Necessity is the mother of invention, no doubt this is the hard time and the time which will lead to new possibilities, innovation, and development in this field. This pandemic COVID-19 had completely turn-around the global economy. From the local to international business, each field of the service provider is facing the impacts of this epidemic. The Indian mattress industry has also not untouched by its impact. Though the mattress industry had been waiting for the silver lining since the last year and now dark clouds of the pandemic had made the vision smoggier.
As per the recent announcement, Union Finance Minister Nirmala Sitharaman may announce the stimulus for the hard-hit sectors of the economy due to the COVID-19 situation. According to media reports, the government is looking at the stress in various sectors including, the health and allied sectors. The mattress industry may get a silver lining over this dark cloud, impacts are visible on the retail sector but the silver lining has shown some hope through e-commerce. As per the belief of humanity where there’s a will there's a way, similarly, the Indian mattress industry is coping up with covid-19 and diligently working to mitigate its impact.
Here is a SWOT Analysis for a better understanding of this matter.
Indian mattress industry’s strength is that it is aware and understands the need of the consumer and works accordingly. Following are the focus points which work as strength for the industry.
The industry is very conscious about safety, health, and hygiene. Factories and offices are taking preventive measures to maintain proper safety and hygiene.
Evolving preferences and tastes of consumers strengthen the demand for mattresses and bedding products.
WFH culture has somehow strengthened the market as people tend to work for more hours and with discomforts but by buying proper mattress line they have increased the demand and taken care of themselves.
Lifestyle change is a root of several diseases such as arthritis, backache, spine, and joint-related problems which drives demand for better quality and comfortable products.
Indian mattress Industry may dive into deep loss if the retail sector stays in bad condition for longer. The industry believes in to find and look for ways to turn a weakness into an opportunity. So, the industry is doing it in the following manner.
The shift in consumer preferences is one of the major weaknesses but again the industry has taken this as an opportunity and this change in preferences has led to progression and impacted the quality of the mattress positively.
Though retail is restricted due to a pandemic but e-commerce is showing a ray of hope which is not only convenient but also correct as per government restriction and appropriate according to the need of an hour.
Following are the opportunities for the Indian mattress industry-
With the help of extensive and in-depth ortho and body-needs-based research, mattresses are diversified as per the need of consumers.
Through Technology, the uniqueness of mattresses has been maintained such as protection from dermo-allergies.
The Paradigm shift towards modern orthopedic mattresses, attract consumers for their health and durability perspective.
GST factor has also formalised the economy and it shows a dynamic shift in business from unorganised to organised providers.
Government initiatives for housing for all also contributed by giving a boost to mattress consumption and the industry as well.
An increase in consumerism, demand, and consumption of comfort by consumers of this age i.e. millennials and generation z give a spike to the modern market
Elements which are coming up as a threat or challenges for the Indian mattress industry are the following-
Bleeker outlook of consumers on their financial conditions is a big threat. To deal with financial stress, the mattress companies are exploring EMI options for not only industries but also for smaller standalone.
Lack of consumer awareness and transportation is also a major threat because long-distance warehousing of these items becomes infeasible. Though the industry is dealing with these challenges by shifting from retail to e-commerce.
During these corona times, the utmost priority of the Indian mattress industry is to stand shoulder to shoulder for spreading awareness, comfort and to provide safe & sound sleep to buyers.