Online home furnishings retailer, Wayfair.co.uk, has reported record growth one year after the company consolidated multiple homeware sites and launched under the unified Wayfair brand.
Wayfair said it has experienced significant growth over the past year, in the UK and globally, following its strategic decision to consolidate over 200 global home-specific e-commerce sites. In June 2011, the company secured $165m USD in venture capital funding, the largest round of funding in the US during Q2 2011. The capital is being allocated primarily towards fuelling its rebranding and global expansion initiatives in the UK, Germany and Australia.
In September 2012, Wayfair announced a partnership to sell its extensive selection of home items, from furniture and lighting to home accessories and decorations on Tesco Direct. Wayfair said it is on target to offer over 60,000 homeware products on Tesco Direct by the end of the year. The partnership has helped to further strengthen the Wayfair brand and build upon its rapid growth in the UK marketplace.
“Our strategic decision to refresh our shopping experience for customers a year ago is paying off. We’re seeing unprecedented levels of growth in both the UK and across our global sites which is exciting,” said Niraj Shah, Wayfair CEO. “Our commitments to providing the most technically-advanced platform coupled with investments in growing our in-house pool of talent is helping us reach our ultimate aim of becoming the number one brand in the UK for home items.”
Since the launch of the Wayfair brand, the company said it has weathered the economic downturn and continues to grow its UK-based teams. In 2012, Wayfair expanded its UK and Ireland head count by 57% bringing the total global employee figure to over 1,100, with plans for further investments in people throughout 2013.
The UK homeware market is estimated to be worth £20bn. “As long as we continue to provide our customers with the best selection of home items and the easiest shopping experience online, we will no doubt continue to sustain high growth levels on a yearly basis,” said Joel Stevenson, Wayfair UK director. “Our ecosystem of partners and suppliers is growing steadily in the UK, which allows us to ensure our customers an abundance of choice, to suit any style and budget on the market.”
Wayfair claims it is the United States’ largest online retailer of home furnishings. It offers over 5,000 top brands and over 5m products to customers – the largest selection of home items in the US.
Last month, Wayfair Germany announced a strategic office relocation from Munich to Berlin. The move aims to attract top German-based talent to support and strengthen the company’s rapid growth in Germany, Wayfair said.