Future Commerce · with Steve Conine · October 31, 2018 · 55 min
Summary
Wayfair co-founder Steve Conine discusses how the company built a durable customer experience by innovating across its platform, technology, and operations. This episode offers valuable insights into Wayfair's strategy for owning the entire customer journey in the home furnishings market.
Key takeaways
Wayfair built brand loyalty and significant revenue (60% in 2017) by curating "house brands" to simplify shopping for customers in a brand-agnostic home furnishings market.
Invest in proprietary technology and talent development (e.g., 3D modeling teams, "3D university") to fill market gaps and differentiate your customer experience.
Explore omnichannel strategies like temporary pop-up shops to test physical retail integration and gather insights on customer interaction with products.
Wayfair focuses on owning the entire process, from order to delivery, particularly for oversized items, to ensure a consistent and high-quality customer experience.
Target customer demographics based on life stages and product relevance; Wayfair focuses on 45-55 year old women who are settling down and making significant home purchases.
How do you build durable customer experiences? According to Wayfair's Steve Conine it starts by innovating and owning the entire experience, soup to nuts. In this episode we interview the co-founder of Wayfair and how investment in platform, technology, customer experience and even open source are the differentiators in creating engaging customer journies. Listen now!
Wayfair built brand loyalty and significant revenue (60% in 2017) by curating "house brands" to simplify shopping for customers in a brand-agnostic home furnishings market.
What does this episode say about retail & omnichannel?
Invest in proprietary technology and talent development (e.g., 3D modeling teams, "3D university") to fill market gaps and differentiate your customer experience.
What does this episode say about product & merchandising?
Explore omnichannel strategies like temporary pop-up shops to test physical retail integration and gather insights on customer interaction with products.
What does this episode say about customer retention?
Wayfair focuses on owning the entire process, from order to delivery, particularly for oversized items, to ensure a consistent and high-quality customer experience.
What does this episode say about dtc strategy?
Target customer demographics based on life stages and product relevance; Wayfair focuses on 45-55 year old women who are settling down and making significant home purchases.
