With Higher Prices, Details Will Make the Difference

According to the treasury department, Americans should brace for a year of “uncomfortably high” inflation.

While rising wages have offset some of the initial effects, furniture retailers are left to wonder if consumers will be forced to forgo premium products in favor of lower-cost alternatives.

The result is that store owners may need to find new ways to add value throughout the buying process. From the showroom to sales support to delivery, businesses that offer a premium experience will have an easier time justifying a premium price. 

This may require retailers more carefully define their target customers in order to better invest their limited resources. Apply the 80/20 rule: 80 percent of your desired results will likely come from effectively engaging 20 percent of your audience.