Tough CEO Sumit Singh is seen outside the New York Stock Exchange (NYSE) ahead of the IPO of Chewy Inc. 10 weather forecast for New York.
Andrew Kelly | Reuters
Tough CEO Sumit Singh said on Tuesday that calls to his customer service line had asked the online pet supplies retailer to speed up his plans to launch a virtual veterinary service – even though it was on the company’s roadmap years ago.
“We started receiving calls in our customer service / customer experience centers where customers would sit at home and say, ‘Hey. “My dog only ate chocolate and I can not get my vet in my hands,” Singh told a conference hosted by the National Retail Federation.
The executive said it spends weekends in the mornings reading customer reviews.
“A healthy amount of anxiety is actually good because it keeps you paranoid,” he said. “It keeps you on your toes and it makes you expect it.”
The virtual veterinary service, launched in October, is an example of how the company is trying to build on the momentum it saw during the pandemic.
He shrugged off the idea that pet owners would return after the pandemic to buy more of their dog food, cat litter or pet toys at the store, saying customers had formed new habits.
“We’ve been locked up for ten, 11 months now, most of the year,” he said. “Customers have had the opportunity to try online models, not only with pets, but also across an abundance of services, whether it be home delivery, food delivery, groceries or pets. This, in my opinion, offers a mental shift for customers. “
Chewy’s shares have risen more than 265% in the past year as more Americans adopted pets and shopped online during the pandemic. The company’s market capitalization is more than $ 44 billion.
However, the rapid rise during the global health crisis has left investors and analysts wondering whether it can sustain the growth point and hold on to customers in the long run. UBS downgraded Chewy and Peloton to sell on Tuesday. It is said that the online retailer and pet-friendly businesses were both Covid-19 beneficiaries and that the tailwinds could fade.
UBS has not changed its $ 75 price target for Chewy, a drop of almost 30% from where its shares are currently trading. Shares fell about 1% on Tuesday afternoon.
Sumit said he monitors trends that will shape the next three to five years, including the acceleration towards more online shopping, the reliance on tools and technology to improve customer service and whether people will return to offices, work from home or both will do.