Sleep solutions brand Wakefit reported a 50% increase in festive season sales this year compared to 2023, benefitting from a growing trend of premiumisation in the category, according to Chaitanya Ramalingegowda, co-founder of Wakefit. The company’s 15-member data science team played a key role in preparing for peak season events, mapping consumer trends like premiumisation that could drive higher sales, Wakefit said.
Ramalingegowda said with eight years of operations under their belt, the firm relies on data science to make projections for demand and tweaks its supply chain to meet said demand. “What we learnt over the past year or so is that the premium (end of the product spectrum) is very lucrative (in terms of demand) and it is underserved. These customers (who opt for premium offerings) are well travelled, have steady jobs, have experienced quality products, and for them the right products were not there in the market by Indian brands,” Ramalingegowda explained.
Also ReadCigarette makers aim to record 9-10% revenue growth this fiscal on leaf tobacco exports, mid-premium category
Seeing the demand for premium products, the company beefed up its premium portfolio throughout the year across bed frames, sofas, and mattresses, so that during the festive season, it has a sizeable offering.
Also Read Festive spirit high for iPhones, tepid for mass-market brands Diwali Special: Consumer durable cos eyeing 30-50% growth this festive season, say premium products to supercharge 2024 sales Festive hiring spree could be good news for gig workers – Find out why Construction equipment sector to see revenue growth decelerate to 4-6% this fiscal on decline in road contracts
In addition to a 50% revenue spike, Wakefit saw a 5x increase in website traffic this festive season, though conversion rates and sales channel splits were not disclosed.
Founded in 2016 by Ramalingegowda and Ankit Garg, Wakefit has evolved to base its decisions on data analytics rather than intuition.
“We have a fairly large data science team so we are able to take a lot of data-based decisions. We go category by category, traffic source by traffic source and then put together plans for (matters like) what to produce, where do we need overtime, where to we need more raw materials, etc,” Ramalingegowda said.
Wakefit looks at categories through the maturity lens and decides the plan of action accordingly.
» Read More
