Niraj Shah, CEO of Wayfair, is attending the Allen & Company Sun Valley Annual Conference on July 10, 2019 in Sun Valley, Idaho.
Drew Angerer | Getty Images News | Getty Images
Wayfair expects advances in 3D technology to improve the customer experience and get more buyers online, eliminating brick and mortar sales.
This is largely why the online home product retailer continues to experiment and invest in technologies such as augmented reality and virtual reality, which can make it easier for potential customers to view products at home.
“Without a doubt, AR / VR is a space we have been playing with for quite some time and we believe that over time it can have a significant impact in terms of facilitating home buying from home,” he said. . Steven Conine, co-founder and co-chair of Wayfair, at the Jefferies Virtual Consumer Conference on Tuesday.
The company believes that this technology can be useful to improve the user experience even in brick and mortar locations. Wayfair is already experimenting with an emerging brick-and-mortar store, which has a team of design services that can help customers furnish their spaces.
“Ideally, I think at some point in the future all U.S. homes will have an associated 3D model,” Conine said. “We could have a team of design services in our store that can offer you a highly personalized experience and help you visualize the products in your space, ensure that it fits, that it will flow well and that it looks and feels ‘style you want “.
Wayfair experienced an increase in sales during the pandemic as consumers bought office furniture to work from home and decorate it to illuminate their living spaces as they spent more time there.
Wayfair CEO Niraj Shah said he is not worried about seeing a decline in sales due to the nature of home improvement.
“There’s an endless list of projects or products you want for your home,” Shah said. “There’s always something on the market.”
The company’s shares have risen more than 36% this year, placing its market capitalization at just over $ 32 billion.