U.S. retailer Wayfair (W) has launched a new rewards program in a bid to attract shoppers.
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The program, dubbed “Wayfair Rewards,” is subscription-based and requires shoppers to pay $29 for a year’s membership. Those who pay the money get 5% off all their purchases at Wayfair. They will also get that same 5% off other retail names such as Perigold, Joss & Main, and Birch Lane.
Additionally, shoppers get early access to big events like Way Day, and free shipping on items regardless of the size of the order. Wayfair, which specializes in online furniture and home goods sales, last had a rewards program in 2020.
Holiday Sales at Wayfair
In addition to launching a new rewards program, Wayfair is also running the “Season of Savings” sale, which offers discounts on holiday home décor. Savings up to 70% off some items can be had during this Christmas-themed sale.
Several major markdowns are kicking in on some of Wayfair’s best-selling household items, including the Hegg Tufted Upholstered Platform Bed, marked down 80% to $187.99 per item.
Is Wayfair Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on W stock based on 14 Buys and 10 Holds assigned in the past three months, as indicated by the graphic below. After a 11.66% rally in its share price over the past year, the average W price target of $71.15 per share implies 50.9% upside potential.
