What is Wayfair? Wayfair Review

Audience

Wayfair's customer base is women aged 35-65 with an annual household income of US$60,000 to US$175,000.

origin

Wayfair was co-founded by Niraj Shah and Steve Conine in August 2002. It was originally a small store called CSN. CSN operated a website called racksandstands.com, which specialized in selling furniture for storage and home entertainment. Later, CSN gradually established multiple websites to sell other household goods and furniture.

Until 2010, CSN's expansion slowed down, but its performance was growing steadily. The company had more than 600 employees, more than 200 websites, and annual sales of $380 million. And by 2010, CSN had not received a penny of financing.

In 2011, Shah and Conine decided to unify all websites under one brand to enhance business operations and wanted to further improve the company through external financing. Thus, the Wayfair brand was born.

Features and benefits

1. High brand awareness and reputation

2. There is a loyal customer group - women

3. Large number of platform visitors

4. One account can freely switch between 5 sites: the United States, Canada, the United Kingdom, and Germany

5. Have excellent customer service team to solve after-sales problems

Entry conditions

Operational Model

Financing

In July 2011, Wayfair received $165 million in investment from several venture capital firms.

In March 2014, Wayfair received $157 million in Series B funding, led by T. Rowe Price Associates Inc.

In October 2014, Wayfair raised more than $300 million through its IPO on the New York Stock Exchange.

Development scale

As of January 2014, Wayfair is the largest online furniture retailer in the United States, and the 33rd largest online retailer in the United States. The company's revenue was $380 million in 2010, exceeding $500 million in 2011, exceeding $600 million in 2012, exceeding $900 million in 2013, and exceeding $1.3 billion in 2014. Wayfair's net income increased to $2.25 billion in 2015, $1.7 billion to $1.7 billion in 2016, and $4.7 billion in 2017.

References