– Bill McLoughlin, the editor in chief of Furniture Today, addresses the value proposition in furniture retail.
– The emerging trend of lifestyle merchandising and curating experiences in furniture retail shapes the brand’s value proposition.
– McLoughlin points out that value is not just about the price but the overall consumer experience.
– Consumers are willing to pay more for superior experiences, service, and unique product selections.
– The article emphasizes the importance of training staff to understand the value proposition and communicate it to customers effectively.
– McLoughlin cites examples of successful brands who have managed to build a value-based pricing model, like Restoration Hardware and Crate & Barrel.

The Value Proposition in Furniture Retail

A Shift in the Brand’s Value Proposition

According to Bill McLoughlin, editor in chief of Furniture Today, brands in the furniture retail landscape are redefining their value proposition. They’re not just selling furniture; they’re selling experiences.

Price Versus Value

Gone are the days when competition was solely about who had the lowest prices. In today’s world, it’s about who offers the best overall consumer experience. For many customers, this experience is worth paying a premium.

Educating the Staff and Examples of Success

To effectively sell the value proposition, retailers must invest in their staff’s education. They should understand the brand’s values and how to communicate them effectively. Successful brands like Restoration Hardware and Crate & Barrel have mastered this art, implementing a value-based pricing model that caters to their customers’ desire for unique, high-quality products and top-notch service.

In conclusion, the value proposition in furniture retail is shifting from a simple price-based model to a more experience-centric approach. As the competitive landscape becomes more sophisticated, brands must focus on curating unique experiences supported by exceptional service and original product offerings. Training the staff not only to understand these values but also to communicate them effectively is crucial. This concept is not entirely new, as successful brands like Restoration Hardware and Crate & Barrel have already demonstrated its effectiveness. Yet, it is becoming more prevalent in the evolving world of furniture retail, shaping the way brands dialogue with their consumers.

originial article https://www.furnituretoday.com/?p=318059

30% off Sumertime sale!
Enter email for your coupon code!
    no thanks!