Chewy.com, the online store for pet owners, was recently acquired by PetSmart for $3.35 billion – the largest ecommerce deal in history.
Ecommerce pet stores have been increasingly siphoning off sales from brick and mortars – especially with the sale of bulk or large items at low prices, like 40-pound bags of pet food.
Chewy was founded by Ryan Cohen and Michael Day in 2011. The company was one of the fastest growing ecommerce sites around, due in part to excellent service, large selection and fast, free shipping.
PetSmart took notice. The deal is “a critical milestone in PetSmart’s transformational journey,” according to a press release from the company.
It’s no wonder that the pet industry is growing at a breakneck pace. Pets are more popular than ever with approximately 164 million domestic cats and dogs living in busy American households.
Pet owners spend more than $60 billion annually on their animal companions. It’s numbers like those that make the pet industry a rising star within ecommerce.