(Bloomberg)—It’s not Black Friday—it’s Way Day.
In a second-annual event, online home décor retailer Wayfair Inc. is offering its lowest prices of the year starting at noon New York time. The company promises “Black Friday-low prices on thousands of popular home furnishings, décor, housewares and home improvement products as well as free shipping.”
Sales could be notably better than last year, according to Piper Jaffray analyst Peter Keith, who rates the shares overweight. That’s because this year’s Way Day is 36 hours, 12 hours longer than in 2018. Plus, it’s two weeks earlier and ahead of Easter, and it’s also available in the U.K. and Germany. Sales were also more heavily advertised on TV with 900 commercial airings as of last night, versus 614 last year, according to Piper.
Wayfair and Amazon.com Inc. are the two largest online home furnishing marketplaces, Keith said. In a survey conducted ahead of Way Day, Piper found that Wayfair is quickly gaining brand awareness. Of 625 respondents, 30% said Wayfair was their favorite brand for home furniture and decor, while Amazon was favored by 12%. Wayfair attracts more women and upper-income shoppers than Amazon, Keith said in a note to clients Wednesday.
“Wayfair is gaining mindshare,” Keith wrote, adding that “survey results suggest trusted brands drive repeat purchase behavior.”
Wayfair is No. 13 in the Internet Retailer 2018 Top 1000.Favorite