Month: November 2021

How Vintage Furniture Is The New Design Trend

In 2020, people spent more time at home than they had spent in any other period in recent history. Spending so much time at home made people more aware of their household furnishings and more eager to transform them so that they fit their vision of where they wanted to live and work. With remote and hybrid models of work likely to be an important part of our lives for the foreseeable future, people will continue to invest in their households at higher levels than in past years. One area where people have invested heavily is in furniture. According to a new report, in 2020, spending on furniture and appliances rose from $373 billion to $405 billion year-over-year. The shift to working from home and shopping online drove growth in ecommerce,  and one of the fastest growing segments in ecommerce was the vintage and consignment market. Vintage furniture became and has remained the most important design trend of our times. 

Chairish, the vintage furniture ecommerce platform, enjoyed a 60% growth in sales. 1stDibs, an ecommerce company that sells luxury items such as furniture, earned a 23% increase in its revenue. Kaiyo, a platform for buying and selling used furniture, has experienced triple-digit growth, month-over-month.

An obvious answer is that second-hand furniture is affordable, and in a time of economic distress, people would shift their purchases towards cheaper alternatives to goods that they need. However, collectible and heritage items performed strongly during that period too. For instance, 1stDIbs sold out its stock of Ray and Chalres Eames’ Lounge Chair, the Ultrafragola mirror and Mario Bellini’s Camaleonda Sofa. Users of the Chairish platform have turned a profit on items such as Michel Ducaroy’s Toga sofa. According to its annual report, Kaiyo sold the DDC On the Rocks sofa at a staggering $18,346 price. This really shows the strength of the collectibles and heritage segment. 

Experts predict that the vintage and second hand furniture market will be even stronger in the coming years. According to Statista, the furniture resale market will grow 3.5 times faster than traditional retail, by 2025, appreciating by 54% between 2021 and 2025. 

An important reason for the growth in the sector is the change in attitudes toward secondhand goods. This change in attitude has come at a time when platforms such as Depop, TheRealReal, and ands, have allowed millenials and Gen Z shoppers to buy used clothes. The change in attitudes extended to furniture. According to Chairish, 31% of millenials and Gen Z shoppers had a greater demand for second hand, vintage or antique furniture over the last year. 
ANother factor is that mass-produced goods have started to lose their sheen. People feel increasingly disconnected from modern consumerist society and vintage furniture arouses more nostalgic emotions, and feels less embedded in consumerism. Modern designs often seem to go out of style as quickly as they get into style, whereas vintage furniture has a more enduring appeal. Younger consumers are looking for goods that express their individuality, rather than embed them in mass-consumerism, and this makes vintage furniture, and classic designs such as leather recliners Made in USA, so appealing.

What is Data Migration, and How You Can Use It

Data migration is a one-time operation that involves preparing, extracting, and, if necessary, changing internal data from one storage device to another.

This may sound similar to data duplication or integration, but the two processes are not the same. Data replication is the process of transferring data from one platform to another on a regular basis, whereas data integration is the process of combining data from several sources in a data storage destination or analysis tool.

Data migration is needed for a variety of projects, from upgrading a server to transferring to a new data center, and from launching a new app to integrating the capabilities of a recently acquired company. Moving information to a new system, location, or design should ideally be done with minimal human manipulation of data or re-creation and no data loss.

You can find a project data migration tool in a variety of shapes and sizes.

Organizations can employ on-premises or cloud-based technologies or develop their own data migration programs. Self-scripted data transfer is a do-it-yourself in-house option that works well for small tasks but not for larger enterprises. Since all of the data is stored in one location, on-premises tools perform well. For enterprises migrating data to a cloud-based destination, cloud-based data migration technologies may be a preferable option.

IT professionals can create software to move data, but it’s a laborious and time-consuming operation. Manual integration chores and re-implementation of algorithms are occasionally the outcomes of hand-coding massive data integrations.

It is preferable to use data migrating software. Although the software takes care of the heavy work, data engineers must still understand what data they are migrating, how much data will be transferred, and the variations between the source and destination platforms and schemas. They must plan the migration, execute the relocation, test the results, and address any difficulties that arise.

How do you choose the best data migrating tool?

The most critical component of any data migration endeavor is proper planning, which should encompass data sources and destination, security, and economic considerations. The choice of a data migration technology is an important part of the planning, and it should be founded on the use case & business objectives of the organization.

Sources and destinations of data

A significant aspect is the number and type of data sources and destinations. Self-scripting could be able to handle any source or destination, but it isn’t scalable. It might work for minor projects, but developing data extraction routines for hundreds of sources is probably not a good idea.

The supported sources and destinations for on-premises tools may vary based on the operating platform on which your tool operates.

Most data migration systems, both on-premises and in the cloud, can handle a wide range of data sources and destinations. Cloud-based SaaS solutions have no OS restrictions, and providers automatically upgrade them to support the new releases of sources and destinations.

Reliability

Because of their highly redundant structures, cloud-based data migration systems have near to 100 percent uptime. On-premises equipment would struggle to reach that level of dependability.

Scalability and performance

Cloud-based migration technologies are extremely effective. Cloud computing and storage can scale to meet the needs of dynamic data movement. Because the equipment on which they run is constrained, on-premises tools cannot autonomously scale up and down as needed.

How To Compete In The Leather Upholstery Market

Demand for leather furniture has been steadily growing for many years. Expects estimate that the market will grow at a rate of 3.9% compounded over the 2020 to 2027 period. More optimistic reports suggest that the industry will grow at a rate of 5.9% compounded over the 2021 to 2028 period, achieving a value of some $626 billion by 2028. Millenials and the emerging cohort of Gen Z buyers, have developed an affinity for leather furniture, and the quality of the product has many things in its favour. Leather is one of the most durable materials out there, and that, coupled with its texture and looks, means that when it comes to conserving value, there is no better product out there on the market. A key driver of growth is that over the forecast period, consumers are expected to enjoy rising disposable income, allowing them to take advantage of the benefits of owning leather furniture. With growth predicted to continue for the next few years, it is no surprise that many entrepreneurs have entered the market to compete for their slice of the market. Increased competition in the market is not the only problem that manufacturers face. We are living in an age of supply chain disruptions, labor shortages, and a consumer that is more price conscious than ever. Competing in this industry is one of the big questions facing upholsters and a question that I will try to answer in this article. 

Manufacturers will have to embrace a new way of doing business. A decade ago, venture capitalist Marc Andressedn declared that, “software is eating the world”, and since then, his declaration has proved prophetic, with industry after industry increasingly mediated by software. The leather furniture industry is not outside of this movement. Manufacturers have to realise that they have to embrace the use of digital technology to generate efficiencies, improve the customer experience, unearth insights to improve their product quality, and ultimately, to earn higher economic profits. With 30% of consumers who purchase leather furniture being between 25 and 34 years of age, there is certainly a massive opportunity to capture consumers who will be on the market for decades to come.

Process optimization and automation are two of the most powerful ways that manufacturers can use to improve their profitability. For instance, the Lectra Versalis 4.0-ready digital cutting solutions enables manufacturers to improve their competitiveness through four improvements:

  • Increased product quality
  • Higher yield, reducing costs and optimising pricing
  • Greater productivity at a time of labor shortages and where time-to-market has to be slashed
  • More efficient processes thanks to data leveraging

Manufacturers need to leverage such solutions, as well as work with innovators who can provide them with adequate support and guidance to deliver the efficiencies that technology promises. The result of an approach that is open to innovation can be seen in products such as the Bradington Young recliner, which is made in the most efficient way possible, while delivering value to the customer.

Why Dentistry Lacks In Quality Management

Most people do not realise this, but your oral health is a window to your overall health.According to the Institute of Medicine of the national Academies, which in 2011 published the definitive report on the subject, a close oral exam can detect signs of health problems such as systemic diseases, nutritional deficiencies, microbial infections, injuries, immune disorders and even some cancers. Periodontal disease is associated with respiratory disease, pregnancy outcomes, cardiovascular disease, diabetes, and coronary heart disease. The link between the two is why a person’s oral health care will be increasingly integrated into their overall health care. As this happens, dentistry will have to embrace standardized quality and outcome measures, areas which the industry has been relatively lacking compared to the rest of the economy. The reasons wny dentistry has been lacking are varied and the subject of this article.

Dentists Don’t Capture a Lot of Information

At present, dentists generally operate according to a fee-for-service structure in which relatively little data is collected about patient outcomes. This means that the typical dentist does not have enough data to be able to make the necessary insightful inferences to improve quality outcomes. Microsoft founder, Bill Gates, has spoken about the importance of measurement to enhanced performance. Measuring stuff allows us to see if the changes we make actually work. Measurement provides the necessary feedback to enable fertile innovation. Without measurement, innovation is doomed to be erratic and rare. It’s for this reason that the fee-for-service model proves to be an impediment. Dentists simply are not measuring enough stuff and so, quality outcomes are reduced and standards of care are not as high as they could be. In order for the coming integration with overall healthcare to work, dentists will have to adopt more evidence-based methods, methods teeming in the kind of measurements that dentists don’t as-yet typically collect.

Dentists do not have broadly accepted definitions and ways of quantifying quality. The first reason for this is that diagnostic codes are not widely used. So, we do not have a sense of the rationale behind why dentists make the decision they make and arrive at the diagnosis they do. So, it is impossible to know, measure and understand if treatments are truly effective.

Secondly, dentists are trained on the technical aspects of their job. Yet, there is a difference between being good at the mechanical side of the job and making the right decisions for the long-term care of the patient. Yet, dentists do not evaluate long-term effects of their care on their patients.

Reimbursement is another issue. Incentives are a powerful force in shaping human behaviour. Quality metrics were institutionalised by the federal government as part of the establishment of Medicare and Medicaid in 1965. Dentistry did not go through a similar process and so reimbursement is not tied to quality metrics. Your dentist is usually well trained and very good at their job. But typically dental practices are small affairs, they have not undergone the scaling and consolidation that other industries have. As dental practices consolidate, they are increasingly embracing quality metrics to drive better patient outcomes.

The 7 Most Important Ecommerce Metrics to Track

Online stores thrive due to conversion rates, average order value, traffic, and cart abandonment rate. Therefore, it is impossible to take your business to the heights of success without tracking your ecommerce metrics. They help you keep track of your business strategies and assist you in making well-informed business decisions.

As ecommerce sales create more than 20% of retail sales, you need to track all the essential ecommerce metrics that contribute to the success of your business.

So, you should check up on these most crucial ecommerce metrics and learn how to track them because changes in any of these metrics can instantly alert you to the state of your business strategies.

Conversion Rate

As a business owner, you must know the importance of conversion rates. Your business can’t survive ecommerce challenges without loyal customers. Therefore, you need to know the ups and downs of your business conversion rate. You can calculate the conversion rate using this formula:

CR = (Total number of customers / Total Unique Visitors) * 100

This value will inform you how many visitors turn into buyers. Unfortunately, many businesses do not have a high conversion rate even after attracting tons of traffic. However, by keeping a regular eye on your conversion rate, you can plan how to compel your website traffic to buy your product.

Average Order Value (AOV)

The average order value of your website determines how much your customers are willing to pay for your products. Having high-priced products may be why you are generating high traffic but not detecting an increase in conversion rates. So, you must check the average order value of your website to keep your prices in the customer price range. To calculate AOV:

AOV = Total Revenue / Total Number of Orders

Ensure that you only calculate the total revenue of the orders placed in one period.

Website Traffic

Every sale metric of your business is connected with website traffic. You need high website traffic to up your conversion rates. So, it is no rocket science that you should know how many people your business attracts daily. Calculate the website traffic with this formula:

WT = (Previous Users / New Users) * 100

You can change your business strategy if you are not maintaining your previous website traffic.

Customer Lifetime Value (CLV)

Customer Lifetime Value offers you a broader image of your sales. You can’t determine the success of your business based on one month’s sale only. You must know how much revenue a customer will provide your company over the years. That is why you must calculate CLV to check the relationship between your customers and your company. CLV is calculated as:

CLV = (Average Order Value * Average Purchase Frequency Rate) * Average Customer          Lifespan

Customer Retention Rate (CRR)

One of the essential metrics that shows the success of your business is customer stability. If you are only attracting new customers but unable to keep them for long periods, it shows an issue. You can learn how many customers you are losing by calculating the customer retention rate (CRR). The formula for calculating CRR is:

CRR = [(New Customers in Month – Existing Customers at The End of The Month) / Total     Customers at The Start of The Month] * 100

If you are rapidly losing customers, check what is compelling your happy customers to leave your platform.

Average Profit Margin

The average profit margin is the value you earn after deducting supply costs. Your average profit margin should exceed the amount of money you are using to provide your service. Otherwise, your business is going through a significant loss which can eventually shut down your business for good. So, calculate your average profit margin to check if you are any profits on the sale with this formula:

Profit margin = [(Selling price – Cost of goods) / Selling price] * 100

Remember, selling a high number of products doesn’t ensure that you are creating high profits.

Cart Abandonment Rate

More than half of your customers will abandon their carts without completing the order process. For any business, this is a pretty scary scenario. Therefore, to learn if your customers are abandoning their potential purchases or not, you need to find out the cart abandonment rate. Calculate your cart abandonment rate with this formula:

CAR = [(Completed Purchases / Created Shopping Carts) – 1] * 100

Find out whether your customers are leaving without making a purchase and why, so you can aid your customers in completing their orders.

To Conclude

Regularly checking your ecommerce metrics can ensure the success of your business. You can also use an ecommerce metric regulating service to stay on top of your stats to make highly effective strategies.