Market Evaluation for a Custom Woodworking Company

A prominent South African-based company specialized in customizing wooden interior decor products, approached Nexdigm to evaluate the Indian furniture market.

The objective of the assignment was to conduct a detailed study of the Indian furniture industry with an emphasis on four specific cities to determine the target market for their proposed India plans.

Nexdigm conducted primary and secondary research to provide an overview of the market size, segments, opportunities and challenges, production and consumption, export and import, etc. across the Indian furniture market (online and offline segments).

Furthermore, we conducted a comprehensive supply chain analysis which included 70+ stakeholder interviews and analysis of importers, manufacturers, distributors, retailers, and institutional buyers, among others. We also mapped four pre-dominant supply chain models - organized manufacturing, wholesale trading, organized retailing, and e-commerce/Online.

We also studied the competitive scenario (retailers home, manufacturers-office, and e-commerce players) and created extensive profiles of 15 players based on factors such as product/service offerings, business model, modes of doing business, import-export scenario, etc.

Our comprehensive report helped the client understand the Indian market, their target audience, competitors, and potential opportunities and challenges in the market.

The report helped in understanding that Tier 1 cities had strong consumption demand due to increasing internet penetration, varied payment options, flexible price sensitivity, and thus was recommended as a viable option to be considered for market entry.