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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/

Country: Karnataka

Foundations date: 2016

Type: Private

Sector: Consumer Goods

Categories: Retail


Wakefit’s Customer Needs


Social impact:

Life changing: self-actualization

Emotional: rewards me, nostalgia, design/aesthetics, fun/entertainment, attractiveness

Functional: saves time, simplifies, reduces effort, quality, variety, sensory appeal, informs


Wakefit’s Related Competitors



Wakefit’s Business Operations


Demand then made:

Early applications in distribution, production, and buying combined to form the supply chain. However, due to investments in information technology, cost analysis, and process analysis, traditional supply networks have been converted into quicker, cheaper, and more dependable contemporary supply chains. The second side of the value chain is marketing, sales, and service, which generate and maintain demand and are referred to as the market then made.

Direct selling:

Direct selling refers to a situation in which a company's goods are immediately accessible from the manufacturer or service provider rather than via intermediate channels. The business avoids the retail margin and any extra expenses connected with the intermediaries in this manner. These savings may be passed on to the client, establishing a consistent sales experience. Furthermore, such intimate touch may help to strengthen client connections. Finally, direct selling benefits consumers by providing convenience and service, such as personal demonstrations and explanations of goods, home delivery, and substantial satisfaction guarantees.

eCommerce:

Electronic commerce, or e-commerce (alternatively spelled eCommerce), is a business model, or a subset of a larger business model, that allows a company or person to do business via an electronic network, usually the internet. As a result, customers gain from increased accessibility and convenience, while the business benefits from integrating sales and distribution with other internal operations. Electronic commerce is prevalent throughout all four main market segments: business to business, business to consumer, consumer to consumer, and consumer to business. Ecommerce may be used to sell almost any goods or service, from books and music to financial services and airline tickets.

Experience:

Disrupts by offering a better understanding that customers are willing to pay for. Experience companies that have progressed may begin charging for the value of the transformation that an experience provides. An experienced company charges for the feelings consumers get as a result of their interaction with it.

Low cost:

A pricing strategy in which a business provides a low price in order to drive demand and increase market share. Additionally referred to as a low-price approach. The low-cost model has sparked a revolution in the airline industry. The end-user benefits from low-cost tickets as a result of a revenue strategy that seeks various sources of income. Ryanair was one of the first businesses to embrace this approach.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

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