Chewy is a famous e-commerce company that offers everything you could ever need for your pet.
The company’s popularity — and worth — has been on the constant rise for the last two years. They have finally reached $7 billion in revenue in 2020 and grew by 47%.
In 2021, they have had two profitable quarters, which is much better than in the pre-pandemic times. Interestingly, although the company is growing and becoming more profitable, the stocks are falling.
In 2020, lockdowns and social distancing led to an incredible boost in pet sales. The most demand was in e-commerce, and Chewy finally got their moment to shine.
But, according to Sumit Singh, Chewy’s CEO, Chewy is not likely to lose the customers they’ve gained during last year.
They are constantly trying to improve and focus on their customers’ satisfaction. There are also many ways to save on Chewy, attracting more customers every day. Since 73% of pet owners buy food online, and this number will likely grow in the future, Chewy’s CEO is probably right.
Chewy is also planning on becoming more sustainable and using only biodegradable packaging, even though they’ve already done a lot for the environment. They’ve lowered their box footprint by 20% and transitioned to more energy-efficient power sources.
Besides this, they have been helping pet shelters since 2020 and are now focusing on supporting the vet community.
In the end, Chewy’s motto is ‘to be the largest pet retailer, you first need to be the one people can rely on.’ And they’re on the right path.