Are retailers snoozing on the sleep-tech opportunity?
Mattress Firm, the retail mattress chain, has partnered with SleepScore Labs, best known for its sleep-tracking app, to enable store associates to tap sleep quality insights when helping customers find the “perfect mattress.”
Founded in 2016 by sleep experts from ResMed, Apple, Philips and Harvard, SleepScore Labs’ sleep-tracking technology — based on more than 70 million hours of sleep data — powers SleepScore, described by the company as “the world’s most accurate sleep app.” The partnership includes an investment by Mattress Firm in SleepScore Labs.
Store associates will use the data and app technology to identify the right mattress for each customer and monitor their post-purchase experience. A sleep tracking app will be developed under Sleep.com, the online resource offering tips on better sleep launched by Mattress Firm last August.
The marketing opportunity around getting a good night’s sleep has been getting more attention due to the health and wellness trend. During the pandemic, the shift to work-from-home and uptick in home renovations is also believed to have broadened the sleep opportunity.
Philip Krim, Casper’s CEO, said Thursday on a quarterly earnings call, “Changes in consumer behavior accelerated by the pandemic, including increased suburbanization and a heightened focus on health and wellness, are only strengthening the demand for our products.”
Sleep innovations in recent years have included weighted blankets, calming pillow sprays and supplements like melatonin. Many tech-driven solutions have also been introduced, such as apps, tracking devices, white noise machines and smart beds.
Many wrist trackers and headbands showcased at recent CES shows promise to not only track sleep patterns but diagnose sleep issues and train individuals on how to get better rest. Sleep Number’s smart mattresses are now able to link sleep quality to daytime alertness.
A recent BBC article explored whether, as the third pillar to health behind nutrition and exercise, sleep is still being shortchanged, even with all the new solutions.
Mike Grillo, CEO of Gravity Product, a maker of sleep accessories, told the BBC, “People don’t necessarily balk at spending $1,100 on a stationary bike in their house, or going to $40 fitness classes. And I think you’re now starting to see that same type of tolerance come to the sleep economy as well.”
- Mattress Firm Announces Strategic Partnership with SleepScore Labs to Transform Sleep in America – Mattress Firm/Yahoo Finance
- Introducing: Mattress Firm + SleepScore – Mattress Firm
- Casper Sleep (CSPR) Q4 2020 Earnings Call Transcript – Casper Sleep/The Motley Fool
- Sleep Number Corp (SNBR) Q4 2020 Earnings Call Transcript – Sleep Number/The Motley Fool
- These Sleep Trends from Last Year Explain Why We’re All So Tired – Casper
- The Pandemic Gave Us Crazier Dreams, Later Bedtimes, and a Favorite Sleeping Position, Says New Sleep Study – Real Simple
- Can you buy a better night’s sleep? – BBC
DISCUSSION QUESTIONS: Will the mattress purchasing decision become increasingly tech-driven in the years ahead? Do you think retailers are generally shortchanging the marketing and merchandising opportunities around sleep?