SAN FRANCISCO--(BUSINESS WIRE)--Nectar Home, the parent company of the fastest-growing, direct to consumer (“D2C”) mattress company in the US, today announced it is expanding its e-commerce platform into the broader home furnishings market via a new product category. With the launch of its latest brand – Wovenly, a specialty online rug retailer that provides high quality rugs at a compelling price point – Nectar Home has now added another market to complement its leading position in the D2C mattress market, where its Nectar and DreamCloud brands have posted impressive market share gains in 2018.
Wovenly represents Nectar Home’s first brand expansion beyond the sleep market and a building block in the company’s strategic plan to be a leader across the $280 billion home furnishings sector. According to Euro Monitor, specialty residential rugs are estimated to be a $5.2 billion market by 2020 and represent another retail segment that can benefit greatly from Nectar’s ability to leverage its e-commerce platform and proprietary analytics to more efficiently identify and match consumer preferences to personalized solutions.
In just two years, Nectar Home surpassed $300 million in annual revenue in the competitive D2C mattress market. Nectar Home’s highly effective performance marketing platform monitors and analyzes all facets of the customer journey to deliver exceptional customer experiences at the right time, resulting in y/y revenue growth in excess of 600 percent in 2018.
“Consumers’ buying behaviors are rapidly changing and the winners in retail will be those who best understand and map to the new customer journey,” said Eric Hutchinson, co-founder of Nectar Home. “We are growing faster than any other player in the mattress sector and are building a company for the long haul by capitalizing on this rapid transformation of retail consumer behavior. Our unique strategy combines efficient go-to-market operations, best-in-class performance marketing and market-leading data science and analytics.”
Traditional e-commerce markets are largely driven by sales to affluent Millennials in urban areas on both coasts. Nectar Home is distinguished by its truly national presence, with significant sales in small towns and rural areas across Middle America. In fact, Nectar Home’s state by state sales directly correlate to the percentage of the U.S. population living in each state. In addition, almost 50 percent of Nectar Home sales are transacted via mobile devices.
“Our e-commerce platform allows us to initiate and track over 70,000 unique customer journeys, which enables us to learn from these customers and understand their needs and preferences. With this knowledge, we’re able to deliver recommendations and solutions matched to their individual home furnishings style and preferences,” said Ran Reske, co-founder of Nectar Home.
“Our proprietary data-driven insights into consumers’ rapidly evolving behaviors when researching, shopping and making buying decisions provide a significant competitive advantage that we will leverage to aggressively expand into the broader home furnishings market,” Reske added.
“Nectar Home’s proprietary data-driven approach runs counter to the traditional ways legacy retailing has been done. Instead of relying on mass-marketing tactics, our team has uncovered a massive opportunity with a replicable business model and significant barriers to entry,” said Nectar Home CMO Gil Efrati.
About Nectar Home
Nectar Home is a home furnishings platform that is mapping to today’s modern customer journey for purchases for their home. Founded in 2016, Nectar quickly ascended to be a top three direct-to-consumer mattress provider with its DreamCloud brand. Nectar Home aims to drive significant lifetime value by delivering great customer experiences and the full breadth of home furnishings. The company is based in San Francisco with a global workforce and offices in New York, London and Tel Aviv. For more info: www.nectarsleep.com