NEWS: Online furniture and homewares company Temple & Webster have posted another strong half-yearly result, after seeing their balance sheet move into the black for the first time in 2019. Their shares have jumped 17% since the news was announced.
The e-commerce giant is benefiting from the Millennial market maturing and increasing in purchasing power, as the older end of the spectrum are now entering Temple & Webster’s target demographic of 35 – 65-year olds.
The group’s customer base is up 45% year on year – an impressive result for a company that was seen to be struggling a few years ago – and revenue is up 50% YOY.
Mark Coulter, CEO of Temple & Webster
Having been completely focused on the digital business, Temple & Webster are ideally placed to take advantage of the continuing move to online shopping. Says CEO Mark Coulter:
“Our strategy of being a category specialist with a clear customer offering built around the largest range of furniture and homewares in the country, combined with the most inspirational content and best customer service is working.”
Millennial, Xennial…Generation Z: Does it Matter Anyway?
The media’s seemingly endless quest to label new generations before they leave the womb (welcome, Generation Alpha) can be somewhat irritating. Such as categorising the way people scratch their heads as ‘so Millennial’ or ‘typical Gen Z’.
However, these categorisations are undoubtedly important when it comes to online shopping and digital-first retail businesses such as Temple & Webster, which have positioned themselves well in the market with a robust digital strategy that includes a slick distribution model, powerful content engine (such as their well-curated blog) and carefully-orchestrated use of the Google Display Network.
Savvy Digital Strategy Leads the Way
Being ‘always on’ in the digital space pays dividends. Launched in 2008, Houzz has become a global driver for services and products in the architecture, design, furniture, building and landscaping space, with 40 million users across the world. As a consumer recommendation platform, the wealth of information that it holds and ability to connect services with customers has seen it valued at around 4 billion dollars.
Houzz’s Australian arm has become a valued partner of Decor + Design and the Australian International Furniture Fair, the country’s leading industry trade events. They will once again present the People’s Choice Award at VIVID, Australia’s longest-running competition for emerging designers. Houzz will also host a stand inside the exhibition to connect directly with both retailers and designers.
In fact, for digital businesses like Houzz, trade shows represent a crucial opportunity to talk to the industry and make business connections face-to-face. For an increasingly digitally-based industry, it also gives wholesalers the opportunity to showcase products to online retailers like Temple & Webster (who attended the shows in 2019) and allow them to experience the look and feel in person before slating them for distribution. Temple & Webster also have a trade arm targeted at the design industry.
At this year’s AIFF, we’ll be hosting workshops by industry experts on social media and online brand-building, to keep wholesalers, retailers and designers up to speed on the latest innovations.
Decor + Design and the Australian International Furniture Fair will take place 16 – 19 July 2020 at the Melbourne Exhibition Centre. Trade visitor registration to AIFF will open mid-February. Subscribe now to receive an update when it’s live, as well as regular news and insights from the world of furniture and design.