Over the past few years, the Vietnam furniture market has expanded quickly, with an average annual growth rate of 13.5%. One of the biggest exporters of furniture in Southeast Asia, the nation has seen a considerable boost in exports in the furniture business. The furniture business in Vietnam is well-positioned to grow and leave its mark on the global market with a promising outlook for the sector.
In this blog, we’ll talk about how market and competitor analysis, new sales prospects, and client targeting can all be done with trade data to increase furniture sales in Vietnam.
Overview of Vietnam’s furniture market and export trends
The indoor and outdoor furniture, office furniture, kitchen cabinets, and home decor are only a few examples of the enormous variety of items that the highly varied Vietnamese furniture sector offers. The growing demand for furniture products from both domestic and foreign markets is what propels the sector.
Furniture exports from Vietnam reached a record high of USD 14.5 billion in 2021, up 17.2% from the year before, according to data from the Vietnam Timber and Forest Product Association (VIFORES). The United States (USD 8.77 billion), China (USD 1.5 billion), Japan (USD 1.44 billion), South Korea (USD 890 million), the United Kingdom (USD 270 million), and others are among the top 10 biggest export destinations.
Using trade data to boost Vietnam furniture sales
Trade data on the global furniture market helps manufacturers and exporters find new sales possibilities, target the right clients, and research markets and competition. Here are some strategies for utilising trade data to increase furniture sales in Vietnam:
- Sales prospects: Trade data may help furniture manufacturers and exporters find new customers by revealing industry trends, developing markets, and product demand. Import data can help manufacturers identify popular products and top furniture importers. They can also use export data to identify which commodities are popular and which countries import the most Vietnamese furniture.
- Client selection: Trade data may help furniture manufacturers and exporters find customers by listing importers, distributors, and retailers. Import data can show manufacturers which companies import the most furniture and which products are popular. Export data can also show which companies import the most Vietnamese furniture and which commodities are popular.
- Market analysis: Trade data can help furniture exporters and manufacturers analyze market share, competition, and price. Import data helps manufacturers identify competitors and market share. They can also use export data to understand which things are popular and which countries import the most furniture from their competitors. Use this information to improve product quality and competitive pricing.
Examples of successful Vietnam furniture sales campaigns using trade data
- Increasing exports: When a Vietnamese furniture company, for instance, determined that the US market had a substantial potential for expansion, it examined import statistics to determine the categories of furniture products that were most in demand there. It subsequently created a tailored product lineup to cater to the distinct wants and demands of US clients, which aided in growing its exports to that country’s market.
- Targeted marketing campaigns: When a furniture exporter from Vietnam determined that Germany was a market with high growth potential, it examined import data to determine the most well-liked furniture items in Germany. In order to enhance its exports to the German market, it later created a specific marketing effort that was centered on these items.
- Furniture design: For instance, when a Vietnamese furniture manufacturer determined that Australia was a market with a big potential for growth, it examined import data to determine the most well-liked furniture designs in Australia. It then made use of this data to create a customized product line that was made to cater to the unique requirements and preferences of Australian customers, which assisted it in growing its exports to that country’s market.
PS: Read this blog post to learn about how to leverage Import & Export Data in Trade.
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