The pandemic changed the way a lot of companies operate almost overnight. Countless organizations began working from home to avoid issues with hygiene and contact. Groups still operating in a physical environment had to take more precautions, implementing new methods for cleaning, social distancing, and employee protection.
Of course, it wasn’t just the companies that changed in 2020, but the customers purchasing from them too. Covid lockdowns and isolation guidelines forced people back into their homes, creating an influx of online shopping, digital media consumption, and even increased interest in certain industries.
One sector particularly influenced by the pandemic was the home improvement environment. With people forced to spend more time in their home, we saw a dramatic increase in the number of people spending more money on nicer gardens, décor, and entertainment systems.
How the Home Improvement Industry Has Evolved
According to Houzz, a leading renovation and design website, around 68% of people were inspired to start a design or home renovation project during the pandemic. Most also opted for cash to fund their home renovation strategy, with only a handful relying on credit. After all, customers had reduced holiday costs, entertainment, and commuting expenses to worry about.
Among those investing in new home improvement strategies, there was also a dramatic shift in the way homeowners chose to work with professionals. Homeowners started working remotely with professionals, thanks to invoicing and digital payments which allowed professionals to maintain their distance during improvement projects.
Another consumer specialist survey of over 600 homeowners conducted in June found that around 57% of homeowners invested in home improvement between March and May. On average, customers spent around $1,750 making improvements. The main reason to invest in home improvement, according to this survey was “having more time” (66.9%). Nearly 50% of homeowners also credited “time spent at home” for making them more aware of issues that needed to be addressed.
What Kind of Home Improvements are Trending?
All kinds of home improvement have been experiencing a rapid increase since the pandemic. It’s not just giving the home a quick lick of paint that today’s consumers are interested in. Covid has also prompted people to spend more money on their home as a “sanctuary”. With fewer options available for travel and adventure, we’ve seen an influx in consumers buying their own home spas, hot tubs, and even reaching out to pool installation teams.
Major home changes have also included an increased investment in things like new bathrooms and kitchens, improved tiling and flooring for both aesthetic and practical purposes, and new windows and doors for energy efficiency. After all, more time spent in the home also means more use of everyday energy to think about and budget for.
According to the research from consumer specialists, landscaping property has been one of the major home improvement tasks seeing a major jump during 2020 and 2021. With people unable to travel far away from home, the garden emerged as the most reliable way to “get back to nature”.
What Does This Mean for Home Improvement Companies?
So, what does the evolution of home improvement demand mean for companies that specialize in this sector? First and foremost, an increase in engaged customers means more opportunities for sales and growth. Covid lockdown and travel restrictions as generated interest in renovation and home improvement like never before. Although restrictions are beginning to lift, there could be a long way to go before people are done with their new home improvement projects.
Unfortunately, with the positive opportunity of new business comes a new challenge. Increased demand for building and renovation opportunities means that there has been a huge shortage in building equipment. This poses a massive opportunity for suppliers who do have stock, however. If you’re able to offer the kind of products today’s teams need, you can sell through B2B ecommerce marketplace platforms like SouqBox and generate new sources of revenue.
The digital marketplace environment is particularly appealing to buyers right now, as they search for both diversity, and affordability in a trying landscape. Tradesmen and companies in the sector are seeking access to supply faster than ever before, particularly as shortages are expected to continue in the months to come. The pandemic, and the accompanying rise in demand has pushed most organizations to start shifting away from their existing suppliers in search of alternatives.
Having an eCommerce platform for the products your customers want allows you to accelerate your growth online and boost your chances of gaining new sources of income.
There’s never been a better time to transform your home improvement company.
