September 13, 2017
The Product Data Experience of a Sound Sleep
A quality mattress will have a visible impact on your well-being. A good night’s sleep will improve your brain functions and protect you against serious health problems such as heart disease, diabetes, and obesity . But despite its crucial role in our health, people struggle to find an adequate mattress that guaranteed them a proper sleep. Capturing product data experience can enable enterprises to cater to micro segments, introduce new products and improve loyalty.
More recently though, this slow-growing sector of the furniture industry ‘remodeled’ into a dynamic market as consumers demand mattresses and sleep accessories that are tailored to their needs. The growth of the housing, hospitals and hotel industries offer another push to the mattress industry towards innovation and a customer-centric approach to product introduction and sales.
Explosive Growth: Innovative Products and Customer Obsession
While the big players continue to innovate their traditional products, the newer and smaller enterprises approach the market from another angle and invest in the innovative products (specialty mattress segment of the industry ).
In an effort to capture a larger market share and cater to a health-conscious audience, these companies introduce hybrid materials (e.g. copper, aluminum, latex, and plant-based fibers and foams) and new technologies (like temperature controls and smart designs that can calculate your weight and sleep position and adjust the mattress’ firmness accordingly ) to provide better customer experience.
Furthermore, the increasing reliance on eCommerce has played a major role in propelling newcomers to success. In the past three years, the online mattress industry went from zero to $1.5 billion . The idea that you can sell a mattress without trying it on first allowed companies to vacuum package and ship through FedEx or UPS and reduce their annual costs.
One such company, an online bed business company managed to double their sales to $200 million during last year. The internal sales projection after the first quarter of the year suggests that the enterprise might double their sales once more in 2017 .
Aligning Data Management to Strategic Business Imperatives
You can launch a market-leading product in a very short period by leveraging data in all the areas of their business
- Accelerate New Product In through Data-intensive research – By capturing the needs of the customer and understanding “functional sleep” you can develop products that better serve the need of a sleep cycle.
- Restructure the supply chain – instead of opening up large showrooms, you can optimize your distribution network and leverage UPS for the same-day or next-day delivery.
- Innovative products – Focusing on differentiated products: ergonomic and high-quality materials that regulate the temperature and humidity, you can take on a growing segment.
- Master the eCommerce – When almost everyone (over 90%) like to buy a mattress in person, you can launch yourself with eCommerce only by providing your target customers with the flexibility to try your products at home and return them if they are a bad fit;
- Customer Loyalty – Understanding the importance of delivering an excellent customer experience and investing in staff that is dedicated to serving your clients will not only improve loyalty but also provide great reviews and ratings, a key component in growing by “word of mouth”.
By focussing on moving products faster to the market and improving customer experiences business can experience explosive growth.
Enterprises focus on eliminating poor customer experience by providing great product experience. A Modern Product Information Management (PIM) is the center of the business digital ecosystem by providing a) right product at the right time for the right customer, b) accelerating new product introduction, c) reducing supply chain inefficiencies and d) improving trust in your brand.
 Scoop.it article http://www.huffingtonpost.com/entry/how-casper-disrupted-the-mattress-industry_us_58d93c4ee4b0f633072b3a2a?_scpsug=crawled_2477840_3ba5a320-418b-11e7-ee92-f01fafd7b417#_scpsug=crawled_2477840_3ba5a320-418b-11e7-ee92-f01fafd7b417
photo credit: Dakota Corbin on Unsplash, Alexander Possingham on Unsplash