The US based online home and housewares retailer “experienced unprecedented demand” during its second quarter ending June 30, with record numbers of new customers. Its international net revenue was up 90.5% year over year.
In a recent virtual press conference, Niraj Shah, Wayfair’s ceo, co-founder and co-chairman said that international markets (currently Canada, the UK, and Germany) are “all continuing to develop very, very well.”
Niraj stated that, while “international [markets] will continue to be an investment area for quite some time,” they will grow in order to “get the same efficiencies that we have in the United States.” He emphasised that “each country is moving along that trajectory at the rate we would expect.”
The ceo enthused: “Q2 demonstrated that Wayfair’s now a meaningful, well recognised, and trusted household brand. Millions of customers, new and loyal, are seeking us out when their attention is on their homes.”
From the start of lockdown, Wayfair has embraced virtual meetings with suppliers. The retailer takes pride in its communication and support for its suppliers in the face of changing rules, regulations and inventories. The latter were affected by reduced China production at first, but then by the closure of physical retailers, as well as high demand for some product areas. Steven Conine, co-chairman and co-foundersaid at the virtual press conference: “As we often say, our success depends on supplier success and we mobilised quickly to help each of them make sense of the complex circumstances.”
Wayair has no immediate plans to expand into other European markets but, as Niraj confirmed, has “invested in building an infrastructure that would support us throughout Europe.”
Top: ‘Cottagecore’ trend ideas on Wayfair’s UK site.
