Wayfair’s mission statement is “to make home a reality for more of the many people in need of safe shelter and basic household items that help make a home.” The mission statement is all about the home experience Wayfair can offer its clients through dynamic designs informed by technology. The mission statement can be clarified as follows:
- Improving lives
- Distinguished quality
- Attractive prices
Wayfair understands the critical role that conducive and comfortable homes play in the quality lives of its clients. The company, therefore, takes up the mandate of designing everything that brings such fulfilments and satisfaction in the life of its clients. While meeting the needs of this first aspect of its mission statement, Wayfair also concurrently meets those of the second one. It does this through its devotion to only supply the best products that serve its clients for longer. As if this is not enough, Wayfair goes on to provide all its items at the most competitive prices in the market. This has made it the best destination for any clients looking to redesign and upgrade their homes.
Wayfair’s mission and vision statements have strategically positioned the company among the leading e-commerce corporations in the home goods niche. The firm has become a darling among many U.S. and global customers simply because of the importance it places on both the quality of its products and the services the clients get while shopping at Wayfair. In slightly above 15 years since its inception, this company has mastered the art of trade in the industry, an aspect that can only be attributed to its mission and vision statements.
While a corporate vision statement identifies the future that a company desires to accomplish, a corporate mission statement outlines the strategic tactics that would make this future reality. In the case of Wayfair, the vision statement points at the command and leadership influence of the company in the industry, while its mission statement sets apart the specific ways Wayfair seeks to glam the homes of its customers. Most importantly, the mission and vision statements of Wayfair are complemented by the core values such as honesty and innovation, and this has enabled the corporation to be on a constant winning trajectory.
Wayfair’s vision statement is “to be a technology leader, reinventing the way people shop for their homes.” In this statement, Wayfair reveals its dedication to leading the home products industry through its goods and services, as well as giving its customers a shopping experience like no other. The vision statement can be split into:
- Technological leader
- Reinventing shopping
To satisfy the first feature of its vision statement, Wayfair integrates the latest technological systems to drive innovations and bring distinguished products to its customers. This explains the trendy and irresistible materials that it supplies. In addition, this technology also makes shopping for goods at Wayfair much more enjoyable and easy for clients.
Wayfair’s core values comprise “innovation, honesty, teamwork, transparency and a winning mentality.” It is undebatable that such strong values form the driving force that has seen Wayfair grow drastically into a major competitor in the home goods sector. In fact, with these principles, the company has managed to create a culture that ensures everyone remains focused on the mission and vision statements of the corporation.
Breyer, M. (2012). 25 shocking fashion industry statistics.
Cronin, M. J. (2014). The Challenge of Innovation. In top-down Innovation (pp. 1-12). Springer, Cham.
Darbi, W. P. K. (2012). Of mission and vision statements and their potential impact on employee behavior and attitudes: The case of public but profit-oriented tertiary institution. International Journal of Business and Social Science, 3(14).
David, M. E., David, F. R., & David, F. R. (2014). Mission statement theory and practice: a content analysis and new direction. International Journal of Business, Marketing, & Decision Science, 7(1).
Dermol, V. (2012). Relationship between mission statement and company performance. Analele Ştiinţifice ale Universităţii» Alexandru Ioan Cuza «din Iaşi. Ştiinţe economice, 59(1), 325-341.
Groissberger, T., & Riedl, R. (2017). Do online shops support customers’ decision strategies by interactive information management tools? Results of empirical analysis. Electronic Commerce Research and Applications, 26, 131-151.
Kantabutra, S., & Avery, G. C. (2010). The power of vision: statements that resonate. Journal of business strategy, 31(1), 37-45.
Letizia, P., Pourakbar, M., & Harrison, T. (2018). The impact of consumer returns on the multichannel sales strategies of manufacturers. Production and Operations Management, 27(2), 323-349.
Li, Y. (2019). Wayfair’s Distribution Centers and Call Centers Planning.
Thimmesch, A. B., Shanske, D., & Gamage, D. (2018). Wayfair: Marketplaces and Foreign Vendors. State Tax Notes, 90(111).
Yesnowitz, J., & Lutz, M. (2018). Wayfair: Practical Implications for the Business World. Tax Executive, 70, 47.