Wayfair is an online-only furniture and home goods retailer, like a digital IKEA with 33 million products across brands like Joss & Main and AllModern.
Revenue is USD 12.46B annually, but the company loses money—net income is USD -0.31B. Gross margin sits at 30.22%, yet operating costs eat it all, leaving no profit engine.
Wayfair's brand recognition and 33-million-item catalog create switching costs, but Amazon and Walmart offer similar home goods with faster shipping. Moat is eroding as these giants undercut on price and delivery.
