The mattress industry in India is dominated by small-size unorganized players, who constitute 90 per cent of the total market. However, rising health conscious consumer base coupled with growing awareness about right mattress, is leaving ample room for organized retailers to enter the Rs 5,000 crore branded mattress market in India.
The Indian customer is more reluctant towards their decision of investing in mattresses. Most of them continue with a mattress for a long time, without changing or knowing which kind suits their body better. “In the recent times, however, thing are getting changed, as many customers are far more aware of the importance of the right mattress,” says T Sudhakar Pai, MD, Kurlon.
“The buying capacity and the openness of people to spend on a mattress have increased. Associating mattress as a premium product and an essential commodity for luxury is very much in the process,” he adds.
However, the Indian market is very different from rest of the world in high-end mattresses. The prime reason is the domination of non-standard sizes of mattresses or no standardization in sizes of mattresses, as found in the rest of the world. “This is a growth dampener for the whole mattress industry as no one can keep ready stocks in any part of the supply chain and every mattress needs customization. This is a huge challenge, which every manufacturer is struggling with,” informs Archit Gupta, MD, King Koil Mattresses.
Though the awareness level among Indian consumers is gradually growing, changes in actual behavior are slow to catch up. Retailers are putting a lot of effort to educate people about the need to use quality mattresses. “Whenever any consumer walks-in our showrooms, our sales people always try to provide as much information as possible on the product benefits, which can motivate their buying decisions. Today’s customers are becoming aware of health hazards being faced by using below-the-line mattresses. So, they don’t mind spending few extra pennies to have a comfortable sleep,” informs Gupta.
Luxury segment on a high
Luxury mattress market in India accounts for 10 per cent of the organized market. The consumers are placing more importance on getting a comfortable sleep and are looking for better options.
To fulfill their growing need, “Our entire collection including Europedic, Comfort Rest and Orthomedical have been developed through extensive research and a deep understanding of what Indian consumers want most in a mattress - luxury and support, without the problems they experience with traditional coir or cotton mattresses,” says Ashok Sharma, CEO, Spring Air- Middle-East and Indian Sub Continent.
There is plenty of opportunity for mattress retailers. To cash in on the same, players such as Sealy are offering an EMI option to attract more and more customers. Retailers and mattress manufacturers are betting big on the growth of the segment and have huge growth plans for the country.
The electronics retail industry in India is a fast growing sector, and Lotus Electronics has emerged as a beacon of innovation and customer-centric excellence in Central India. The brand, with its 20 stores spread across key cities in Central India – Indore, Bhopal, Raipur, Jabalpur, Bilaspur, Ujjain and Raipur, and a robust online presence, holds the title of the largest electronics retail store chain in the region.
Gaurav Pahwa, Director, Lotus Electronics shared his insights with Indian Retailer about the brand's journey, strategies, and expansion plans.
According to him, the success was attributed to a wide range of electronics from both national and international brands, all offered at highly competitive rates. This commitment has solidified Lotus Electronics' position as the largest one-stop omnichannel store for consumer electronics, IT products, mobiles, and home appliances.
The brand prides itself on offering an extensive array of world-renowned brands, including Apple, Sony, Samsung, Haier, Bose, JBL, and many more, all under one roof. “It is a three families’ business, a partnership business to be precise, which got we began in 2000. The average showroom area spans 10,000 – 15,000 sq ft, and today we cover more than 2,50,000 sq ft of display area across Central India. This vast offline presence is complemented by strategically located warehouses in the eight cities,” elaborated Gaurav.
Consumer-Centric Philosophy: The 6Cs
It is the brand’s 6C philosophy for customers – comfort, convenience, choice, competitive rates, care and commitment – that makes it stand out from the other retailers. With a dedicated staff strength of 600+ members and over 200 company demonstrators, Lotus Electronics ensures a customer-centric approach that makes the shopping experience truly memorable. This philosophy extends seamlessly to the online portal.
Founded in 2000, Lotus Electronics has been a game-changer in the electronics and home appliances market. Pioneering the concept of offering a variety of electronic brands and products under one roof, the brand has evolved beyond being just an electronics showroom. It focuses on the entire experience of electronics shopping, embodying innovation and consumer satisfaction.
Gaurav revealed that the brand, with a turnover of Rs 650 crore, has targeted Rs 750 crore by this March. According to him, the significance of technology in retail expansion, particularly in adapting to changing consumer preferences, was what made them succeed.
Future Endeavors: Hyper-Local Expansion
Looking ahead, Gaurav envisions Lotus Electronics as a hyper-local store, focusing on both physical and online presence. The brand aims to strike a balance between the immersive experience offered in offline stores and the convenience of online shopping. While expanding into new markets, the brand remains committed to being number one in every geography that it operates in. “One of our major focus is that whenever we go to a newer market, we adapt to its flavor immediately. Starting from the communication, which happens in local language. The team that heads the store on ground and the managerial level, can all speak the language flawlessly,” he said.
To grow exponentially, Gaurav is actively exploring innovations such as using tablets for product demonstrations, ensuring that consumers can make informed decisions right at the store. The brand is gearing up to open five new stores in a new state. The details will be revealed soon. Stay tuned for more.
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