We live in a digital age, one that is moving toward the Internet of Things (IoT), with its intertwined web of sensors, software, and networking. This helps us to continue working while staying connected with family & friends. Many industries learned to adapt to new ways and the e-commerce sector saw tremendous growth; in particular, the rise of DIY, the home improvement sector, which skyrocketed in their sales.
Do-it-yourself (DIY) is a comprehensive term describing the design and modification of any project by ourselves. COVID-19 turned our world around and we began spending more time at home. Fueled by the desire to enhance our living spaces amidst a global lock down, we focused on DIY home improvement projects. With these initiations, home renovation became easy and pocket-friendly. Home improvement can be classified into various categories. From basic to multi-powered tool kits, outdoor to indoor furnishing and lights, and redesigning to creating new, smart spaces.
The estimated Compound Annual Growth Rate (CAGR) for the Global DIY Home Improvement Market is 5% between 2021 and 2025[1]. The painting sub-segment has the largest share and is expected to grow at a CAGR of approximately 4.1%[2]. For the year ending on January 31, 2021, Kingfisher (with brands like B&Q and Screwfix), UK’s largest home improvement retailer, reported retail profits of about €800 million[3]. There is also an increasing focus to create eco-friendly, sustainable, zero-waste DIY home improvement projects.
Digital platforms have developed as the primary influence for DIY consumers. Retailers now need to focus more on digital efforts to establish themselves as a source of professional advice, support, and convenience while integrating online systems into their shopping experience systems.
Research shows that about 90% of DIYers explore options on the internet before entering a store, while about 59% of DIYers hunt for detailed product information while in a store.
Because of these digital trends, the bargaining power of the supplier is low, while that of the buyer is high. The threat of new entrants is high, while that of substitution is low. Overall, competitiveness is high. Although the supply chain shock led here and there to scarcity and thus higher prices.
To improve retailer competitiveness, excellent content, syndication, and PIM system steps in. It eliminates human errors and provides easy understanding of products and services while ensuring a comfortable shopping experience for the consumer.
The rise of DIY and home improvement projects trend is here to stay for a while. Can you carve out a niche for yourselves in time?
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