The company is also expanding internationally, operating in Canada, the U.K., Germany and Australia. In January, it also launched a private sale site focused on home goods called Joss & Main.
Wayfair received its first round of venture capital in June, selling a minority stake to four investors for $165 million. "Business has been profitable since inception, we didn't need capital," Shah said.
The end goal is becoming a public company, though an initial public offering isn't part of the near-term plan.
"Right now we are focused on long-term health of company and we think there will come a point that being a publicly traded company is a better option for us then being private," Shah said. "Right now, that isn't something we are focused on. At some point in next five years, will we think it would be smart for us to be publicly traded, answer is yes."- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.