As COVID-19 pandemic hit us all pretty hard and closed many physical doors, including some vet offices, the need for easier access to those services became unprecedented.
One company that is stepping up their game is, of course, Chewy. The young company is doing extremely well due to the lockdowns and limited social interactions in traditional stores. But despite this success, Chewy is not asleep on its laurels and continues to find ways to innovate and meet customers’ needs even better.
According to Chewy CEO, Sumit Singh, the difficulties and the changes are what moves companies forward and forces positive changes and improvements. Being scared and in anticipation is not a bad thing after all.
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Chewy’s stock is growing rapidly despite the pandemic, or should we say in spite of it. And while things are looking good as they are, there is one significant new development in the works that was influenced by consumer demand – the launch of virtual vet services. As we stayed home and it became harder to see a vet, especially for minor illnesses, Chewy experienced high call volume from people who needed simple advice.
The company had such virtual vet service in the plans, but in a distant future. However, life was not waiting and the need came calling. This is why virtual vet service was launched in October and has been helping countless pets ever since. This is an ultimate example of how businesses should react to the momentum.
There is a chance that once we get back to fully normal life, the volume of calls will decrease as people will return to mainly buying pet food and toys online. Other experts argue that the pandemic made us form different habits and changed life forever. That remains to be seen.
We have been shopping and working online, ordering food deliveries and visiting museums virtually. At least some of these will stick, no doubt, though hopefully not the museums – those deserve in person visits.
There is no better proof of company’s success than financial and Chewy definitely has seen some good times last year as their shares went up by 265% and current value stands at $44 billion. They must be doing something right.
Some investors are more cautious in their celebrations and want to see how all this growth will hold up after the health crisis is over. UBS went as far as downgrading Chewy and Peloton, despite the fact that both companies are white hot right now. There is no denying though that these companies were very much positively impacted by COVID-19.
One way or another, Chewy is on the right path with their virtual vet services, because even before the pandemic there was an overwhelming trend towards online shopping not only for goods, but for services too. Yes, some people will return to offices and to vets in person, but many of us will remain home and will enjoy talking to a vet about fleas online versus going to a traditional office and paying $65 for such consultation.