a result, you can buy a larger quantity, reduce the unit cost, maximise profits and keep customers happy.
Customisation
For independent retailers, the ability to customise and personalise furniture is priceless. Collaborating with designers and manufacturers to create unique pieces that align with the brand's vision can set them apart in a competitive market. In terms of standing out from the competition, this is something that can elevate your store.
Tips When Buying Furniture for Your Independent Retailer
Buying furniture for your independent retail store can be difficult at times but there are tips to ensure you’re sourcing the best furniture at competitive prices.
Visit suppliers and view furniture in person
If possible, visit the suppliers in person to view the furniture before you purchase. It’s easy to take the perfect picture of furniture with the right angle in the best light but nothing can beat seeing it with your own eyes. Simple tasks like this can help avoid major headaches down the line where quality issues compromise sales and your bottom line.
Negotiate
Don’t be afraid to try and negotiate prices with your supplier to achieve a better unit cost. This will likely depend on your relationship with the supplier – trying this with a brand-new supplier can be risky! If you’re clever with the purchase terms, then you can often be rewarded with a nice little discount.
Take your Time
It’s very important to take your time before signing any contracts or agreeing to a purchase of any furniture. If you dive in headfirst and buy the first product you see, you could regret securing the deal so early if you see an equally good or better product at a lower price. If possible, reading reviews of products before you buy them can give you a good feel of whether they are the right fit for your independent store.
Furniture Buying with AIS
From bedside tables to dining room chairs, beds and much more! At AIS, we’re the UK’s leading buying group for furniture buying so you’re sure to find a product to suit your needs. Furniture is our biggest trading category so applying to become a member is beneficial to your bottom line. For more information on how to become a member of our buying group and how we can support your independent store with retail buying, contact us today by calling 0121 711 2200 or emailing info@aistores.co.uk.
