What if you could amplify your chances of success just by sleeping better?
Yes, you heard it right. With the Coronavirus outbreak, many people are struggling with insomnia, increased anxiety levels and fragmented sleep patterns. A good night’s sleep is one of the body’s best natural defenses during any crisis.
As per a survey conducted by Turner Institute for Brain and Mental Health at Monash University in Melbourne with 1,600 people from 60 countries, 46% reported poor sleep during the pandemic, while only 25% said they had slept poorly before it.
What if leaders were well rested?
We can make business transformations happen only if we can simplify our processes, we are creative and possess interpersonal skills to develop deeper connections.
With a visible shift towards rising health consciousness, awareness about stress management and technological innovation with sleep patterns, the Indian mattress industry, has witnessed an intense transformation.
The industry is currently standing at INR 10,000 crore and is projected to reach INR 14,000 crore by 2021, with a CAGR of 9%. The online mattress market is estimated to reach INR 290 crore by next year.
SEGMENTATION IN THE INDIAN MATTRESS INDUSTRY
- Type (PU foam, rubberised coir, spring mattresses and others),
- Application (residential and commercial)
- Type of markets (unorganised and organised sectors)
- Distribution channels ( Specialty /Stores, Furniture Retailers, Owned Franchise stores, online, other distribution channels).
The mattress industry which accounts for roughly 80% of the unorganised sector is fast shifting towards branded mattresses. Though the organised mattress seller is armed with three options from coir, PU foam to spring mattresses the Indian consumer still seem to prefer coir or a foam mattress.
WHAT HAS CATAPULTED THE TRANSFORMATION IN THE MATTRESS INDUSTRY?
- Gradual shift in customer perspectives
- Rising health consciousness and awareness towards stress management
- Rising income levels
- Product innovation
- Enhanced customer experience
- Technological innovation
- Increased growth in the real estate, tourism and hospitality sector
- Increased number of residential units and inflating number of hotels in the country
- Rising demand of good quality mattress by upcoming foreign players
Existing leading brands along with a large number of startups have revitalised the industry with innovations in marketing, delivery, a direct-to-consumer model, and new mattress technology.
The existing brands like Kurlon, Sheela Foam and Coirfoam are today waking to catch up with emerging market trends and to imbibe international technologies available to make their existing range trendier. Who will win the race? …time will tell.
The scores of new players on the other hand, are pinning their hopes on the huge potential for international line of products waiting to be untapped.
So if you are not sleeping better post reading this article, you need to re- visit your long term marketing plans.