3. Map out different opportunities so you always have an answer to “What's next?" "Invest profit into new ideas and strategic growth initiatives," Shah said. "And, most importantly, listen to all your customers. They will always tell you what's next."
4. Spend efficiently and measure everything so you have the means to adapt. “Keep expenses low while driving growth,” Shah said. In addition, “act quickly when change is needed; make sure your ROI justifies every spend; and discover new ways to measure old approaches (e.g., TV advertising).”
Shah also discussed how Wayfair uses content to help shoppers find the perfect product at the right price. “The content on our site offers real-life solutions and practical ideas to consumers, bringing inspiration to life in affordable ways,” Shah said.
Wayfair is currently generating content in two ways: one, via in-house editors who develop material for what it calls its Idea Lounge and two, via content from shelter magazine editors. Last September, for example, Wayfair added a section to its website merchandised by the editors of Time Inc.'s Coastal Living magazine. The section includes short articles, recipes and design tips from previous issues. A Coastal Living-written article called "Seaside Holiday," for example, appears alongside products that complement the article's theme. There's also a link to sign up for a subscription to the magazine.