HomeGoods is known for its trove of decor treasures, and with a new digital platform on the way, shoppers can indulge in a decor deal no matter where they are. .
As the sister-brand to TJ Maxx and Marshalls, HomeGoods has built a following around its low-priced, on-trend home decor at its stores around the country. With its new online marketplace, HomeGoods could now offer a greater plethora of products and connect with a wider audience of budget friendly shoppers. As the marketplace can be accessed at any time of day, the 24/7 shopping opportunities could also spur business for the brand and help it make up for any sales lost during Coronavirus closures earlier this year. HomeGoods plans to launch the platform in 2021, which could appeal to the range of consumers who have permanently shifted to e-commerce shopping. With digital demand increasing as consumers spend the greater part of 2020 homebound, brands like HomeGoods are adapting their long-term strategies to retain relevance and engagement. As such, HomeGoods’ online marketplace could boost its presence in the e-commerce market and shift the home decor retail industry towards a new, virtual path.
HomeGoods online shop could appeal to a vast number of consumers who already follow the brand across digital and social media. On Instagram alone, HomeGoods boasts over 3 million followers who frequent its page in search of decor ideas and holiday embellishments. If HomeGoods were to link its online products into its Instagram posts, it could help create a prosperous, additional revenue stream to its brick and mortar sales. Turning to additional social media platforms, such as Pinterest or TikTok, could also help the brand captivate interested audiences and grow its digital dominance. With social media influencing 65% of millennial home decor decisions, tying its digital platform to its social channels could help HomeGoods appeal to a large consumer base with a lot of spending power. With more home retailers, such as Crate & Barrel and Pier1, investing in their online image, HomeGoods could stay on trend while still leveling itself against competitors, according to a Gartner report.
As the Coronavirus pandemic leaves more consumers at home and with an itch to redecorate, HomeGoods’ online marketplace could tap into digital demand and introduce its products to a new sphere of shoppers.