- As demand for home and sleep solutions surges, the company witnesses a surge in website traffic of 84% and 139% in Tier I and Tier II cities respectively as compared to last year.
- Due to COVID-19 and its impact on people’s lifestyles and residential arrangements, this year saw a marked increase in demand from deeper pockets of the country.
The Dream Home Sale offered discounts of close to 35% on all products along with allied bank partnership discounts and Wakefit Rewards. Anticipating the demand during the festive season, Wakefit.co had ramped up the production of certain products such as mattresses and comforters by 33%, beds by 100%, pillows by 200% and sofas by 75% well in advance to address the needs of the Indian consumers. This year’s festive season threw light on important behavioral trends, as consumers took to buying ergonomic products on the Wakefit.co platform, such as memory foam mattresses, adjustable pillows, hygienic mattress protectors and comforters, ergonomic work desks, chairs and sofas, which consisted of the top performing product lines for the company.
Due to tectonic shifts in people’s lifestyles and residential arrangements due to Covid-19, this year saw a marked increase in demand from deeper pockets of the country.
Ankit Garg, CEO and Co-founder, Wakefit.co, said, "Currently, almost 30% of our revenue throughout the year is generated from Tier 2 and 3 cities. As we grow, we are committed to making Wakefit.co a household name and hence, we plan to double down our focus on these cities. We aim to drive as much as 50% of demand from these cities in the next few years.”
In a reversal of fortunes for the online furniture segment from last year, the pandemic has compelled Indians to invest in scientifically designed home furniture, as consumers use their homes as multi-functional spaces. The online furniture market, although only 3% of the organized furniture segment at the moment, is set to grow at a CAGR of 80-85% over the next few years. Industry trends such as marketplace growth in online home segment categories as well as significant investments in popular furniture players point to a rising appetite for the sector, both among consumers as well as investors. Wakefit.co, which is targeting INR 450 crores in FY 2020, also ventured into furniture this year and has received significant upsurge in demand for its sleep and home segments.