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Wayfair Inc Class A W Stock Quote

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Morningstar‘s Stock Analysis W

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As Home Furnishing Demand Slows, Wayfair Shares Require a Wider Margin of Safety

Jaime M. Katz, CFA Senior Equity Analyst

Business Strategy and Outlook

| Jaime M. Katz, CFA |

Wayfair should be able to continue to take share in the fragmented home goods market, which it believes represents a more than $800 billion global opportunity between North America and Europe. The firm’s differentiation comes by way of product breadth and its logistics network, which permits faster delivery of both small and large parcels than most of its peers. Faster delivery is a function of fewer touch points, reducing damage and improving Wayfair’s brand equity with each positive delivery experience. However, we think peers will continue to attempt faster delivery, spurring rising competition. Targeting a wide consumer base with a customer age 20-64 years old (200 million domestic households) with income of $25,000-$250,000 also means Wayfair is competing with mass-market retailers, specialty retail, and low-cost providers, making it harder to stay top of mind. This, along with no switching costs, underlies our no-moat rating.

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Company Profile W

Business Description

Wayfair engages in e-commerce in the United States and Europe. At the end of 2021, the firm offered more than 33 million products from 23,000-plus suppliers for the home sector under the brands Wayfair, Joss & Main, AllModern, DwellStudio, Birch Lane, and Perigold. This includes a selection of furniture, decor, decorative accent, housewares, seasonal decor, and other home goods. Wayfair was founded in 2002 and is focused on helping people find the perfect product at the right price.

4 Copley Place
Boston, MA, 02116
T +1 617 532-6100
Industry Internet Retail
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 16,681

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