Retailer wins big with digital transformation technology
Wayfair hasn’t been all that successful when it comes to turning a profit over the past few years, but the home furnishings retailer has used digital transformation technology to break into the black. What’s even more impressive is that Wayfair has done this during a time of great economic uncertainty.
As more people turned to online shopping during the pandemic, Wayfair took advantage by improving their digital platform. The company recently came out with a list of impressive stats, including:
- Total net revenue increase to $4.3 billion, representing an 83.7 percent year-over-year increase
- Net income of $273.88 million, marking a significant reversal from a prior loss of $181.94 million
- An increase in mobile orders, jumping from 53.5 percent in Q2 2019 to 60.6 percent
These stats are a real-world testament to the importance of digital technology. Now, more than ever, companies need to make themselves available in every channel. Customers want a simple and intuitive way to shop, and they don’t want to leave the house. Retailers who want to see similar jumps in sales must look to digital transformation. If you’re not sure where to start, check out our blog or reach out for a conversation.