How I Built This with Guy Raz How I Built Resilience: Niraj Shah and Steve Conine of Wayfair
Aug 29, 2020
Niraj Shah and Steve Conine, co-founders of Wayfair, share their remarkable journey through the pandemic, showcasing how they spiked sales by 84% despite the challenges. They discuss the importance of resilience, adapting to market shifts, and the need for effective communication, especially during difficult moments like layoffs and employee protests. The duo also highlights their commitment to sustainability and supporting entrepreneurs, while tackling the impact of misinformation in today's digital landscape.
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Early COVID Response
- Wayfair's initial COVID response involved securing supply chains, raising $535 million in funding, and enabling remote work.
- While a slowdown was anticipated, they prioritized liquidity and operational continuity amidst uncertainty.
Warehouse Safety
- Implement safety protocols to keep the supply chain running. Prioritize employee health and adjust shift patterns to minimize overlap.
- Offer support programs like meal services and increased wages to take care of warehouse workers.
Unexpected Sales Surge
- Initially, Wayfair saw increased sales in specific categories like home office furniture and outdoor recreation items during mid-March.
- This unexpected surge continued as people shifted spending from travel and entertainment to home improvement projects.