Niraj Shah, CEO of Wayfair, attends the Allen & Company Sun Valley Annual Conference July 10, 2019 in Sun Valley, Idaho.
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Wayfair expects advances in 3D technology to improve the customer experience and attract more shoppers online, reducing physical sales.
This is largely why the online home goods 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 their home.
“AR / VR is definitely a space we’ve been playing with for quite some time now, and we believe that over time this can have a significant impact in terms of making it easier to buy your home from home,” said Steven Conine, co-founder and co-chair of Wayfair, said at the Jefferies Virtual Consumer Conference on Tuesday.
The company believes this technology could be useful in improving user experience, even in physical locations. Wayfair is already experimenting with a pop-up brick-and-mortar boutique, which includes a design services team that can help clients furnish their spaces.
“Ideally, I think at some point in the future every house in the United States will have an associated 3D model,” Conine said. “We could have a design services team in our store that could give you a very personalized experience and help you visualize the products in your space, ensure that they will fit, flow well and that is the look and style you want. “
Wayfair saw an increase in sales during the pandemic, with consumers purchasing office furniture to work at home and decorate to brighten up their living spaces as they spent more time in it.
Wayfair CEO Niraj Shah said he’s not worried about seeing a drop in sales due to the nature of home improvement.
“There is an endless list of projects or products that you want for your home,” Shah said. “There is always something you are in the market for.”
The company’s shares have risen more than 36% this year, bringing its market capitalization to just over $ 32 billion.