Wayfair’s mission statement shows the idea of preferable living in a better home. People always consider Wayfair online first to find a quality home or office furniture.
By making its purpose transparent, Wayfair earns the trust of its customers. Wayfair became a successful and publicly traded company in less than twenty years.
Wayfair offers millions of products for home decoration from thousands of brands.
To get to know Wayfair better, here, you will find Wayfair’s mission statement, core values, leadership principles, corporate responsibility, sustainability report, and more.
Wayfair Mission Statement
Wayfair’s mission statement is to “help everyone create the home they love” as of 2023. Wayfair offers countless furniture and home goods at an affordable cost to support homeowners to make their homes as they want to be.
Wayfair mission statement analysis:
- Commitment To Transparency
- Exclusive Product Selection
- Seamless Experience
- Competitive Pricing For Products
1. Commitment To Transparency
The commitment to transparency comes first in Wayfair’s mission statement. By consistently submitting its progress report to the public, Wayfair keeps its promise to be transparent.
As an e-commerce company, being transparent about growth and shrinking is not really an easy step for Wayfair.
But, Wayfair stays consistent in publishing diversity, corporate responsibility, and sustainability reports every year.
Therefore, this shows how committed Wayfair is to the transparency of its business to its consumers.
Wayfair opened up about their consumer and company policies to all their customers around the globe.
By transparency of business, Wayfair also needs to become more accountable for progress.
Wayfair publishes a Diversity, Equity, and Inclusion report, also known as the DEI report, every year from commitment to transparency and accountability.
2. Exclusive Product Selection
Wayfair is a legitimate company that features over 22 million products. Surprisingly, Wayfair is the tenth largest e-commerce retailer in the United States.
Wayfair’s exclusive product selection approach helps customers get authentic and quality products ordered from home.
Unlike other e-commerce stores, Wayfair does not verify unauthorized sellers on its platform.
Wayfair listed the products that are well constructed and also high-end, so consumers become happy after products are shipped to their homes.
For selecting quality products, Wayfair needs to make more contact with various brands from all over the world.
Various world-class furniture brands are now working with Wayfair to promote their products so that they can lead to more sales.
3. Seamless Experience
In Wayfair’s purpose statement, seamless experience is not overlooked by Wayfair.
Wayfair consistently improves user experience on both its website and also in application.
During order processing in Wayfair, the product ordering process’s speed is always noticeable compared to other e-commerce stores.
Shoppers can purchase the products easily and seamlessly is another major mission of Wayfair.
Wayfair makes ordering a product easier and quicker, no matter how big that item is or what type.
Now shoppers can order their desired products in a few seconds, which was impossible a couple of years earlier.
So, from Wayfair’s mission statement analysis, it’s worth mentioning that Wayfair’s better shopping experience is really fast and hassle-free.
4. Competitive Pricing For Products
Wayfair sells mostly home decoration and furniture, and as we know, these products are costly and also require high shipping costs.
But, Wayfair consistently tries to keep its product prices as low as possible so that everyone can buy.
Wayfair competitors such as Ashley Furniture, Hayneedle, and IKEA always offer their items at high prices.
By being an online-only business, Wayfair can save more money, and that is letting this company offer all items at competitive prices.
Offering items at low prices help Wayfair gain more customers every day.
Check Out: Does Wayfair Ship To Hawaii In 2023?
Wayfair Core Values
Honesty, great ambition, innovation, and transparency are the core values of Wayfair. Behind Wayfair’s success in business, core values play a major role.
Here are Wayfair’s core values:
Honesty is the most important core value that Wayfair utilizes the most. Honesty between Wayfair customers and sellers pushes the business to the top.
Wayfair cares about both technology and innovation. Wayfair brings innovation to user experience and also in seller comfort. This company has the best engineering team in the United States.
- Great Ambition
A great and better ambition influenced the Wayfair team to stand out.
We mentioned earlier that Wayfair stays really transparent about its policies to customers and sellers. This company also reports every change they made in the business.
Wayfair Vision Statement
In 2023, Wayfair’s vision statement is becoming more inclusive of supporting housing all over the globe. Wayfair also mentions their expertise in home and rethinking.
Wayfair Vision Statement Analysis:
- Expertise in Home
- Rethinking About Service
- Becoming More Inclusive
Expertise in Home
Wayfair is the largest home retailer in the globe that was founded in 2002.
The global home industry or home decor market is huge, where some largest employers compete with Wayfair. But, Wayfair’s particular expertise in the home industry makes it stand out.
In the vision statement, Wayfair claims its expertise in home, and also Wayfair is going to be more expertise.
Rethinking About Service
The power of rethinking service grows Wayfair sales and helps establish authority.
Innovations come from rethinking; therefore, Wayfair is focused on rethinking its every service.
Becoming More Inclusive
Wayfair gradually includes more products and product types to meet customers’ needs.
Wayfair’s vision statement for 2023 is clear about the concept of becoming more inclusive.
Wayfair Leadership Principles
Wayfair’s leadership principles are directly tied to its astonishing success.
Here are three Wayfair leadership principles:
- Great Ideas
- Great Ambition
- Great People
1. Great Ideas
The first key Wayfair leadership principle is great ideas that will help homeowners make their homes a little better.
Ideas are inevitable for every business, especially for online-based or e-commerce companies.
By considering the data, Wayfair comes with great ideas that are unique and als0 fresh.
2. Great Ambition
Wayfair has pursued a great ambition for a long time that is helping everyone to create their feeling of home. Wayfair expects outstanding customer-focused ambition from the leaders.
3. Great People
Without great associates, Wayfair’s all leadership principles are not worthless. People respect, love, and admire others; Wayfair considers them leaders.
Great people are also a major element of every company’s leadership principles.
Wayfair Corporate Responsibility
Wayfair has been very consistent in pushing Corporate Responsibility (CR) reports since the company was founded. So, just like in previous years, Wayfair also published a corporate responsibility report for 2023.
Wayfair’s corporate responsibility initiative includes:
- Wayfair carbon reduction goal and steps
- Wayfair is always starving to be more creative
- The challenges Wayfair must deal with are its partnerships and over 23 thousand suppliers.
- Wayfair makes room for the employees to think outside of the box
- Wayfair provides financial support to non-profit organizations to help the community
- Wayfair’s several campings to increase customer engagement
Wayfair Sustainability Report
Wayfair 2023 sustainability report claims, “Sustainability is our responsibility”.
Some key elements from the Wayfair sustainability report:
- Wayfair’s packaging team is constantly figuring out the most effective and sustainable methods.
- Wayfair is committed to ethical and responsible product sourcing.
- Wayfair makes it’s every service more environmentally preferred.
Top 5 Facts About Wayfair
- Wayfair serves over 25.4 million customers nationwide.
- Over twenty-three thousand suppliers are listed on Wayfair platform.
- Wayfair is one of the world’s largest home retailers.
- 33 million products are available on Wayfair e-commerce store.
- Wayfair has only one physical store in Natick, Massachusetts, United States.
Wayfair’s slogan is “Quality and Aesthetics.”
Wayfair Inc. is an American e-commerce company that was founded in August 2002 in Boston, Massachusetts, United States.
Wayfair was founded in Steve Conine’s bedroom in 2002. Niraj Shah and Steve Conine are the founders of Wayfair.
The idea of Wayfair’s business comes from an online rack and stand store.
Currently, Wayfair is a publicly traded company with 13.2 USD billion dollars in revenue.
And around 18 thousand employees are working for Wayfair Inc. Wayfair is headquartered in Boston, Massachusetts, United States.
Wayfair also ships its products in Canada, the United Kingdom, and Germany.
Wayfair’s mission statement points out some key facts, contributions, and plans for the future.
By properly analyzing Wayfair’s purpose statement, you can understand Wayfair’s business model.
Wayfair’s vision statement talked about expanding their business more so people can make their homes as needed.
Wayfair is also very consistent in publishing sustainability and corporate responsibility reports to the public.
Adrian Miller is a business adviser and marketer. Adrian Miller studied MBA at the University of Illinois Chicago. With seven years of experience, Adrian Miller now works as a store manager. Adrian Miller is head writer of Consumerinform.com, and he also leads Consumerinform’s team.