Chewy CEO Sumit Singh is listed on the New York Stock Exchange (NYSE) ahead of the IPO of Chewy Inc. in New York on June 14, 2019.
Andrew Kelly | Reuters
Chewy CEO Sumit Singh said on Tuesday that calls to her customer service line motivated online pet supplies retailer to speed up its plans to launch a virtual vet service , even though they had been on the company’s roadmap for years.
“We started getting calls to our customer service / experience centers where customers were sitting at home saying“ Hey. My dog was just eating chocolate and I can’t take my vet, “Singh told a virtual conference site organized by the National Retail Federation.
The executive said his weekend mornings are spent reading customer reviews.
“A healthy level of anxiety is really good because it keeps you paranoid,” he said. “It keeps you afloat and makes you anticipate.”
The virtual vet service, which was launched in October, is an example of how the company is trying to continue to take advantage of the momentum seen during the pandemic.
He put aside the notion that pet owners would buy more dog food, cat litter or pet toys in the store after the pandemic, saying customers have formed new habits.
“We’ve been closed for ten or ten months, most of the year,” he said. “Customers have had the opportunity to try models online not only with pets, but with a lot of services, whether home delivery, food, grocery shopping or pets. This, in my opinion, really provides a change. mental to customers. “
Chewy shares have risen more than 265% in the past year, as more Americans adopted pets and bought online during the pandemic. The company’s market cap exceeds $ 44 billion.
However, its rapid rise during the global health crisis has led some investors and analysts to question whether it can maintain this growth rate and keep customers long-term. UBS downgraded Chewy and Peloton to sell on Tuesday. He said the online pet supplies retailer and the exercise equipment company have been beneficiaries of Covid-19 and could see these tailwinds fade.
UBS did not change the $ 75 target price for Chewy, a drop of nearly 30% from which its shares are currently listed. Shares fell about 1% on Tuesday afternoon.
Sumit said it is monitoring trends that will shape its next three or five years, including accelerating more online shopping, reliance on tools and technology to improve customer service and whether people will return to offices , will work from home or do both.