Wayfair, an e-commerce company that sells furniture and home-décor items, says that amid the pandemic of Coronavirus in the world, people are using online platform for their home-office requirements on large level. This has positively impacted Wayfair as its business share has increased. The company’s shares surged more than 37% on Monday, on NYSE, after it issued this statement. The online furniture company said that its business is booming, as people furnish their home offices or decorate while they are shut in during the Coronavirus pandemic.
Niraj Shah, CEO, WayFair
The surge in Wayfair’s share is being recorded at a time when most of the countries around the world are struggling with the Coronavirus crisis and people are following social distancing and lockdown and staying at home to prevent spread of COVID-19. The boom in Wayfair share also shows that the trend of online purchasing of furniture and furnishing has increased in the meantime.
Wayfair said in a press release that when it entered March, gross revenue growth was just under 20%, similar to trends during January and February. But by the end of the month, growth had more than doubled. Wayfair said the trend has persisted into April. Niraj Shah, CEO, WayFair said “We are encouraged by our increasing sales momentum, yet remain highly focused on our plan to rapidly reach profitability and positive free cash flow.”
Wayfair expects to either to meet or exceed its previous outlook for revenue growth during the first quarter of fiscal 2020, of up 15% to 17%.
In the Indian context, while the 21-day lockdown may have thrown up an opportunity for online grocers to shine, but the rest of the e-commerce industry is drowning in the COVID-19 tsunami. The government has restricted online sales of all goods except “food, pharmaceuticals, and medical equipment” until April 14.
Wayfair Inc., founded by entrepreneurs Niraj Shah and Steve Conine in August 2002, is an American e-commerce company that sells furniture, furnishing and home Décor goods. Wayfair Formerly known as CSN Stores, the company was founded in 2002. Wayfair’s digital platform offers 14 million items from global suppliers. The online company is headquartered in Boston, Massachusetts.