Virtual veterinary service inspired by customer service calls

Chewy CEO Sumit Singh said on Tuesday that calls to his customer service line prompted the online pet supplies retailer to speed up plans to launch a virtual veterinary service – even though it was taking some time. years away on the company’s roadmap.

“We started getting calls at our customer service / customer experience centers where customers were sitting at home saying, ‘Hey. My dog ​​just ate chocolate and I can’t reach my vet, ”Singh said in a virtual session. conference organized by the National Retail Federation.

The executive said his weekend mornings were spent reading customer reviews.

“A healthy level of anxiety is actually good because it keeps you paranoid,” he said. “It keeps you on your toes and it allows you to anticipate.”

The virtual vet service, which launched in October, is one example of how the company is trying to continue to build on the momentum it saw during the pandemic.

He avoided the idea that pet owners would revert to buying more dog food, cat litter or pet toys from the store after the pandemic, saying customers have taken on new habits.

“We’ve been in lockdown for 10, 11 months now, most of the year,” he said. “Customers have had the opportunity to try models online not only with pets, but also in a multitude of services, be it home delivery, food delivery, grocery shopping or animals. of company. . “

Chewy’s shares have climbed more than 265% in the past year, as more Americans adopted pets and shopped online during the pandemic. The company’s market capitalization is over $ 44 billion.

Yet its rapid rise during the global health crisis has made some investors and analysts question whether it can maintain this pace of growth and retain its customers for the long term. UBS downgraded Chewy and Peloton to sell on Tuesday. He said the online pet supplies retailer and the exercise equipment company have both been beneficiaries of Covid-19 and could see those favorable winds fade away.

UBS has not changed its price target of $ 75 for Chewy, down nearly 30% from its current stock position. Shares were down about 1% on Tuesday afternoon.

Sumit said his monitoring of trends will shape his next three to five years, including the acceleration towards more online shopping, the use of tools and technology to improve customer service and whether people will return to the office, work from home or do both.