How working from home helped Wayfair bounce back
I think Wayfair may be benefiting more from Covid-19 than almost any single other company except for like an Instacart," said Dan McCarthy, assistant professor of marketing at Emory University.
Quarantine was a great time to be in the online furniture game if you had your digital marketplace in order. While the doors of Ikea and Raymour & Flanigan were shut because of stay-at-home orders, Wayfair remained open for business.— which operates Pottery Barn and West Elm — has a strong online business, too. The company, which claims to be one of the biggest e-commerce retailers in the U.S., said 56% of its revenue in 2019 was derived from online sales.
That online business helped Williams-Sonoma weather the storm but it's putting Wayfair on the map and helping it to win new customers. In May, Wayfair announced first-quarter sales grew almost 20% from a year earlier, and shares soared. The stock has been trending higher ever since. On Monday,Wayfair"A business model of nightstands, credenzas, beds, sofas, sending them free shipping, guaranteeing the fact that the customer is going to like the product and it's going to come not damaged is a high risk business," said Andrew Left of Citron Research.
In 2019, Wayfair generated more than $9 billion in annual sales. But the company also lost almost $1 billion that year.
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