Casper SWOT Analysis Analyzes, Casper Sleep Inc., together with its subsidiaries, designs and sells sleep products to consumers in the United States, Canada, and Europe. It offers a range of mattresses, pillows, sheets, duvets, bedroom furniture, sleep accessories, sleep technology, and other sleep-centric products and services. As of December 31, 2020, the company distributed its products through its e-commerce platform, 67 Casper retail stores, and 20 retail partners. The company was formerly known as Providence Mattress Company and changed its name to Casper Sleep Inc. in January 2014. Casper Sleep Inc. was incorporated in 2013 and is headquartered in New York, New York.
Did You Know? The Casper mattress should last for at least seven years of constant use.
Casper has quickly become one of the most popular mattress brands on the market. It offers a vast array of different mattresses, as well as bedding, sleep accessories, and more. In this review, I’m going to be looking specifically at the all-foam Casper original mattress. Today, Casper sells a wide variety of bedding items, which include mattresses, bed sheets, pillows, even a dog mattress. Back in 2018, Casper revenues reached an astonishing $400 million.
This can only be achieved through a firm with extensive knowledge, experience and innovative strategies. To determine the strengths of the company potential, weaknesses, opportunities and threats, it is necessary to conduct a SWOT analysis by Casper.
Casper At A Glance – Casper SWOT Analysis
Company: Casper Sleep Inc.
Founders: Philip Krim | Neil Parikh | T. Luke Sherwin | Jeff Chapin | Gabe Flateman
Year of establishment: 22 April 2014
CEO: Philip Krim
Headquarters: New York, New York, United States
Employees (Dec 2020): 634
Ticker Symbol: CSPR
Type: Public
Annual Revenue (Dec 2020): US$439.258 million
Profit net income (Dec 2020): US-$88.746 million LOSS
Products & Services: Mattresses | Pillows | Sheets | Dog mattresses | Mattress Protector
Company Website: casper.com
Top Casper Competitors
Competitors: Mattress Firm | Helix Sleep | Leesa Sleep | FloBeds | Simba Sleep | BedInABox | My Pillow
Casper SWOT Analysis – SWOT Analysis Of Casper
SWOT Analysis Of Casper analyzes the brand based on its strengths weak points, weaknesses, opportunities, and threats. With Casper SWOT Analysis it is clear that the advantages and disadvantages are internal factors, while threats and opportunities are external elements. Here we are going to talk about Casper SWOT Analysis. Below Is The Detailed SWOT Analysis Of Casper.
Casper Strengths – Casper SWOT Analysis
- The Robust domestic market in which Casper Sleep Operates in The market that Casper Sleep is operating is strong as well as a roadblock to expansion and development of the business. Based on the details by Casper Sleep Inc. (B): Growth Strategy case study Casper Sleep Inc. (B): Growth Strategy case study Casper Sleep can easily grow within its local market without any innovation, but it will require more investment in research and development in order to be able to enter the into the international market. The current temptation for the management in Casper Sleep is to focus solely on the domestic market.
- Strong financial and balance sheet Statements from Casper Sleep can help it to invest in diverse and innovative projects that could enhance the diversity of its revenue stream and improve the Return of Sales (RoS) and other indicators.
- First Mover Advantage Casper Sleep has first-mover advantage in terms of segmentation. It has conducted experiments in a variety of sectors. The Marketing & Marketing strategies & strategies have helped Casper Sleep in coming up unique solutions to reach markets that are not covered by other companies.
- Management of the Business Environment and Regulations Casper Sleep operates in an environment that is subject to a variety of rules and regulations as well as government directives. In some areas, the business has to manage its surroundings by developing strong connections with lobbyist groups and the political networks.
- Strong relationships with current suppliers. As an established company in the field, Casper Sleep has strong relationships with its suppliers as well as other supply chain. As per Robert J. Dolan , Casper Sleep can enhance its offerings and services by taking advantage of the capabilities from its supplier and suppliers and supply chain partners.
- Achieving a Successful Go To Market Track Record Casper Sleep has a highly success track record of offering new products to the market in the country, but also catering to the different markets based on insights of local consumers. Based on Robert J. Dolan , Casper Sleep has tested various strategies in various markets to have come up with effective sales & Marketing solutions.
- A superior product and service quality could help Casper Sleep to further increase its market share since the customers are already loyal to the company. Based on Robert J. Dolan in Casper Sleep Inc. (B): Growth Strategy study There are plenty of evidences that, with this superior quality of the products and service, Casper Sleep can compete with the other major players in the global markets.
Casper Weaknesses – Casper SWOT Analysis
- The Casper Sleep business model can be replicated easily, regardless of the amount of copies of patents and copyrights the business owns. Intellectual property rights are extremely difficult to apply in the field which Casper Sleep operates in. Based on Robert J. Dolan , Intellectual Property Rights are effective in stopping competition of the same size however, it’s hard to stop start-ups from disrupting markets at different levels.
- Lack of Workforce diversity. I think the fact that Casper Sleep is not diverse enough considering that the bulk of its growth is within its own market. As per Robert J. Dolan , this could limit the chances for success in the future of Casper Sleep in the international market.
- A lack of skilled individuals I think it is the case that Casper Sleep is suffering from the absence of critical talent, particularly in the realm of technology and digital transformation. Casper Sleep is struggling to revamp processes to keep up with advancements in the area of Artificial Intelligence (AI) and machine learning.
- Customer Dissatisfaction although the demands for products hasn’t decreased, but there is a lingering discontent among clients who purchase Casper Sleep . This is evident in the reviews posted on different online platforms. Casper Sleep should focus on areas where it could improve the customer’s purchase and post-purchase customer experience.
- Track record for environmental evaluation isn’t very encouraging. It is apparent that the Casper Sleep track record on environmental concerns isn’t very inspiring. Based on Robert J. Dolan , this could result in negative reactions from consumers as they are increasingly considering environmental protections as a fundamental aspect of their business.
- Low Return on Investment although Casper Sleep is having a solid balance sheet, one of the measurement that is in need of re-examination can be “Return on Invested Capital”. Based on Robert J. Dolan in areas where Casper Sleep operates in the most reliable measure of profit is the Return to Invested Capital rather than one preferred by financial analysts like Return on Equity or the Return on Assets.
Casper Opportunities – Casper SWOT Analysis
- E-Commerce as well as Social Media Oriented Business Models A business model based on E-commerce could assist Casper Sleep to tie up with local logistics providers and suppliers to expand into international markets. Social media’s growth could help Casper Sleep to reduce the costs of entering new markets and reach out to customers with the expense of a much smaller marketing budget. It could also result in crowdsourcing services and targeted marketing that is that is based on information and purchasing habits.
- Developments of Artificial Intelligence – Casper Sleep is able to use advances that are in the field of Artificial Intelligence to predict the demand of consumers, target particular segments of the market, and develop more effective recommendation engines.
- Market Size – Growing and Changing preferences of consumers In the past decade and half of the market has expanded at a rapid rate. The surge of clients has resulted in changes in consumer preferences and preferences. This poses Casper Sleep two big challenges in retaining loyal customers as well as meet the needs of new customers. Casper Sleep has tried to diversify initially by using different brands, and then including various features in line with the preferences of customers.
- Increase in Consumable income Casper Sleep can use the growing disposable income to create an entirely new model of business where customers begin paying in stages for the products. Based on Robert J. Dolan of Casper Sleep Inc. (B): Growth Strategy case study, Casper Sleep can use this pattern to expand into the adjacent regions .
- Growing Standardization – Increasing Standardization Casper Sleep can leverage this trend to decrease the amount of products available on the market, and focus marketing efforts only on the most effective products.
- Potentially lucrative opportunities to Profit from International Markets – Globalization has opened up openings in international markets. Casper Sleep is in prime position to capitalize on these opportunities to increase market share. As per Robert J. Dolan , expansion in the international market could aid Casper Sleep to diversify the risk, as it will be less dependent on domestic markets for its revenue.
Casper Threats – Casper SWOT Analysis
- International Geo-Political Issues Following the Trump election, geo-political forces have shifted to more protectionist policies. Events like Brexit, Russian sanctions, the crisis in foreign exchange and inflation in Venezuela and lower oil prices , etc. affect the global business environments. Casper Sleep should closely focus on these issues and incorporate them into the development of strategies.
- The threat of new competitors by reducing costs and Increasing Efficiency as Casper Sleep can leverage low cost to reach customers via online shopping and social media as can its competitors, both international and local competitors.
- Culture of price-sticky in the business – Casper Sleep operates in an industry that has an atmosphere of price sags. As per Robert J. Dolan of Casper Sleep Inc. (B): Growth Strategy case study, this may cause a lack of ability on the part of the company to boost prices to the extent that the premium price it is able to charge.
- Costs are rising when working in a industrialized markets because of environmental regulations. Casper Sleep has to deal with these expenses as governments attempt to impose more environmental taxes in order to encourage greener alternatives. In the case of Casper Sleep it may result in higher costs for logistics and higher costs for packaging.
- US China trade Relations The US-China Trade Relationship Casper Sleep has focused on China to determine its future growth phase. There is increasing tensions between US China trade relations and it could result in protectionism as well as more frictions in trade and investment, and higher costs in both costs of labor and the cost of doing business.
- The Regulations and Bureaucracy – Regulations and Bureaucracy Casper Sleep should keep a watchful eye on the rapidly evolving regulations of the government, with the increasing pressure of protest groups as well as non-government groups, especially in regards the safety of workers and environmental aspects.
This is the SWOT report that Casper has done. Please let us know if you have additional suggestions to add.
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