Affordable home improvement brand VEVOR has seen rapid growth in the US market since establishing its first online store here in 2020. Now, as it competes with legacy brands for the home improvement online market share, the brand is planning a major expansion into retail stores and an even more extensive selection of products.
Home improvement is an inescapable facet of home ownership, and it takes a war chest of tools and equipment to keep a house in working order. With the home improvement industry estimated to exceed $1 trillion in the US alone, there is intense competition for market share.
VEVOR was founded in 2007 to address the vast needs of consumers with everyday home repair and improvements by providing affordable and reliable product options. This focus has been the core of the company's vision since its inception, continuing to drive its expansion in the US market. In fact, the company's founders built the company specifically for this market segment in the US, but have since grown the company to have sales in over 200 countries.
After initially selling its affordable home improvement products in the US through third-party sites for many years, VEVOR launched sales through its own website marketplace starting in 2020. The US now accounts for nearly half of the company's revenue, which is currently at around US$ 2.7 billion annually.
VEVOR now sells over 20,000 products through its website, Amazon, eBay, Walmart, and Lowe's, including home improvement tools, garden essentials, outdoor equipment, automotive equipment, and more. Compared to its competitors, VEVOR is a younger company, but it has seen annual growth rates around 60% in recent years due to its quick adaptation to consumer needs and significantly lower prices.
According to a company spokesperson, VEVOR's short-term growth strategy will focus on improving its brand awareness in the US market along with expansion into more product catagories. After sponsoring local tools and hardware stores in recent years, the company's biggest upcoming milestone will be its first planned retail stores, aimed to open mid-2025.
With its clear market focus, impressive growth, and extensive product catalogue, VEVOR will be a brand to keep an eye on in the lucrative US home improvement market.
