Adapting to Market Conditions, According to Karina Gudova
Navigating the Furniture Market: Insights into Kitchen Courtyard's Approach
In the current climate, the real estate market's sluggish growth is affecting the sale of kitchen furniture. However, the demand is still strong due to a surge in new building completions in 2023 and 2024. "Kitchen Courtyard" anticipates that the demand will persist at the 2024 level for a couple of years.
Shining in 2024: Kitchen Courtyard's Success
In the first half of 2024, "Kitchen Courtyard" recorded a 25% revenue increase compared to 2023. Despite a slowdown in the second half, the company managed to surpass 2023's results by a modest 3%. To adapt to market dynamics, the company has identified key trends: a focus on high-quality, eco-friendly materials, customization, smart technologies, minimalist designs, and affordable options.
Empowering Franchisees: The "Kitchen Courtyard" Advantage
"Kitchen Courtyard" distinguishes itself from others by offering comprehensive support to its franchisees. This includes a dedicated manager, regular product training, sales techniques, lead generation, and favorable sample purchasing terms. Material samples used in the company's kitchens are even offered for free.
Navigating Challenges: Strategies for Success
"Kitchen Courtyard" is addressing challenges such as customer churn by shifting focus to online customer attraction, offering a loyalty program, and tailoring products to specific client needs. Revising the approach to generating traffic, implementing a loyalty program, and reviewing the product portfolio are part of these strategies to enhance profitability.
Looking Ahead: "Kitchen Courtyard's" Future Plans
"Kitchen Courtyard" aims to expand its franchise network by 40 new partners in the next one to one and a half years. Strategies for growth include investing in technology, expanding sales channels, enhancing staff training, and adapting to changing market trends. The company plans to develop online tools for kitchen design, produce furniture for other retailers, work with builders, and develop contract manufacturing.
The company remains dedicated to continuous adaptation, ensuring it stays ahead in the furniture market, leveraging trends like outdoor spaces, aesthetic and comfortable design, sustainable materials, and innovative materials and technology. With a keen eye on global market awareness, "Kitchen Courtyard" is well-positioned to thrive amidst shifting economic conditions and consumer preferences.
- In 2024, "Kitchen Courtyard" anticipates that Kitchen furniture demand will persist at the 2024 level for a couple of years, aligning with the surge of new building completions in that year.
- "Kitchen Courtyard's" success in the first half of 2024 saw a 25% revenue increase compared to 2023, and despite a slowdown in the second half, the company still managed to surpass 2023's results by a modest 3%.
- To thrive amidst shifting economic conditions and consumer preferences, "Kitchen Courtyard" plans to adapt to changing market trends like outdoor spaces, aesthetic and comfortable design, sustainable materials, and innovative materials and technology.
