Rising income levels and health consciousness, growth in the real-estate sector as well as the hospitality sector are a few factors that have contributed to the accelerated growth of India’s mattress industry. Read on...
The mattress industry in India, just like any other industry, has undergone a profound transformation in recent years. Currently standing sturdy at INR 10,000 crore industry, it is projected to reach INR 14,000 crore by 2021, according to statistics provided with a CAGR of 9%. Simultaneously, the online mattress market is estimated to reach INR 290 crore by next year. Rising income levels and health consciousness, growth in the real-estate sector as well as the hospitality sector are a few factors that have contributed to the accelerated growth of India’s mattress industry.
Additionally, a visible shift has been observed in the consumers’ perspective, where the main focus is on the comfort and functionality of the product. In line with the changing times, mattress manufacturing companies that include both offline and online retailers, have adopted a slew of innovative strategies to ensure customer satisfaction. Let’s have a look, then, at the factors that have influenced the evolution of the mattress industry.
Enhanced shopping experience
Providing customers with an exceptional shopping experience has become the top priority for businesses. Unlike earlier times, just knowing customer preferences does not suffice. The aim now is making the entire shopping experience fully-integrated. This explains the emergence of the omnichannel marketing approach, which gives customers the option to choose between brick-and-mortar and digital stores. Thanks to the omnichannel strategy, companies can reach a wider audience by enabling seamless transitions between multiple sales channels. At a time when people seek instant gratification, customer experience has come up as the true brand differentiator. In fact, a 2013 research by Walker revealed that customer experience will eventually overtake the factors like price and product to become the main brand differentiator by 2020.
Emphasis on customer feedback
Gone are the days when there was hardly any communication between businesses and their customers. With various social media channels like Facebook and Twitter coming into the picture, customers today have the platform to voice their ideas and opinions on a particular product, service or company. Feedback is considered an imperative factor in building a strong relationship with customers. Led by this feedback, mattress manufacturing companies are making relentless efforts to improve the quality of their offerings. To that end, there has been a significant increase in the R&D investments in the last decade or so.
Introduction of digital payment options
Following demonetization in November 2016, lakhs of Indians had to resort to digital payment solutions. With the government planning to create a trillion dollar economy through digital transactions by 2022, the country is undergoing a digital revolution at present. Thanks to a wide array of benefits including convenience, safety and security, a large part of Indian customers are now moving towards digital payments. This trend applies more to online businesses who are working towards integrating various payment methods in their website or app. In today’s fast-paced world, where people find it increasingly difficult to squeeze time out of their busy schedules, these online payment solutions hold a visible advantage over traditional modes of payment.
Doorstep delivery saving both time and effort
Even a decade ago, buying a mattress was quite a tedious task. One had to be physically present in a store, choose the mattress solely based on the store owner's suggestion and lastly, make arrangements to take the mattress home. Sometimes, the entire process would take 2-3 days. Thankfully, in the last ten years, technology has progressed by leaps and bounds. Today, consumers can make a purchase with just a tap on their mobile screen, and the mattress is delivered to their doorstep in no time at all. It’s no secret that doorstep delivery has been the game changer for both businesses and consumers in the mattress sector.
Special customer benefits
Modern businesses aim to offer their customers a VIP treatment. For this purpose, they have implemented a number of lucrative offers that include cashback vouchers, large discounts, free trial period, extended warranty, etc. we see the trend not only in the mattress industry but also the companies operating in other sectors who have also started launching special offers to keep their customers hooked.
As India continues its journey towards a stronger economy, we expect to witness several new trends emerging in the mattress industry. The demand for customized and luxury mattresses will keep rising, whereas companies will come up with new techniques to utilize their resources and technologies better. Mattresses are no longer considered as mere consumer durables, they are an indicator of the quality of life we are living.