Furniture and Furnishings Market Procurement Intelligence Report | Engagement with Suppliers with Sound Product Innovation Capabilities Will Offer Buyers Cost-Saving Opportunities | SpendEdge
This is contributing to spend growth in the furniture and furnishings market to a significant extent.
SpendEdge has been monitoring the global furniture and furnishings market and the market is poised to experience spend growth of over USD 90 billion between 2019-2024 at a CAGR of more than 4% during the forecast period. Request Free Sample Pages.
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Read the 126-page research report with TOC and LOE on "The Global Furniture and Furnishings Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
The focus of employers on the mental and physical well-being of their employees is resulting in the demand growth of furniture that is ergonomically designed to prevent postural injuries that occur after seating for long hours. This is contributing to spend growth in the furniture and furnishings market to a significant extent.
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Insights into the supply market
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Engaging in forward integration strategies allows suppliers to gain control over the supply chain and reduce product lead time from manufacturing to delivery, thereby eliminating delays in product delivery.
- Suppliers that have strong capabilities in lean manufacturing are able to increase their plant productivity by nearly 20%. This, in turn, will allow them to sell at a lower market price, thereby reducing the buyer’s procurement expenditure.
Insights into category management strategies that will help buyers to achieve a beneficial partnership with suppliers
Assess innovation capabilities of suppliers
Large suppliers are entering into long-term partnerships with raw material suppliers to work closely with them in developing lightweight and durable products using alternative materials. This is reducing buyers' product costs. For instance, a leading supplier partnered with particle-board producers to create a new particle-board alternative, which significantly reduced their raw material consumption by 85,816 tons (to produce furniture). It also made the furniture lightweight and reduced logistics costs incurred by suppliers.
Engage with suppliers who use advanced technologies
Buyers advised to partner with suppliers who use advanced technologies such as automation, robotics, lean manufacturing, and AI in their manufacturing process. The use of such technologies enables suppliers to better control their OPEX and reduce TAT, thereby helping buyers to avail of better volume-based discounts on category purchased.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the furniture and furnishings market.
Some of the key topics covered in this report are:
- Furniture and furnishings market spend segmentation by region
- Total cost of ownership analysis in the furniture and furnishings market
- Regional spend opportunity for furniture and furnishings suppliers
- Furniture and furnishings suppliers cost structure
- Furniture and furnishings pricing models analysis
- Furniture and furnishings procurement best practices
- Category management objectives
- Cost saving opportunities in the furniture and furnishings market
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