Online retailer WAE+ has its sights set on becoming a £100 million company as it looks to bridge the gap between indies and Amazon.
Since launching in 2011, it has achieved £9 million in sales and has been named the second fastest-growing etailer in Europe.
The firm put its growth down to the popularity of consumer electronics as well as its ability to adapt quickly.
WAE+ sales have jumped 445 per cent from £1.65 million to £9 million over the past two years. Co-founder Ben Slater believes the company won’t be slowing down anytime soon. “There’s no reason why the company can’t be worth £100 million,” Slater told PCR. “We regularly compete with Amazon on price. It’s what we’re known for.”
The etailer recently came second in Internet Retailer’s 2013 Europe 500 report, which ranks all the major online retail chains across Europe.
Slater says the firm realises that it doesn’t need to take down Amazon, but rather bridge the gap between the indies and the bigger retailers.
“Everyone, even big companies like Tesco, have to compete pound for pound with Amazon,” he commented. “There’s lots of small companies in the electronics market and a few of massive ones. We want to be the ones to bridge that gap.
“There’s a massive market in between and there’s a lot of customers there. We have the ability to change, adapt and move quickly, which is something Amazon can’t do.”
Although the firm admits the margins aren’t great for consumer electronics, the traffic it pulls to the site is something that has greatly contributed to WAE+’s success so far.
“Technology is a big seller for us,” added Slater. “Consumer electronics brings in a huge amount of traffic. A lot of people go to places like Currys and check out the products, then go straight to our online shop to buy them.
“You have far more protection when you’re buying something online rather than in store. Online retail used to be seen as a risky business but not anymore.”