Wayfair.com recently surpassed Crate and Barrel to be the number two home goods website, is expecting $500 million in revenue this year, and closed a $165 million round of funding. We sat down with Niraj Shah, co-founder and chief executive officer of the e-commerce deals site, to get his thoughts on the Groupon IPO and the current e-commerce landscape.
Groupon had its initial public offering earlier this month, peaking at $30 a share, and closing at $26. Many balked at the daily deals site’s IPO in the months leading to it, due to weird accounting practices, breaking quiet period rules and general concern for the daily deals market. Indeed, after its IPO, people are considering shorting the stock — betting Groupon’s stock will drop instead of rise.
But Shah believes the stock market is only showing that consumers believe in an e-commerce model, and more are willing to put their bet on the industry. This has obviously been proven through public companies like eBay and Amazon, but it’s a step forward for the deals market and the emphasis on saving money.
Check out the video for more.