US-based online homewares and furniture retailer, Wayfair, is ramping up its offering in Australia after almost hitting the one billion dollar mark in its home market. Last month, Wayfair appointed Mike Henriques as VP of international, including Australia, as part of its local expansion strategy. The pureplay first launched in the US in 2002 as a series of niche micro sites in the homewares and furniture space. It launched a similar model in the UK in 2008, followed by Australia and Germ
any in 2009.
In 2011, it consolidated the websites and rebranded as Wayfair across all markets.
This year, the online retailer is gearing for greater growth in Australia, with plans to extend its product range.
“The business on a whole has been moving at a fantastic rate over the past few years both locally and globally,” Henriques, told Inside Retail PREMIUM.
Last year the business recorded 55 per cent year on year growth and revenue of around $9.5 million.
“As far as growth targets for Australia, we’re aiming to produce that same store growth within the next year. We’d love to say that Australia was at the one billion dollar mark, but we still did contribute to global revenue.”
Henriques says the local focus is on building the depth and breath of products across a range of categories following a boom in the online homewares and furniture space, as shoppers become more confident of buying high ticket items online.
“The Australian online marketplace is an exciting place to be this year. There’s been a lift in interest in e-commerce businesses, and the home category has certainly flourished as a result.
“The home space is pretty endless. The real focus for Australia is building the depth and the breadth of those categories.”
Wayfair’s Australian platform has around 300,00 unique items, but this number will be extended over the next year, through both local vendors and also products sourced from its
US catalogue.
The product expansion follows a rebrand of the website in April.
Added features of the new and improved site include a favourites bar, allowing customers to collate product before purchasing; and more specific search functions.
This year Wayfair will overhaul its checkout process and customer loyalty program.
“Category range when you’re in such a complex variety of product is really important. I think some of our search and guidance facilities have been a big step forward to find that perfect item, and we’ve already seen a response to the new functions with those search tools being taken up by customers quite rapidly,” Henriques said.
This story first appeared in Inside Retail PREMIUM, issue 1999.
