Walmart just introduced its new line of luxury-looking home furnishings for a fraction of the cost of high-end stores. The MoDRN collection will feature on-trend pieces sold exclusively online.
Within the past year, Walmart has experienced a 35 percent increase in visits to the home section of its website with customers spending more time browsing the selections. MoDRN integrates well into this newly acquired interest of its customers who want to give their home a trendy look minus the hefty price tag.
So what does this mean for the tech industry?
Well, many small independent stores offer a range of products including bedding and furniture in addition to TVs and electronics. Keeping up with the offerings of major retailers like Walmart already poses a challenge for the little guys, so a push like this only hinders them further. Losing income from furniture sales could mean sacrificing on the latest tech products to stay within budget.
And with fast fashion on the rise, the MoDRN collection is sure to spark much attention.
Probably the only redeeming aspect of this news, however, is that the collection will only be available online. Many people still want to plop down on a couch before they buy it or lie down on a bed before they sleep on it every night. Being exclusively e-commerce, customers will not be able to shop for furniture the way they always have which may give the smaller companies somewhat of a leg up in that sense.