, garden and furniture was changed by the pandemic as consumers shifted to online channels. Today, while the pace of online growth has slowed, consumer preferences call for a true omnichannel experience, which is challenging for retailers and brands to deliver.
This challenge, coupled with the need to adopt and integrate the rapidly evolving technology that consumers have come to expect, demands a degree of flexibility and agility that many traditional brick-and-mortar retailers in this sector are not accustomed to. It’s widely recognized that the home, garden and furniture sector grew significantly due to the surge in home renovation projects during the pandemic. A study by Harvard University revealed that while the U.S. economy contracted by 3.5 percent in 2020, spending on home improvements and repairs rose by more than 3 percent, reaching nearly $420 billion.
Take the surge of flexible payment options as an example. With a growth of $23.22 billion in 2022 to $30.38 billion in 2023, the rapid adoption of flexible payment options by e-commerce retailers suggests that buy now, pay later options are not only popular, but a prerequisite for many customers. As shoppers navigate through financial uncertainties, offering them the opportunity to spread payments over time eases their minds when making purchases, often leading to bigger ticket purchases.