Chewy CEO Sumit Singh Off The New York Stock Exchange (NYSE) On June 14, 2019, Chewy Inc. in New York. Appearing ahead of IPO.
Andrew Kelly | Reuters
Chewy CEO Sumit Singh said on Tuesday that calling the customer service line prompted online pet supplies retailers to speed up plans to launch a virtual VT service – even though the company’s roadmap has been several years Are.
Singh said, “We started calling our customer service / customer experience centers, where customers sit at home saying ‘Hey. My dog just ate chocolate and I can’t get a hold of my veterinarian.” Conference organized by the National Retail Federation.
The executive said that his weekend mornings are spent reading customer reviews.
“A healthy level of anxiety is really good because it keeps you crazy,” he said. “It keeps you on your toes and it keeps you guessing.”
The virtual vet service, which was launched in October, is an example of how the company is trying to continue to build on the trend that is seen during the epidemic.
He shook off the notion that pet owners would return to the store after the epidemic to purchase their dog food, cat litter or pet toys, saying that customers had formed new habits.
“We’ve been in lockdown for 10, 11 months now, the bulk of the year,” he said. “Customers have the opportunity to try the online model not only with pets, but in many cases of home delivery, food delivery, grocery shopping, or pet services. In my opinion, it is really a mental shift for customers. Provides a bit. “
Chevy shares have increased more than 265% in the past year as more Americans adopted pets and shopped online during the epidemic. The company has a market cap of over $ 44 billion.
Yet its rapid growth during the global health crisis has led some investors and analysts to wonder whether it can sustain the pace of growth and retain customers for longer. UBS downgraded Chewy and Peloton to sell on Tuesday. It added that both the online pet supply retailer and the exercise equipment company are Kovid-19 beneficiaries and can see those tailwinds fade.
UBS did not change its $ 75 price target for Chewy, a nearly 30% drop from where its shares are currently traded. Shares were down nearly 1% as of Tuesday afternoon.
Sumit said it is monitoring the trends that will take shape over the next three to five years, including a boom in online shopping, reliance on tools and technology to improve customer service and whether people will return to offices, Work from home or do both.