Let’s deeply discuss the topic ‘Wayfair Mission and Vision Statement and value analysis’.
Wayfair Inc. is an American furnishing and home goods selling company. Wayfair is an e-commerce company that began its journey in 2002 and was founded by Niraj Shah and Steve Conline. The digital platform of Wayfair allows customers to buy the products digitally. The warehouse and offices of the company are spread in the United Kingdom, United States, Ireland, Germany, and Canada. As per the sources, there are 11000 suppliers of the company, and is headquartered in Boston, Massachusetts, United States.
The company is able to receive popularity among the customers by seriously employing every aspect of mission, vision, and values. They are considered to be the three pillars of any company. Wayfair uses these pillars to achieve its goals.
Mission Statement set by Wayfair
The mission statement of Wayfair 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 helps the company to achieve the target and the long-term vision of the company. The mission allows employees to work effectively and provide the customers best quality products.
Mission Analysis
Through the mission, the company is aiming to achieve multiple objectives of the company and has created the mission in a way that encourages employees. As per the sources, the mission statement of Wayfair, focuses on three aspects majorly they are:
Improving Lives
The company works intending to serve the customers with the best products. Since the company deals with home furnishing goods, so they ultimately make the living standards of their customer high. To ensure a comfortable and convenient lifestyle for its customer the company stylish and comfortable home furnishing items.
Different Quality
Every product sold by Wayfair has high quality as the company wants to provide the best products to its customer. According to Wayfair, to work in long run the company needs to ensure that quality standards are highly maintained by company. The company focuses more on quality as it will help them to stabilize their business and attract a large number of customers.
Affordable Prices
The pricing of products becomes crucial, Wayfair has kept the prices moderate. Providing the products at affordable prices is the mission of the company so that anyone can buy the products. The company has generously kept its prices low because they want to reach middle-class families too. Their mission is to serve not only the rich people but also, middle-class, to make them improve their lives.
Making good quality products available at low cost to improve the living standards of its customer is the mission of Wayfair. And it is seen that company is following the mission set by them effectively as customers are happy with their service.
Vision Statement
Wayfair works with the vision “to be a technology leader, reinventing the way people shop for their homes.” The company sets a vision statement as it depicts the long-run objective of the company.
Vision Analysis
The company has the vision to become a technological leader and innovate to make Wayfair the shopping place for the customers. The entire vision statement has certain hidden meanings in the statement itself which are explained here. The vision statement can be further explained by analyzing the given points:
- Becoming Technological Leader
- Reinventing Shopping
Both the given aspect becomes an important part of Wayfair’s vision statement.
Becoming Technological Leader
Wayfair operates digitally, so they focus on becoming technologically powerful in the industry. The company provides products through the e-commerce website. Since the products of Wayfair are available online, so they need to excel in the technological aspect. The company has a vision of becoming technically strong as it will pay them off in various ways. Also, if they will effectively progress in the direction of providing things digitally then customers will be benefited more. Like all the home furnishing excellent products will be available at their doorsteps.
Reinventing Shopping
In 2002, the company began as an e-commerce company that allows customers to shop online. The innovation of creating a digital platform for customers to shop online shows the idea of reinventing shopping. Using the digital platform to increase their reach and sales has already become a reinvention by the company. Wayfair has already set the bars high as they are selling home furnishing products online through an e-commerce website. The company has already reinvented the old concept of shopping and is aiming to keep on innovating to bring different dimensions of shopping.
The company has encouraged its employees to achieve the vision.
Core Values adopted by Wayfair
The company works on certain necessary values that are “innovation, honesty, teamwork, transparency and a winning mentality.” Wayfair is ideally serving in different locations and making available customers with amazing and beautiful products. The values adopted by the company and ultimately by the employees help create a positive and working environment at the workplace.
Values Analysis
There are various values adopted by the employees of the company to effectively serve its customers. In the value statement, there are multiple aspects highlighted by the company. All the values are explained below:
Innovation
Wayfair tries to innovate every time and comes up with new ideas to attract customers. As per the demand in the market, the company tries to bring innovation to its products. With changing generations and styles, the company needs to innovate to meet the stylish demand of its customer.
Honesty
Wayfair produces products that are high in quality and they need not give fake details about anything to the customers. With honesty, the company tends to serve all its customers. Wayfair believes that being honest with the customers will help the company earn goodwill and also minimize the chances of getting accused of selling false products.
Teamwork
Every employee working at Wayfair puts teamwork above every other value. As with the help of teamwork certain goals can be easily achieved. Thus, the company can effectively serve its customers by working together. Team spirit becomes an important part when employees work on certain major projects.
Winning Mentality
Every company wants to flourish in the market and gain fame. Just like that, Wayfair also works with the winning mentality to achieve targets and aim to succeed every time. The company runs with the motive of increasing the sales that will lead to the growth of Wayfair. This value allows employees to think beyond the thinking and need of employees.
All the employees work by keeping in mind the ethical and business values employed by the company. Every employee ensures they try to innovate much and work with full honesty, dedication and does not neglect teamwork. Also, every target must be completed by keeping in mind the success of the company.
Conclusion
Wayfair is an e-commerce platform that deals with home furnishing and other such goods. Since the warehouses and offices are spread in the United Kingdom, United States, Ireland, Germany, and Canada, so the products of Wayfair are available in these countries only. Founded in 2002, the company operates keeping in mind the mission, vision, and values set up by them.
The mission, vision, and values of the company create an engaging and encouraging environment for the employees at the workplace. Every employee performs tasks and projects keeping in mind the long-term vision of the company.
Frequently Asked Questions
Ques. 1: Why does Wayfair have a mission, vision, and values?
Ans. 1: Wayfair has set its mission, vision, and values to motivate the employees to achieve the target of the customer. Also, to serve the customer with dedication the employees of the company use the core values. These three things are needed to run any company and produce goods that are rich in quality.
Ques. 2: What is the motto of Wayfair?
Ans. 2: The company works with the motto of “Quality and Aesthetics” which describes the product of Wayfair. It is seen that the company is following the motto effectively as all the products sold by are rich in quality and beautiful. Every product found at Wayfair’s is appealing and high in quality.
Ques. 3: How do employees of Wayfair get benefitted from the mission, vision, and values?
Ans. 3: All the employees working at Wayfair are benefitted from the mission statement as it encourages them to work hard which pays off in later years. Also, the developed core values in an employee can be of great importance as they will be able to sharpen their skills.
