Beginning at midnight, for 24 hours, Wayfair on April 25 will offer blockbuster deals and Black Friday-level prices on some 70,000 home furnishings, décor and home improvement items, the online furniture retailer announced on Wednesday.
Wayfair credit card holders who shop "Way Day" deals can earn triple rewards on purchases made with their card, according to a company press release.
The sales holiday is timed to take advantage of a time of year when consumers are focused on cleaning and freshening up their homes, the company said.
When it comes to special sales, every retailer seems to want their day.
Last year Amazon's Prime Day beefed up sales in July (a generally slow month) by 60% compared to the same 30 hours the previous year, and sales growth on its marketplace was even higher. Prime Day is patterned after Alibaba's Nov. 11 Singles Day event (which last year funneled $25.3 billion in sales to the Chinese e-commerce giant and $19 billion to rival JD.com).
Likewise, Singles Day clearly took cues from Black Friday, according to Keith Anderson, vice president of strategy and insight at e-commerce analytics firm Profitero. "Throughout retail history, there have been essentially fabricated holidays essential to driving traffic and driving sales," Anderson has told Retail Dive.
Staging an event is a way to get shoppers' attention, and, for a furniture retailer, the spring is a logical time for it. "We're offering the steepest savings possible at a time of year that makes the most sense," Wayfair chief merchandising officer Steve Oblak said in a statement. "Spring is the season when our customers are especially focused on sprucing up and furnishing outdoor spaces in anticipation of warm weather and summer entertaining," he said in a statement. "Many are also readying their homes for sale or moving into new ones."
Wayfair in February reported that fourth quarter direct sales generated through its five banners rose 48% from the same period last year, to $1.42 billion. Total net revenue in the quarter rose 46.2% to $1.44 billion, according to a company press release. The number of active customers in the company's direct retail business rose 33.2% year over year to 11 million, and orders per customer reached 1.77 in Q4, compared to 1.71 in the year-ago period. But losses widened for the quarter and the full year. Q4 gross profit was $332.2 million, or 23.1% of total net revenue, but net losses widened to $72.8 million from $43 million in the year-ago period.