On the company’s second quarter earnings conference call, Wayfair executives highlighted Wayfair Professional, which was 9% of overall sales for the quarter ending June 30 and hovers around 10%.
Wayfair Professional launched in 2017 and now has about $1.5 billion in annual net revenue and a 30% compound annual growth rate. Margaret Lawrence, vice president and general manager of Wayfair B2B and Perigold, said the goal is for her unit to service more than 45 million businesses in North America and 30 million in Europe.
Lawrence said Wayfair Professional is focused on 7 verticals. She said:
Wayfair said it adjusts its technology and approach based on roles and business. Order management and logistics are leveraged across the company. Wayfair Professional then adjusts personalization based on interior designers, contractors and other businesses.
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Lawrence added:
Wayfair can also recognize a business user that enters through its B2C channels and then move them into the Wayfair Professional ecosystem, which supports project management tools to complete entire jobs as well as self-service options. Wayfair also has 500 business account managers to help with orders, sourcing and delivery, said Lawrence.
Over time, Wayfair expects its Wayfair Professional unit to have tighter relationships with business customers and higher lifetime value. Lawrence said:
