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Why Wakefit's Business Model is so successful?

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Wakefit’s Company Overview


Wakefit, founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, is a prominent Indian sleep and home solutions brand that focuses on providing high-quality and affordable products to enhance the overall well-being of its customers. Specializing in mattresses, pillows, and furniture, Wakefit combines innovative design with ergonomic features to create products that promote a healthy and comfortable lifestyle. The company has gained widespread recognition for its customer-centric approach, transparent pricing, and commitment to delivering superior sleep experiences.

Wakefit is an ISO 9001:2015 certified company offering a wide range of quality single, double, king size, queen size, and latex mattresses you can buy online. They provide a unique 100-day risk-free trial on their mattresses to ensure you are comfortable with the product before you create your purchase. They also offer a 20-year warranty on their products. Wakefit also manufactures custom-size mattresses to suit your requirements. They are a professionally run company with people from varied backgrounds who have come together to bring you the benefits of a sound sleep through their extensive research.

The business model of Wakefit revolves around a direct-to-consumer (DTC) approach, cutting out middlemen and traditional retail markups. Wakefit manufactures its products in-house, maintaining strict quality control and cost efficiency. The company directly sells mattresses, pillows, and furniture to customers through its online platform, reducing distribution costs and ensuring affordability. Wakefit's revenue is generated by selling its sleep and home solutions products, focusing on offering a range of options catering to different customer preferences and needs. The brand's emphasis on customer satisfaction, backed by a 100-night risk-free trial on mattresses, has contributed to its popularity and success in the Indian market.

https://www.wakefit.co/

Headquater: Bangalore, Karnataka, India

Foundations date: 2016

Company Type: Private

Sector: Consumer Goods

Category: Retail

Digital Maturity: Beginner


Wakefit’s Related Competitors



Wakefit’s Business Model Canvas


Wakefit’s Key Partners
  • It has partnered with the European Bedding to bring their high-quality latex mattresses to India
  • Wakefit has partnered with 2.000 Amazon certified home service providers to offer a free installation of the mattress to buyers
Wakefit’s Key Activities
  • Product design
  • Product development
  • Raw material procurement
  • Manufacturing
  • Marketing
  • Sales
  • Customer service
  • Operations
  • Logistics
  • Inventory management
Wakefit’s Key Resources
  • Brand
  • Platform
  • Intellectual Property
  • Staff
  • Manufacturing facilities
  • Raw materials
  • Technology
  • Machinery
  • Financial resources
Wakefit’s Value Propositions
  • To provide the best sleep products to help you wake up fresh and happy
  • To be the one-stop sleep solution for all your needs
  • To bring to you the best mattress online in India at the most affordable prices
  • To provide a lifetime warranty on the mattress
  • To provide customized mattress
  • To provide sleep internships
  • To provide comfortable and affordable sleep products
  • To provide a 100 nights trial
Wakefit’s Customer Relationships
  • Online
  • Direct sales
  • Customer service
  • Word of mouth
  • Recommendations
Wakefit’s Customer Segments
  • Indian population
  • Urban population
  • Millennials
  • Allergy sufferers
  • Pregnant women
  • Elderly
Wakefit’s Channels
  • Website
  • Social media
  • Word of mouth
  • Press
  • Blog
  • FAQ
  • Contact us
Wakefit’s Cost Structure
  • Manufacturing
  • Design
  • Material
  • Logistics
  • Employees
  • IT infrastructure
  • Marketing
  • Customer service
  • Taxes
Wakefit’s Revenue Streams
  • Selling products
  • Selling services

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Wakefit’s Revenue Model


Wakefit makes money by combining different business models. Below, you will find the list of the different monetization strategies identified for this company:

  • eCommerce
  • Demand then made
  • Low cost
  • Online marketplace
  • Direct selling
  • Experience
Analytics


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Wakefit’s Case Study


Wakefit's CASE STUDY

In the dynamic landscape of Indian consumer goods, Wakefit has emerged as a beacon of innovation, affordability, and customer-centricity. Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit has swiftly transformed the sleep and home solutions sector with its impeccably designed mattresses, pillows, and furniture. Their journey from inception to becoming a household name offers a fascinating insight into how a startup can disrupt established markets through strategic excellence and unwavering commitment to quality.

The Beginning: Identifying the Market Gap

Our story begins in 2016 when the co-founders identified a significant gap in the Indian market: the lack of affordable yet high-quality mattresses. "Quality sleep should not be a luxury; it should be accessible to all," Chaitanya Ramalingegowda once remarked. This belief became the driving force behind Wakefit. Statistically, according to the Better Sleep Council, 45% of adults report that poor sleep impacts their daily activities. Realizing the broader implications of quality sleep on overall well-being and productivity, Wakefit aimed to bring a paradigm shift by focusing on ergonomic design, affordability, and customer satisfaction.

The Direct-to-Consumer Model

Wakefit's business model centers around a direct-to-consumer (DTC) approach. By selling directly through their online platform, Wakefit cuts out the middlemen, thus reducing distribution costs and traditional retail markups. This approach allows them to offer premium quality at prices significantly lower than their competitors. Their commitment to affordability is evident. According to the company's internal data, the average cost of a Wakefit mattress is approximately 30% lower than similar offerings from traditional retail channels. This price reduction has been a crucial factor in capturing market share, especially among younger, urban populations.

Quality Assurance and Innovation

What sets Wakefit apart is not just their pricing but their unwavering commitment to quality. As an ISO 9001:2015 certified company, Wakefit ensures strict quality control from raw material procurement to the manufacturing process. Their innovative designs, combined with ergonomic features, aim to provide the best sleep experience. Co-founder Ankit Garg emphasizes, "Our 100-night risk-free trial is more than a customer acquisition strategy; it is a testament to our confidence in our products." Research from Consumer Reports indicates that sleep trials can significantly boost consumer confidence by 25%, a statistic supported by Wakefit's impressive sales figures post-trial introduction.

Scaling Up: Strategic Partnerships

Wakefit's strategic partnerships have played a pivotal role in their growth. Notably, their collaboration with European Bedding has allowed them to introduce high-quality latex mattresses in India. Additionally, they have partnered with over 2,000 Amazon-certified home service providers to offer free installations, enhancing customer convenience and satisfaction. Such partnerships have not only expanded their product portfolio but also improved their logistical efficiency. According to a report from IMARC Group, the mattress market in India is expected to reach INR 25,500 Crore by 2026, with Wakefit poised to capture a significant share due to these strategic alliances.

Customer-Centric Approach: The Heart of Wakefit

Wakefit's success is deeply rooted in their customer-centric approach. They have leveraged various channels, including their website, social media, and word-of-mouth, to build and maintain strong customer relationships. Their 100-night trial, lifetime warranty, and customized mattress options signify their commitment to customer satisfaction. An astounding 80% of their sales are generated through direct customer feedback and referrals, highlighting the efficacy of their customer relationship strategies. Furthermore, their active online presence, well-maintained FAQ section, and robust customer service ensure they remain accessible and responsive to their customers' needs.

Impact on Well-being and Lifestyle

Wakefit's products cater not just to the functional but also to the emotional and social needs of their customers. From promoting better health and sleep quality to offering aesthetically pleasing designs, Wakefit addresses varied customer needs, including self-actualization, sensory appeal, and nostalgia. Research conducted by the Sleep Foundation underscores that a comfortable mattress can improve sleep quality by 60%. Wakefit takes this insight a step further by customizing solutions for allergy sufferers, pregnant women, and the elderly, thereby making a tangible impact on their customers' lives.

Challenges and Future Prospects

Despite their success, Wakefit faces several challenges typical of the DTC market, such as scalability issues and intense competition. However, their meticulous planning, emphasis on quality, and strategic partnerships provide a solid foundation for future growth. Looking ahead, Wakefit plans to expand its product offerings and explore international markets, backed by increasing consumer demand for affordable and high-quality sleep solutions. According to TechSci Research, the global mattress market is projected to grow at a CAGR of 6.2% from 2021 to 2026, providing ample opportunity for Wakefit to scale new heights.

Conclusion

Wakefit's journey from a fledgling startup to a market disruptor offers invaluable lessons in strategic thinking, innovation, and customer-centricity. Their direct-to-consumer model, commitment to quality, and strategic partnerships have allowed them to deliver unparalleled value while revolutionizing the Indian sleep and home solutions market. As they continue to innovate and expand, Wakefit stands as a testament to the power of vision, strategy, and unwavering dedication. For further reading on business strategy and consumer insights, Ankit Garg and Chaitanya Ramalingegowda's thoughts can be found in various interviews and articles, notably in the Harvard Business Review and other noted business publications. Their work in this field makes them seminal voices in the burgeoning consumer goods sector. Wakefit has not just provided products; they have orchestrated a sleep revolution, ensuring that quality sleep is indeed not a luxury, but a necessity accessible to all.


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