- E-commerce company from the US, specializing in home improvement goods.
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| Founded: | 2002 | | How old is Wayfair in 2024? / Age: | 21 years
| | Where was Wayfair founded? | Boston, Massachusetts, USA | | Headquarters: | Boston, Massachusetts, USA |
Wayfair Net worth 2024 (estimated)
| | How much is Wayfair worth? | Under review
| | Nationality: | American |
What is Wayfair? / Facts
- Rebranding - Formerly known as CSN Stores.
- International spread - Although shipping covers a great area, offices are based in the USA, Canada, Ireland, Germany and the UK.
- Founders - Niraj Shah and Steve Conine founded the company in August 2002. Both have degrees from Cornell University and were living in the same dorm. Attending the same classes, they struck a friendship, and had verious attempts in the technology field.
- The seed - After studying the behavioral patterns from internet searches, the two friends realized an opportunity for online stores for niche demands. Thus, the new business started by selling media stands and storage furniture.
- From 2 to 5,000 - Their business strategy was so good that soon they had challenges to keep up with the demand. And like a fairytale hero, it grew each year as others in tens, so 14 years later, the little duo grew into 5,400 employees.
- Microsites - For years the company's strategy was opening up mini websites that would serve niche demands, amounting to over 200 online shops by 2011. However the time came for a unified look and message, so the previous called CSN Stores got rebranded as Wayfair, and in Sept 2011, the new website was launched, after a $165m attracted funds from various investment firms. Basically the root idea was search engine optimization. They thought (and were so right) that by diversity, the customers, whatever their interest would stumble across one of CSN Stores' websites.
- Rapid growth - Wayfair managed to become the largest online only home decor company in the US, and the 33rd largest online retailer overall. With a galloping growth rate from $380m in 2010, to $600m in 2012, $1.3bn in 2014 and $2.25bn in 2016, the future seems bright ahead.
- However - There's one important thing to look at! The company posted pretty big losses over the last years, with double figures in millions. Some analysts called it a "nonsensical" business. Some don't think that they will deliver on their promise of rising about the 0 level. The future is yet to let us know what Wayfair's path will be.
- Diversity - Seems to sit at the core of the company. It now sells 7m products, from 7000 suppliers across 5 brands: Wayfair, AllModern, Birch Lane, DwellStudio and Joss&Main.
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Bio / wiki sources: Wikipedia, accounts on social media, content from our users.
Quotes
- "When we started in 2002, manufacturers didn't want to hear the word 'Internet'".
- "Our view was that you just had to pick a category that was off the beaten track. You couldn't focus on electronics or, you know, the same items that Amazon and others were selling."
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Wayfair Social Media Accounts
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