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Top 10 Wayfair Competitors & Alternatives

Technology
By Aarush Sharma
wayfair competitors

Wayfair is an online retailer headquartered in Boston, Massachusetts. It was formed in 2002 by Steve Conine and Niraj Shah and currently employs more than 16,900 employees worldwide. The company provides one of the largest e-commerce platforms for home furnishings, home appliances, and interior design in the globe.

Its US e-commerce site has over 75 million monthly visitors, making it one of North America’s most successful online retailers. Wayfair.com is ranked sixth in the e-commerce sector, 66th internationally, and 231st globally as of June 2021, per SimilarWeb. [1]

Additionally, the corporation operates various online stores, including Joss and Main, Perigold, AllModern, and Birch Lane. Wayfair Alternatives and Competitors provide over 18 million products from around 10,000 vendors. It caters to over 80 million millennials and has a typical customer with a median income of $75,000.

Wayfair reported revenues of $14.145 billion and profits of $360.35 million in 2020. Wayfair’s revenues increased by 150% in 2020, outpacing those of its competitors. Wayfair must fend against competitors and substitutes to preserve its market dominance.

1. Amazon

Amazon is the largest e-commerce platform in the world. It began as an online marketplace for books and developed to encompass the majority of retail sales categories, including furniture, home decor, and appliances. For fiscal year 2020, Amazon has 1.29 million employees and generated $386.06 billion in sales.

Wayfair is the fastest-growing and market-leading online furniture retailer, according to 1010data, with 33.4% of the market. Amazon is second in market share with 29.7%. 63% of online furniture sales are dominated by the two e-commerce titans.

Wayfair is surpassed by Amazon due to its strong financial position, product diversity, wide delivery network, and cost-saving consumer services such as no-cost EMI. Amazon is Wayfair’s primary competition and alternative, regardless of how you view it.

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2. IKEA

IKEA is one of the largest furniture manufacturers in the world, with 445 locations in over 50 countries. It has 211,000 employees worldwide and sells more than 12,000 home products online and in stores. IKEA’s annual revenue reached $46.78 billion (€39.6 billion) in 2020.

Although IKEA has fewer stores than its competitors, it makes more money from furniture sales than every other company.

IKEA’s primary competitive edge is its ready-to-assemble furniture, which has become the consumer preference. IKEA maintains both physical and online stores, unlike Wayfair’s online-only approach.

It competes successfully online and offline and generates enormous profits in both markets. Nevertheless, IKEA is a love-or-hate brand. It sells affordable furniture, but many buyers have complained about the low quality and difficult assembly. IKEA and Wayfair are ideal substitutes and evenly matched competitors.

3. Ashley Furniture

Ashley Furniture is an American furniture manufacturer and retail business based in North Carolina. It has more than one thousand stores worldwide and provides furniture for the living room, dining room, bedroom, and home office.

The company provides products throughout North America under the brand name Ashley HomeStore. Ashley added 4,000 people in the second half of 2020 and now has over 35,000 employees worldwide. Ashley HomeStore is the most prominent retailer of traditional furniture in North America.

In 2020, Ashley’s revenue was $6.4 billion, a 13% increase from 2019. Between January 2021 and June 2022, Ashley will invest $1 billion in production, distribution, automation, and personnel.

In 2021, it will boost shipments by 20%, domestic upholstery manufacturing by 40%, and bedroom production by 20%. Wayfair is less seasoned and specialised than Ashley. It is the ideal alternative to Wayfair and one of its leading competitors.

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4. Williams-Sonoma Inc.

Williams-Sonoma is one of the largest furniture retailers in the world, with consumers in over 60 countries. It owns many brands, including West Elm, William-Sonoma Home, Pottery Barn, and Rejuvenation, and maintains 650 locations in the United States.

Williams-Sonoma has a competitive advantage over Wayfair due to the fact that its brands cater to various target markets.

Williams-Sonoma produced a record-breaking $6.8 billion in revenue for fiscal year 2020. Its e-commerce revenue increased by 47.9% and accounted for almost 70% of overall revenue. The company’s same-store sales climbed by 25.7%, with double-digit improvements for all brands.

Same-store sales increased by 26% for Williams-Sonoma Home, 25% for Pottery Barn, and 25.2% for West Elm. The rapidly expanding e-commerce business and profitable brands of Williams-Sonoma threaten Wayfair’s market share and revenues. It is a powerful competitor to Wayfair.

5. Walmart

With more than 11,000 shops, Walmart is the largest brick-and-mortar retailer in the world. It has about 2,2 million employees worldwide and operates in 27 countries. Walmart raised the minimum salary for 165,000 employees to $12 in 2020, bringing it in line with Wayfair.

In 2021, it aims to continue to invest and improve compensation for 425,000 employees. In 2020, Walmart’s revenue climbed 6.7% to $559 billion.

The retail behemoth offers an extensive selection of home furniture, including tables, kitchen cabinets, accent pieces, beds, mattresses, and sofas, among others. Customers can purchase MoDRN furniture as well as products from other manufacturers.

Walmart dominated the home furnishings industry by 10.1% and the online furniture market by 4.7%. Walmart is a formidable top Wayfair competitor because to its expanding digital sales and vast market share.

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6. RH (Restoration Hardware)

Restoration Hardware (RH) is a luxury furniture manufacturer. It sells its products online and at 36 outlet stores around the United States and Canada. In 2020, CEO Gary Friedman reduced executive wages, lay off 440 employees, and furloughed 2,300 people. These cost-cutting initiatives assisted RH in generating outstanding profits.

In fiscal year 2020, RH’s revenue increased by 8% from $2.6 billion in 2019 to $2.85 billion, and the value of its shares tripled. CEO Friedman is RH’s greatest shareholder, with a 10% investment in the company, and he is attempting to finance RH’s new galleries.

These galleries will bring RH’s income to approximately $20 billion globally and $6 billion in North America. RH’s ambitious goals will strengthen its competitive edge over Wayfair.

7. Target

Target is one of the largest retail chains in the world, with approximately 2000 shops in the United States alone. Additionally, the company offers home furnishings under a number of its own labels, including Project62, Hearth & Hand, and Opalhouse.

Target’s full-year revenue in 2020 was $93.6 billion, up 19.8% from 2019. It captured a $6 billion market share from rivals and reported record-breaking digital sales in 2020. Target is currently one among the top 10 online retailers in the United States.

Target collaborates with renowned furniture designers and interior design experts such as Levi’s, Dwell magazine, and John Derian to provide consumers trendy and inexpensive items. Target teamed with the creators of Studio McGee and the stars of Netflix’s Dream Home Makeover in 2021.

Target’s customers will receive a collection of California-meets-French-cottage-inspired products. These distinctive offerings can steal clients from Wayfair.

8. Costco

Costco is a membership-only wholesale retailer that operates a global chain of warehouses for members. The company sells items from respected brands of superior quality at costs lower than Wayfair and other competitors.

Its appliances, housewares, and furniture are discounted for members, making it the greatest alternative to Wayfair for SMBs and bulk buyers seeking to save money. Costco’s 2020 revenue was $166.76 billion, up 9.21% from $152.7 billion in 2019.

Costco does not offer online ordering for in-store or curbside pickup, unlike Wayfair. In 2020, however, the company’s internet revenues increased by 91%. Costco dwarfs Wayfair with 552 warehouse clubs in the United States and 795 outlets worldwide.

Comparable same-store sales increased by about 14% in 2020. Costco is one of the greatest Wayfair alternatives for SMBs and budget-conscious shoppers.

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9. Home Depot

Home Depot is the leading supplier of home improvement products and carries furniture, bedding, lighting, decorative pillows, and accent pieces. The company has over 70 distribution sites throughout the United States and is ranked 18th on the Fortune 500 list for 2021.

Product variety is Home Depot’s primary strength. Customers may shop for all of their home remodelling needs in an one location, from power tools to building materials to furniture.

In 2020, the average purchase value of its customers climbed about 11% to $75.69. Increased sales of expensive items such as appliances and vinyl plank flooring led to a 24% increase in sales per square foot to $528.01. In 2020, their digital sales increased by 86%.

In 2019, Home Depot’s full-year revenue increased by 19.85% to $132.11 billion. Home Depot’s e-commerce approach is producing remarkable results and expanding its competitive edge over Wayfair.

10. eBay

eBay is the largest marketplace for buying and selling used or new furniture, clothing, and electronics, among other items. It is one of the world’s oldest e-commerce companies and offers more product variety than Wayfair.

Its selection of home furnishings is comparable to that of Wayfair but more affordable for consumers. The company’s business model is based on auction-style sales, whereas Wayfair concentrates on dropshipping.

eBay finalised a $9.2 billion merger with Gumtree in February 2021 to form the world’s largest classified advertisements firm. Gumtree is the third largest e-commerce site in the United Kingdom, following eBay and Shpock’s Adevinta.

eBay is the go-to marketplace for inexpensive used furniture and electronics in the United States. eBay’s gross merchandise value was $90 billion in 2020, and its revenue increased by 19%. eBay’s inexpensive products can lure certain Wayfair shoppers.

 

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