Chewy CEO Sumit Singh is seen outside the New York Stock Exchange (NYSE) before Chewy Inc.’s initial public offering in New York on June 14, 2019.
Andrew Kelly | Reuters
Chewy CEO Sumit Singh said on Tuesday that calls to his customer service line have prompted the online pet supply retailer to accelerate its plans to launch a virtual veterinary service – although that has been going on for years. in the company’s script.
“We started getting calls at our customer service / customer experience centers, where customers would sit at home saying ‘Hey. My dog just ate chocolate and I can’t speak to my vet,'” said Singh, in an essay virtual conference 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 on tiptoe and expectation.”
The virtual veterinary service, launched in October, is an example of how the company is trying to continue to build on the momentum seen during the pandemic.
He dismissed the idea that pet owners will again buy more feed, cat litter or pet toys at the store after the pandemic, saying that customers have created new habits.
“We have been blocked for 10, 11 months, most of the year,” he said. “Customers have had the opportunity to try out online models not just with pets, but in a multitude of services, whether they are home delivery, food delivery, grocery shopping or pets. This, in my opinion, really provides a mental change for customers. “
Chewy shares soared more than 265% last year, as more Americans adopted pets and made online purchases during the pandemic. The company’s market capitalization is over $ 44 billion.
However, its rapid rise during the global health crisis has prompted some investors and analysts to wonder if it would be able to maintain that pace of growth and keep customers in the long run. UBS downgraded Chewy and Peloton to sell on Tuesday. The company said the online pet supply retailer and fitness equipment company have been beneficiaries of Covid-19 and may see the wind blowing away.
UBS has not changed its $ 75 price target for Chewy, a drop of nearly 30% from where its shares are currently traded. The shares fell about 1% on Tuesday afternoon.
Sumit said he is monitoring the trends that will shape his next three to five years, including accelerating toward more online shopping, reliance on tools and technology to improve customer service and whether people will return to offices, work in home or both.