Why sleep solution companies are on the rise in India
As people move towards a hectic lifestyle, for most of us, restful sleep has become a luxury. Here’s why many sleep solution companies are providing better solutions to help Indians sleep better at night.
The hectic pace in the current times has forced most of us to term simple things like sleep as a luxury. For most of us, deep, restful eight hours of sleep seems like a luxury most of the week. Japan is believed to be the most sleep-deprived nation, and India follows at a close second.
The demand to focus on wellness and sleep
On average, Indians sleep for six hours per night. This sleep deficit can lead to several health consequences like weight gain, diabetes, heart disease, stroke, and memory loss. It can also affect productivity at work. With the lifestyle getting more hectic and stressful, the wellness market in India has seen a rise. And the country also sees a rise in companies that aim to help people sleep better at night.
With digital media gaining popularity, word of mouth is what influences buyers. Maintaining a balanced lifestyle is almost a trend these days. This is why more and more focus has shifted to wellness as a whole among millennials. People are realising health and sleep go hand in hand. Hence, they are ready to invest in products that help not on the physical aspects of wellbeing but also the mental aspects too.
Quality always matters
The most important factor for good sleep is good quality mattresses and pillows. It is important to choose a mattress that suits your specific health issues. Until a few years ago, the Indian sleep market was dominated by traditional brands and retail giants where one would go to a store to choose the mattress of choice. The process was elaborate, a hectic ritual that involved brand research, visits to multiple stores.
Earlier, a lot of factors were considered before buying a mattress from a store, as there was no return or exchange policy available. And, after the long and hectic process of purchasing, most often, the customers were not happy with the mattress purchased.
Online stores for convenient mattress shopping
To make the process of buying mattresses simpler and easier, some companies have started selling the mattresses online and delivering it to the doorsteps of their customers. This model focusses on making the experience smoother, enhancing customer satisfaction.
The focus is not just on a mattress, but an experience of sleep, focussing on sleep solutions as a whole. Ease of access, affordability, and multiple options are the main motivators for online consumers. It is also time-saving for the consumers, with no more walking store-to-store to pick the right mattress.
One can merely place an order for their preferred mattress brand online without any worry. These brands also provide customer-friendly offers like a free trial policy and warranties. Online retailers can also ensure that mattress is available at a lower cost since they are not encumbered by shop rents and high storage fees.
Shift in culture
The cultural shift has also led to booming demand in the market. The shopper, today, is more health-conscious and informed. People are concerned about physical wellbeing and know the importance of good sleep. They are willing to invest in products that improve their health, rather than compromising on it.
Relocation to urban areas
Lastly, the increase in migration to urban areas has also led to a demand for high-quality products at reasonable prices – an offering that is purely possible online. As more Indians move to set up their own homes, a mattress is often a key expense, leading people to look online for a hassle-free, reasonably priced experience. This expanded into demand for more products related to the sleep experience, leading to the rise of sleep solution companies.
A study by FICCI and EY suggests that the wellness industry will be growing at about 12 percent for the next five years, and is estimated to reach a high of Rs 1.5 trillion by 2020. This is a great encouragement to all the companies that aim to provide the best product and services to their customers.
In the coming years, these numbers will definitely improve because we are getting too involved with our work, and also getting hooked to our technological devices, leading to people getting more sleep-deprived. So more such companies will try to solve this problem and help people with their good night’s sleep.
(Edited by Suman Singh)
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.