ADVERTISEMENT

Ecommerce Guide: DIY Industry is Set to Boom
E

The DIY, Do-It-Yourself industry is set to blare and move to ecommerce. Keep on reading to know various ways to capitalize.

Traditionally a brick-and-mortar business, the DIY market is going digital (1). And recent surges and sales data point indicates DIY pivoting to ecommerce.  

The DIY industry aims to help people improve their lives without the need for any extra professional help. In part, the market is driven by the growth of the residential industry and changes in people’s lifestyles. 

Notably, the industry had slowed down amid the coronavirus pandemic. However, as people spent most of their time at home, looking for various ways to distract themselves from the isolation feelings, the DIY market experienced a swift increase. 

The r/DIY subreddit is closing on more than 20 million members (2). Google searches for “DIY near me” are experiencing a steady rise. 

DIY Near Me

Both investors and consumers have started rolling up their sleeves with the DIY industry with a new focus on online platforms. 

Fresh DIY Stats

According to Statista (3), the US is the most mature market for DIY. There are forecasts that the US DIY industry will reach more than 500 billion USD in 2024, most of which are expected to be made in home centers. 

In contrast, the DIY and home improvement market is substantially smaller in Canada compared to the US, albeit still witnessing a healthy growth level. Meanwhile, DIY is among the largest markets in Europe, with a huge range of businesses being set up in nearly all European nations. 

Notably, other countries like India, which has largely been DIFM, Do-It-For-Me, are now rapidly embracing the DIY models. There is a huge growth potential for the DIY industry in India because of its increasingly growing economy and rising demand for urbanization (4). 

All in all, there is plenty of white space in the market and valuable lessons from new players that you can apply to the 760 billion USD industry worldwide (5). 

Over the past year, digital DIY platforms have raised some significant funding, with Lick, a UK-based startup raising over 28 million USD (6), and ManoMano of France securing a whopping 355 million USD (7).  

Meanwhile, even the ecommerce sales of Home Depot have doubled over the past year to reach more than 20 billion USD (8). Its competitor Lowe has also surged to a similar rate, hitting about 9 billion USD. However, as we said earlier, there is still significant room for growth. These amounts only make up about 14 to 10 percent of the overall revenue, respectively. 

 

Understanding Today’s DIY Shoppers

According to Google ThinkInsights (9), most DIY shoppers are young people who embark on exciting new chapters of their lives, such as purchasing a new house, having kids, etc. It indicates a huge opportunity for businesses to target an expanding group of consumers. 

The stats also suggest that most DIY shoppers are high-value customers with a passion for building and not only consuming. It means their purchase decisions are influenced by quality over price. 

In addition, DIY shoppers also use different sources online, meaning digital plays a huge role in their purchase journey. More importantly, a major resource to stand out is online video. Meaning, you will need to direct your customers to your online resources to win big. Players who use video as their branding and servicing opportunity will get favorable results.  

Statista also seems to be suggesting the same (10). The convenience offered by online stories is one of the major trends in the DIY industry. However, there is still some value in conventional in-store shopping; Often, customers choose to go for buy-online and pick-up in-store options; others start their product search online and purchase the same in physical stores. 

Hence, brands can add value to the shopping experience and help their potential customers tackle a DIY project by building online communities such as creating an inspiration channel or tutorial videos. 

Not so sure about building online communities? Read our previous story, Strong Brand Community: A Key to Success, to know more. 

 

DIY eCommerce Trends

Constant Growth in User-Generated Content

It makes a difference in the DIY market to have quality user-generated content such as unboxing videos, product reviews, images, and other content produced by real individual buyers. 

It remarkably increases the chances of purchase, builds consumers’ trust and brand loyalty. Many of your potential consumers will need more educational materials about your products like helpful reviews, expert help, or tutorials to make the final purchase decision.

Businesses, especially in the DIY ecommerce stores, should not underestimate the importance of user-generated content for their marketing strategies and overall business growth.

Read Also: 8 Growth Hacks from 8 Successful Ecommerce Platforms

A Strong Move Towards Sustainability

As we have mentioned in several of our past stories, the move towards eco-friendliness and sustainability is getting stronger than ever. People are becoming more conscious about the brands they shop with, meaning they tend to choose ethically sourced, eco-friendly products. The same is also true for the DIY industry. 

Businesses that help the planet earth and make a positive impact will be seen as more favorable. 

Read Also: Soaring Eco-Friendly Trend is Paving Infinite Ways for Entrepreneurs to Capitalize

Impact of “Work From Home” Culture

Remote work, a consequence of the COVID-19 pandemic, turned people’s homes into home offices, influencing the DIY market – consumers shop for products to increase their comfort and work productivity. 

Repurpose of Existing Things and Spaces

Repurposing existing things and spaces is one of the latest trends in the DIY market. Remodeled and multi-purpose spaces are becoming more popular. People are also using existing items and repurposing them instead of purchasing new ones. This trend should make the DIY industry players think of offering products that add more value and, as we mentioned, satisfy the consumers’ need for sustainable consumption. 

 

Business Opportunities

The Digital-Only Model

New players such as ManoMani and Lick are primarily ecommerce players, and both of these brands use models not fully leveraged worldwide.

ManoMano

For instance, ManoMano, called the “Amazon of all things DIY,” differentiate itself via: 

  • directly listing different retailers for their products, for everything from hot tubs to screwdrivers (we recently talked about the rise of third-party marketplaces) (11)
  • Recruiting enthusiastic DIYers and retired hardware store employees who assist consumers. Notably, Manodvisors helped more than 2.3 buyers last year (12)
  • Offering B2B option, which leads to bigger order sizes (13), is responsible for more than 10% of its revenue less than a year after its launch (1415)

The platform increased its sales by over 100% last year with 70% growth in unique site visitors to reach 50 million in a month (16). 

You can apply a similar model in other markets. Businesses can also leverage existing brick-and-mortar footprints by collaborating with small-scale DIY and hardware stores, acting as storage warehouses and showrooms. 

One major way ManoMano managed to outshine other hardware store players is the timely delivery of awkwardly large DIY items. Offering appropriate delivery solutions to new DIY ecommerce platforms is another opportunity for businesses. 

Lick

Lick is a trendy niche brand launched in 2020 that offers:

  • High-end D2C branded products. Notably, Lick paint is about 2.5 times more expensive than a comparable tin of Dulux paint.
  •  It has limited options, blinds, wallpaper, and paint only.
  • It has a more than 185k strong community of decorators and designers who work with the brand (17).

In its initial eight months, Lick noted a 7 million USD in revenue (18). Businesses looking to niche down in the luxury D2C space can focus on the various DIY markets. 

Some growing examples of Subreddits include r/gardeningr/woodworking, r/craftsr/homeimprovement, and r/homestead

Used DIY Tools

Tools can be expensive; hence it is understandable to see rising demand for affordable, used options.

You can combine the DIY and thrifting trends with building an online marketplace similar to ThredUp for all things DIY (19). Notably, there is also a rising demand for used furniture (20). You can also create a section for used furniture on your platform with the option to add on tools, paints, etc., needed for refurbishment. 

DIY Foods

There is also a rising interest in DIY Food items such as wine, cheese, and beer. Notably, Reddit’s r/HomeBrewing has more than one million members (21). 

Source: Subreddit Stats r/HomeBrewing
Source: Subreddit Stats r/HomeBrewing

Other popular subreddits include r/Canning, r/Cheesemaking, r/Winemaking, and r/Charcuterie, r/Dehydrating. 

All you need kits for DIY food items are a lucrative business opportunity since there are also subscription services for seasonal options. An example for it can include (22), “make your winter cheese box.”

Other examples, already cashing in on Amazon, according to Jungle Scout, includes: 

  • A DIY hot sauce making kit, about 68k USD a month
  • Hi Mountain’s sausage kits, about 25k USD a month
  • Beginner cheese making kits from Standing Stone, 20k USD a month

“Finish It Yourself” is Trending – h3

The FIY trend, “DIY with a safety net,” includes offering the consumer satisfaction of doing things but with limited failure risks.  

Businesses can tap into the FIY trend and leverage it in different ways, including:

  • Bouquet Making: e.g., Bergamotte allows people to become florists on their own at home with self-assemble bouquets
  •  FIY Fashion: Nike already let people customize their sneakers (23), and also the widely popular Crocs Jibbitz (24)
  • Cake Decorating: You can deliver a freshly baked cake with all the goodies folks will need to ice it off. You can also leverage this trend with cake decorating classes and “cake decorating kits.” 
  • Pottery Painting: Paint your crockery is getting popular in the FIY market (25)
  • Indoor Smart Gardens: Indoor salad bars such as AeroGarden are getting popular. 

Stay tuned with TimesNext for more updates!

+ posts

Rucha Joshi, currently managing a team of over 20 content writers at TimesNext is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student and a passionate leader.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Team Rucha Joshi
Team Rucha Joshi
Rucha Joshi, currently managing a team of over 20 content writers at TimesNext is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student and a passionate leader.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

Customer-first marketing is a tactic that allows businesses to create content, product, & marketing campaigns that aim to put their customers first.

Your Ultimate Guide for Customer-First Content Marketing Plan

0
It offers a significant change from traditional marketing strategy, which focuses on creating marketing initiatives based on their organization's needs over customers' needs.  If you...
With the rapid rise of digitalization and businesses moving online, the popularity of no-code and low code apps is also moving up the ladder.

Democratization of the Tech World with Low-Code and No-Code Platforms

0
A slew of startups and early-stage companies are choosing NCLC, no code, low code software when the Indian software engineers' monthly remuneration is witnessing...
A growth mindset is an important lesson Elon Musk has taught to every business worldwide. Let us dive into this very lesson today.

Growth Mindset: A Key Success Lesson to Learn from Tesla’s Elon Musk

0
A stroke of ill luck has caught car companies into mayhem with a worldwide shortage of chips and ships. However, there is one company...
An energy crisis is looming over the coal supplies growing perilously low, adding challenges to the world's fifth-largest economy.

Explained: Why is India Experiencing Coal Crisis

0
Mere few days ago, people were in chaos as Facebook and its products were down for over six hours (1). Imagine if you had...
The phenomenon of startups helping startups goes a long way in building a dynamic, diverse, and driving entrepreneurial ecosystem.

Peer Mentoring: A Proactive Measure Needed for Startup Success

0
Being an entrepreneur can be pretty lonely. It is challenging to come across the right person to generate a peer mentoring relationship and learn...
Evergrande, the Chinese real estate giant, is the world's most indebted company at present. It owes more than 300 billion USD in liabilities.

Evergrande Crisis: The Chinese Infrastructure Giant is Set to Collapse

0
The Evergrande crisis in 2021 is reminding people of the 2008's economic crisis. The colossal Chinese real-estate developer is trembling while also threatening markets...

Get the Attention of High-Profile Founders, Investors, and Executives With These Tips

0
You may have several reasons for connecting with industry leaders, such as looking for new job opportunities, courting investors, selling their products, consultation, networking,...

Shiba Inu: The Rising Popularity of Dogecoin’s Spin-Off

0
Dogecoin, a crypto token that started as a joke, is now worth serious money. It is now challenged by an upstart, a puppy-themed competitor:...
ADVERTISEMENT