2020 is to most Indian furniture companies what 2017 was to payment companies. “It was our demonetisation moment,” says a senior executive managing furniture for one of the leading e-commerce platforms.
This year, the pandemic forced Indians to buy furniture online like how having 85% of their currency invalidated overnight in November 2016 forced them to adopt digital money. The resulting tidal wave in 2017 lifted virtually every payments app to levels beyond their own rosiest predictions.
As millions of professionals were suddenly liberated from working out of offices due to a sudden lockdown, with no clear date to return, many gave up their rental apartments and went back to their respective hometowns and cities.