How I Built This with Guy Raz Casper: Philip Krim
Jun 28, 2021
Philip Krim, co-founder and CEO of Casper, reflects on his journey from selling random products in his college dorm to revolutionizing the mattress industry. He discusses how Casper turned a mundane purchase into an engaging experience through innovative branding and e-commerce. As competition surged, Casper adapted by expanding its product line and opening retail stores. Philip shares insights on tackling financial challenges, building a sleep-focused brand, and leveraging customer engagement, all while emphasizing the fine balance between hard work and luck in entrepreneurship.
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Early E-commerce Venture
- Philip Krim's first business in college involved drop-shipping various products.
- He sold items like window blinds, eczema cream, futons, and even mattresses via a portfolio of websites.
Mattress Industry Opportunity
- Krim realized mattresses had high margins and the industry was slow to adopt e-commerce.
- This allowed him to compete with established brands by selling memory foam and adjustable air mattresses online.
Mattress Industry Dynamics
- The mattress industry was tightly controlled, like oligopolies, allowing for protected pricing and margins.
- Established brands like Sealy, Serta, and Simmons further solidified high margins.