Wayfair CEO Reveals His 4 Drivers of Long-Term Retail Success

2. Make decisions with the end game in mind. "Know when to stick with your guns and when to adapt," Shah said.

To illustrate his point, Shah discussed how Wayfair underwent a transformation in 2012 when it decided to fold the more than 200 sites that it created or acquired — e.g., Cookware.com, Luggage.com, Strollers.com, BedroomFurniture.com, etc. — into one megasite in an effort to create a more memorable brand. Only two of the companies it's created, AllModern.com and members-only retailer Joss & Main, operate outside of the Wayfair brand.