The Sleep Company, Asia’s SmartGRID mattress pioneers, today marked their entry into the offline retail space with the launch of their first flagship store in Koramangala, Bangalore. The company said it plans to launch 25+ stores across the country in the next six months.
The Bangalore store as well as the ones planned over the next few months will serve as an important experiential touch point for customers, adding a much-needed touch-and-feel element to the D2C brand’s extensive online presence. The company-owned and operated (COCO) store will function on a phygital (omnichannel) model where customers can cash and carry small products from the store while placing orders online for their SmartGRID mattresses that will get delivered to their doorstep, it said in an official statement.
The company has a financial goal to reach a revenue projection of Rs 500 crore in the next two years. Forging ahead into the offline market the company plans to open retail stores in strategic locations in states like Karnataka, Hyderabad, Kerala, Chennai, Maharashtra, Gurgaon and in the Eastern regions of India.
Commenting on the store launch, Harshil Salot Co-founder of The Sleep Company said, “An omnichannel customer experience has always been a part of The Sleep Company’s natural progression. Bangalore and the southern belt of the country holds immense potential and value for us as almost 40 percent-45 percent of our business comes from this region."
Priyanka Salot Co-founder of The Sleep Company said “While the last few years have done wonders for the online mattress market, nearly 85 percent of consumers still prefer buying mattresses offline given that the purchase experience continues to be heavily dependent on a touch-and-feel element. Therefore, as a growth driver it becomes necessary to have multiple touch-points for the consumer to buy our product especially when it's something as one-of-a-kind as our SmartGRID technology. Our offline retail expansion comes at a time when we are growing aggressively and we’re excited to kick things off with Bangalore considering that it is one of the top cities in terms of market share for The Sleep Company.”