Embarking on its journey in early 2017, The Yellow Dwelling set out with a mission to source premium yet affordable home furnishings that exude elegance and uniqueness. Since then, it has evolved into a reputable brand, specialising in crafting contemporary home decor items from a rich array of natural materials such as cotton, linen, jute, and banana fibre. With a range including curtains, cushions, dining essentials, bedding, and lighting fixtures, each product is thoughtfully designed to bring a refreshing touch to living spaces. Boasting a presence across seven retail outlets in key cities and catering to a global clientele through its online platform, The Yellow Dwelling remains dedicated to delivering on its commitment of providing customers with chic, vibrant, and ethically crafted furnishings that transform a house into a warm and inviting home. TVC Media Team recently engaged in a conversation with The Yellow Dwelling.
What are the innovations and USP of your Brand?
At The Yellow Dwelling, we offer specialised innovative solutions and products that redefine home furnishing. Our brand focuses on sustainability, offering all-natural materials in our collection of curtains, cushions, dining linen, bedding, lighting and decor. We use materials like cotton, linen, bamboo, banana fibre, river grass and jute. What truly sets us apart is our commitment to customisation. We empower our customers to personalise their furnishings according to their unique preferences, from selecting the perfect fabric to customising dimensions. This level of customisation ensures that every piece fits seamlessly into their home decor. By combining sustainability, contemporary design, and customisation, we provide a fresh home furnishing approach that prioritises style and eco-consciousness.
How is the Home Textile industry growing in India and the international market?
The Home Textile market in India is estimated to be 32 Bn USD in 2022 and up to 39 Bn USD in 2027. In India, the market is growing at a CAGR of 4.2%. The Indian market is highly fragmented, with very few brand recalls. Another interesting statistic to note is that over 60% of Indian consumers in Urban India are willing to pay a premium for sustainable products.
What are Physical Retail Stores’ opportunities and challenges for Home Textile Retail in India? Growth Rate for Retail Stores in India?
Physical retail stores present significant opportunities for home textile retail in India due to the country’s large population and growing middle class with increasing disposable income. These stores provide a tactile experience, allowing customers to touch and feel fabrics, and enable us to offer home measurement and installation services, which is particularly important in the home textile industry where texture and quality are paramount. Additionally, physical stores provide opportunities for personalised customer service and assistance in design consultations, enhancing the overall shopping experience.
However, challenges exist, including high real estate costs, managing inventory and logistical complexities. Despite these challenges, the retail sector in India has been growing steadily, with a compound annual growth rate (CAGR) of around 8-10% in recent years, driven by urbanisation, increasing consumer spending, and a shift towards organised retail formats.
How are SMEs competing with big giants like IKEA and other MNCs?
As an SME, competing with industry giants like IKEA and other MNCs entails leveraging unique advantages and strategic approaches. Firstly, SMEs like us target niche markets or specialised customer segments often overlooked by larger competitors, offering tailored solutions.
Flexibility and agility are critical to our strengths; SMEs can swiftly adapt to market changes, innovate, and refine offerings to stay relevant. Another key differentiator is providing personalised customer service like home measurement services, flexibility in product offering, and assisted shopping, which sets us apart, fostering strong relationships and loyalty with our customers. Emphasising product quality, innovation, and sustainability helps differentiate from mass-produced options. Digital presence is crucial; SMEs must invest in user-friendly websites, social media, and digital marketing to expand their reach. Collaborations with local artisans or businesses also add authenticity and appeal.
What are the opportunities and challenges for Online Sales? How is it growing?
Online sales are pivotal in reaching customers, mainly targeting audiences heavily engaged with digital technology. It provides an expansive platform with global reach, enabling cost-effective targeting of specific audiences. The ease of ordering and convenience of shopping from home, now commonplace in Indian households due to the prevalence of e-commerce, further enhances its appeal.
Moreover, digital platforms serve as avenues for fostering relationships and cultivating customer loyalty.
However, challenges such as intense competition necessitate a unique selling proposition to stand out. Nevertheless, our online business is doubling Y-O-Y and experiencing robust growth. We offer online customisation options, assisted and virtual shopping experiences, and leverage augmented reality (AR) technology to enhance the customer journey and differentiate ourselves in the market.
