When people talk about sleep, the first thing that comes to mind is “boring.” This notion changes when you realize the importance of adequate and quality sleep.
32.8% of Americans say they sleep less than 7 hours. This is an alarming rate, as it could mean that many people are at risk of health conditions related to lack of sleep.
As more and more people struggle with the effects of lack of sleep, the sleep industry is slowly being noticed. And now, the sleep economy is growing and on a progressive path.
The sleep industry is the trade of any product or service connected with sleep improvement. It could include mattresses, pillows, sleep devices, medications, and programs. Entrepreneurs saw the need to produce innovations to solve the sleep deprivation problem. And because more people know the importance of sleep and rest, this industry is slowly becoming increasingly popular.
Sleep and Its Significance for Health and Well-Being
Sleep has an impact on practically every tissue in our body. It impacts our immune system, nutrition, respiration, blood pressure, and cardiovascular health.
Sleep enhances cognitive performance, emotions, and health. Not obtaining enough sleep regularly increases the risk of various illnesses and disorders. They include anything from heart disease and stroke to obesity and dementia.
Long-term sleep deprivation and disorders have been linked to various adverse health issues. Among these are increased risks of hypertension, diabetes, obesity, depression, heart attack, and stroke.
Rise of eCommerce in the Sleep Industry
The growing popularity of these sleep aids made its way to the eCommerce industry. Now, more and more sleep aids are available online. This only means the sleep industry is growing and reaching more people worldwide.
The rise of eCommerce in the sleep industry will also help more people get better sleep and eliminate the adverse effects of lack of slumber.
Sleep Industry Market Size and Revenue Growth
The worldwide sleep economy was valued at around 432 billion US dollars in 2019. This sector is expected to be valued at $585 billion by 2024.
The rising prevalence of sleep disorders such as disruptive sleep apnea, persistent insomnia, and narcolepsy will further contribute to the market growth in the next few years with global sleep aid devices. These aspects will contribute to the future profitable expansion of the sleep aid market.
Consumer Preferences and Buying Behavior
With a variety of sleep aids available these days, consumers choose the products that they are comfortable using, such as mattresses and pillows. People still believed a comfy bed would help them get the good night's sleep they longed for.
Older adults aged 60 and above who constantly consult their doctors would prefer sleep medications. As people get older, sleep becomes a struggle. This is why sleeping pills, capsules, and other medications help them sleep better.
Some prefer using devices for sleep. However, not all are into these gadgets. Many still prefer more natural sleep aids.
The consumer's buying behavior depends on the condition they have. It may also depend on the lifestyle of the person who needs sleep aids.
Product Innovation and Technology Trends
For 2023, there are quite a lot of sleep aids that have sold well in the market. Among the top 10 are:
- Better sleep mattresses
- CBD powdered drink for sleep
- Melatonin-infused oils
- Weighted blanket
- Herbal teas
- White noise sound machine
- Essential oil diffuser
- Headphones for sleep
- Sleep earbuds
- Deep sleep pillow spray
Many people are excited about the latest trends in sleep aids. These include:
- Sleep sensor
- Smart bed
- Sleep-inducing breathing app
- Sleep acoustics wall plug
- App-controlled mattress cooler
- Contact-less sleep tracker
Factors Driving the Growth of the Sleep Industry
Different factors contribute to the continuous growth of the sleep industry. These are:
- Growing awareness and the importance of sleep
- Increase in sleep disorders and related health problems
- Technological advancements and innovation
- Changing consumer lifestyles and preferences
Advantages of eCommerce in the Sleep Industry
eCommerce in the sleep industry has become popular mainly because people see a lot of benefits from it. Among these advantages are the following:
- The faster and more convenient buying process
- Several modes of payment are accepted
- Less travel time and expenses
- Can view all products being offered
Challenges of eCommerce in the Sleep Industry
If people see the benefits of eCommerce, they also see some of its challenges in the sleep industry. Some of these are:
- Customers would rather see the product in person
- Consumers want a free trial
- Customer experience
- Maintaining customer loyalty
Success Factors of an eCommerce Business in the Sleep Industry
Entrepreneurs are turning their attention to getting their sleep aid business on eCommerce. But what does it take for an eCommerce business to succeed in the sleep industry? These are:
Regulated product pricing
Depending on the market and the product type, several pricing tactics are used to find the spot between attractiveness and profitability. But you have to ensure your prices are still within the average. Consider other aspects to ensure the pricing is correct, neither too high nor too cheap.
Go for high-quality products.
Ensure your items are obtained from well-known and reputable providers of high-quality goods. You must continuously uphold your standards across the board. Even if you have a return or replacement policy, shipping a substandard product to a consumer will be disastrous for your organization. Consumer happiness is critical to a company's sustainability, and poor product quality can destroy it.
Online store accessibility
You must ensure your online store is reachable to all customers. Some only access the internet through their phones. Ensure that your store will open effortlessly on mobile devices, computers, and other modes of technology.
Trustworthy payment and shipment options
Payments and shipping options should be reliable. Otherwise, you will woo away your customers. These are the best ways to gain the trust of your customers. If they had a bad experience with your shipping process, they will likely not order from you again.
Market Predictions and Growth Prospects
The sleep aids market is estimated to develop at a 6.5% CAGR (Compound Annual Growth Rate) from 2022 to 2027. This is due to the rising cases of insomnia and other sleep problems. People have realized that sleep is essential, but the sad part is that some people need these aids to get good quality sleep.
The availability of these sleep aid products online will make the sleep industry and sleep economy grow even more significantly in the coming years. Aside from this, entrepreneurs will develop more technologies that will aid in better sleep. It only shows how individuals couldn't practice better sleep on their own.
This is why this industry is expected to grow bigger in many years. People will rely a lot on sleep aids to achieve a better quality of sleep for better health.
Emerging Technologies and Innovation in the Sleep Industry
So, what's the future of sleep? New technologies and innovations are in the works for the industry. These will further improve the status and progress of the sleep economy.
Sleep apps and wearables
There are already apps and wearables for better sleep on the market, but not too many. In the coming years, you can expect more brands to offer better versions of sleep apps and wearables.
Sleep aids with adjustable features for comfort
These could be mattresses with adjustable cushioning, height, or heating properties. It could also be devices and gadgets you can adjust to your comfort needs to sleep better. The possibilities are limitless when it comes to adjustments to sleep aids.
Products with aromatherapy and CBD ingredients
You can expect more teas, coffees, cigarettes, and other products that contain aromatherapy ingredients, essential oils, melatonin, or CBD. These will all help with getting better sleep.
What is sleep apnea?
Sleep apnea is a frequent disorder in which your breathing repeatedly stops and begins while you sleep. This may hinder your body from receiving adequate oxygen.
Can I take sleeping pills every day?
Sleeping pills are not for daily use. Using these daily can cause severe side effects.
How much sleep is enough?
It is recommended to get 7 to 9 hours of sleep daily. Those who sleep less than 7 hours are most likely at risk of having sleep and health problems.
How do I know if I need to take sleeping pills?
If you have tried all sorts of things to improve your sleep but failed, you must take sleeping pills. But note that your doctor should prescribe this. This means that you need to consult a physician before you can start taking your sleeping pills.
What is the best sleep aid?
The answer depends on your needs, the severity of your condition, and your preferences. Some people rely on medications to sleep better, while others can get the sleep they want by changing mattresses or pillows.
The rate of the invention is increasing at a breakneck pace, with no indication of slowing. The way we sleep may change in the coming years. Restorative and peaceful sleep is at our fingertips; eventually, insufficient sleep will be a “thing of the past” owing to technological advances. This is the goal of the sleep industry.
With an increased awareness of the value of sleep, people will not see it as “boring.” Instead, people will realize that sleep is vital to achieving optimum health.
As the sleep industry continues to boom, people can get the help they need for better sleep through the various sleep aids available on the market.