Coohom bridges gaps in customer experience with 3D tools


Coohom room view

If you look at today’s landscape of furniture – behemoths have entered into the furniture category as they figured out how to ship large products online. Wayfair has gone from $600M to $9.1B in annual revenue (although unprofitably), which must be opportunities that once were captured elsewhere. Amazon has also eaten into the market with a strong logistics and delivery network, as well as packaging furniture products into two-day shipping with their Amazon Prime subscription. Strategic Insights, the research arm of Furniture Today, pegged Amazon estimated furniture and bedding sales at $2.6B, growing 30% year over year.

In addition, there is a swarm of new direct to consumer start-ups that have eaten into the home furnishings market. Casper, Purple, Nectar Sleep, Lull, Tuft & Needle to name a few in the mattress industry, and Burrow’s, Benchmade Modern, The Inside, and Article amongst those within the furniture category. Not only are these tailoring their marketing strategies to consumers better, but they are also innovating by powering 3D experiences, opening up smaller showrooms where millennials are located, and ultimately, providing great customer experiences.

This means that the already highly competitive home furnishings industry has become even more crowded as consumers seek ways to quit tedious, endless, and boring shopping experiences. This is even more apparent as home buyers are changing generations, which is a driver for these new customer experience requirements.

How well do you know your customer?

 According to the National Association of Realtors annual profile of home buyers and sellers, millennial home buyers has grown by 32% since 2013, now representing 37% of all home buyers in America. In comparison, generation X homebuyers has fallen by 23%, now accounting for 24% of all homebuyers in the USA. As home buying is one of the driving factors on furniture sales, these generational changes also have implications on the customer experience that is expected.

NAR Home Buyer & Seller Generational Trends

Millennials and younger generations grew up with different communication styles, were influenced by new forms of technology, and are much more technology savvy than older generations. Long gone are the days of standard blasts of TV ads as millennials and generation X now spend their time glued to computers and smartphones. St Louis-based senior living community provider, Provision Living, did a study on American smartphone habits, finding that now an American spends an average of 5.4 hours a day on their phone – this was 5 hours on average for baby boomers, and 5.7 hours for millennials. As a result of these changes, industries have to adapt to the new market requirements, otherwise they will be beaten out by other players who keep up with these trends.

A summary of trends by generation

3D enabled customer experience requirements

 

New digitally-enabled and omni-channel customer experiences are all the rave. Wayfair has built a whole team around 3D – offering features such as 3D View in Room, Room Ideas powered by computer generated imagery, and a 3D floor planner. This is aimed at enabling customers to see ideas for what their space could look like, then plan it out to view it realistically. Amazon has added 360-degree spin to many of their product pages, along with an AR in their app, and a room scenes tool. Together, data analytics firm, 1010 data, estimates that 63% of online furniture sales, the fastest growing sales channel, are from these two players. Start-ups have also stepped into the 3D world offering product configurators and augmented reality features as well. And one can layer on other disruptions from 3D floorplanning experiences by start-ups like Modsy, offering entire design experiences online.

These are all experiences that now consumers have come to expect. Research by Gartner believes that by 2020, 100M consumers will shop in AR online and in-store, and Google Insights further backs this stating that 61% of consumers would prefer to shop at stores that offer an AR experience. The omni-channel experience matters as a recent study by Perq found that 70% of consumers shopping for furniture began their process online.

Furniture retailing in the digital era

The question to be answered for many home furnishings companies is how to build these digital experiences, and also how to leverage online with a store network. Building a technology enabled furniture company requires lots of resources around innovation, development, and an understanding how to make these omnichannel experiences work. Fortunately, Coohom acts as an technology supplier to help arm any furniture company with next generation technological experiences that are proven to enhance the customer experience.

Coohom’s end-to-end platform of 3D tools operates as an a-la-carte style offering to power certain experiences that are increasingly becoming the status quo. Backed by $210M+ in venture capital funding, Coohom’s global team has over 1,300 staff who are constantly building new products and innovating on tools to modernize the customer experience. Being a one-stop shop is important as 3D is still a relatively new industry with no standardizations – so choosing multiple vendors may not have files that are interoperable with one another, making projects overwhelmingly costly over time.

Coohom’s platform starts with a 3D floor planning tool, with a virtual reality add on, that can create a room scene by sales staff, and generate photo-realistic renderings in under 60 seconds, enabling a what-you-see-is-what-you-get experience. In addition, Coohom has a system for using this 3D floor planner to generate high-quality imagery that closely mimics real life so now imagery to generate endless new idea options for customers. And of course, Coohom also has products to improve e-commerce – such as a 3D configuration tool that allows a customer to drape, spin, and view the product in augmented reality (AR).

Finished project vs. rendering generated inside of Coohom
Finished project vs. rendering generated inside of Coohom

Get more insights on how to modernize your customer experience using 3D tools from Coohom here.

 





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