Wayfair 101

Wayfair 101


The Wayfair logo seems to be everywhere, all over our online lives. It is the new go-to place to look for home items. But who and what is Wayfair. It is an e-commerce retailer which focuses exclusively on home goods such as furniture, home appliances, décor and pet accessories. They operate in the USA, Canada, Irelands and the UK. The online seller was founded by Niraj Shah and Steve Conine who started operations in America in 2002 and has become a leading marketplace for home goods. Wayfair is one of the largest online-only home goods retailers in the world, it has over 12,100 employees and 15 million active customers. Its base is in Boston, Massachusetts and after huge success in the domestic market it expanded internationally in 2007. It is ranked as one of the fastest growing e-commerce retailers.

 

 

Wayfair has grown from an annual revenue of USD601,03 million to USD9127,06 million in 2019. In 2020 the retailer, like many other online sellers, increased its sales with many more people turning to online purchases during the pandemic. The trend for buying home items online was already on the increase with 19% of buyers going to the internet to purchase furniture and home goods but it has really seen a boom this year.

 

Wayfair sells over 14 million products, many of these through its “house brands” which are not actually Wayfair brands, it does not manufacture any products that are sold, but are a collection of merchandise that fit into a certain aesthetics characteristics that fit the Wayfair image.

 

The way in which items are sold on Wayfair is through a dropshipping model, when someone buys a product on the website (there are a number of different ways this happens, see our previous blog on dropshipping). As a seller through Wayfair the process of selling means that Wayfair will let you know that there has been a purchase and you are required to fulfil the order making use of their courier accounts and the buyer then receives the item with the Wayfair packing slip. Wayfair will negotiate a price with the seller and will charge a small commission for their services – it can be seen as a wholesaler when negotiating with sellers.

 

So, if you sell any of the following home items then you should consider Wayfair as one of your potential sales platforms.

 

How the London Bridge Project Can Help to Deliver Success 

The London Bridge Project (LBP) is a leading sales and management consulting firm that provides both amazon consulting services and amazon sales support for businesses looking to grow exponentially within the biggest marketplace in the world. We offer a complete end-to-end service for Amazon based businesses, which includes providing valuable insights into Amazon sales data and a pipeline of under-explored opportunities within your niche.

If you would like to learn more about how the London Bridge Project can help your online business, make sure to contact a member of our team today to discuss your requirements.