Craftwomen check quality of decor products. Vietnam has great potential to export home and kitchen décor products. (Photo courtesy of Amazon Global Selling) Research from businessresearchinsights.com predictedthat the global home furnishing market is projected to reach 1.3 trillion USD.
Other research from eMarketer reported that in 2022, retaile-commerce in the US reached 146 billion USD for furniture and homefurnishings.
In fact, despite the gradual return to offices, people still spendmore time living, working, and entertaining at home.
As a result, living spaces are more invested in than ever before.Products related to home decoration, home improvement, and home-basedentertainment have undergone significant changes in recent years.
Statistics from Amazon said that furniture sales on its websitewitnessed remarkable growth from 2020 to 2022.
In addition, Amazon revealed that for the last three years, homeand kitchen products are among the top-selling categories of Vietnamese sellingpartners on Amazon.
In addition, online shopping remains popular for home and kitchenproducts, including decor accessories, furniture, and home entertainment.
Furniture and home furnishing products that have become popularinclude home decoration items such as wall decor, candles, hanging lights, andcurtains.
Storage items to help organise living spaces are also in highdemand.
Other products that many consumers like are wooden furniture orhome products for exterior and interior use.
Handmade rattan baskets to store books, blankets or kids' toys,bamboo boxes and trays to organise kitchen corners are popular storage productsmade and exported from Vietnam with a diverse range of designs, styles andmaterials.
Unlock global markets
Having a strong foundation of traditional craft villages, naturalmaterial resources and manufacturing capacity, the Vietnamese home decor andfurniture industry is able to create unique and distinctive products to unlockglobal markets.
In fact, Vietnamese products have been exported and used in manymarkets.
The country’s wood industry exports stand at over 10 billion USDannually, ranking fifth in the world for wood manufacturing and exporting. Fromraw materials to high-quality products, Vietnam is now one of the leading woodexporters to the US.
BeeFurni is an example showing Vietnam's strong potential in thewood products market globally.
A company representative said their revenues on Amazon in thefirst 10 months of 2022 increased by 300% compared to the previous year.Beefurni's business and brand growth are progressing well, motivating thecompany to keep growing and bringing good value to more customers in moremarketplaces.
To unlock the advantages and potential for Vietnam home decor andfurniture on the global market, manufacturers and brand owners need to learnand apply some suggestions.
To capture opportunities, experts suggested Vietnam should upliftcraftsmanship and product quality.
According to a labour force survey by the General StatisticsOffice in 2020, Vietnam boasts a significant number of skilled craftsmen.
The "craftsmen and related" category accounted for 7.4million workers, representing 13.7% of the total workforce, the surveyreported.
Most importantly, Vietnamese traditional craft villages andfurniture factories, with their rich experience and history, imbue theiressence into Vietnamese handicraft and furniture products, giving rise tounique and distinctive features that are difficult to find elsewhere in theworld.
However, to be successful on the global market, the harmoniouscombination of "what we have" and "what the global market needsand wants" is crucial, Amazon suggests.
For example, to have a decorative product with eco-friendly charmfrom native rattan, bamboo and sedge, manufacturers have to consider andenhance the manufacturing process to become more eco-friendly.
Furniture which uses composite material must also comply withAmazon and local industry regulations regarding composite wood products.
Understanding market trends is also needed.
Besides gaining the insights of international customers, it is ofequal importance for businesses to understand market fluctuations.
For example, according to Amazon research, the development andinventory preparation cycle for furniture products typically ranges from 30 to60 days, which can be further tailored based on supply conditions andpurchasing patterns in low and high seasons.
Advertising products on social media is also a good method.
An Den is an inspirational v-logger and a story teller aboutcountry life. Through a visit to the bamboo weaving craft village in Chuong My districtin Hanoi, An Den showcases the trends and online export potential oftraditional bamboo weaving as well as other Vietnamese handicrafts, whilehighlighting the positive changes for local communities and economies, supportedby cross-border e-commerce./.
VNA
