![]() ![]() While the industry is experiencing above-average growth rates, it remains one of the least-penetrated ecommerce categories and will remain so for the next several years. By 2025, they expect this number to jump to $100 billion and capture 25% of the retail grocery business. The Continued Growth of Online Grocery SalesĪccording to eMarketer, experts project that online food and beverage sales will grow to $19.89 billion in the US by the end of 2019-an 18.2% growth from the year before-and will rank as the fastest-growing product category online. Amazon’s purchase of Whole Foods forced the hand of other grocery retailers to enter the ecommerce space.Internet Retailer reported that online food sales grew nearly nine-times faster than total food sales in 2017 and continue to grow.For pickup orders, the AOV was $138, according to Rakuten Intelligence. From March 2017 to March 2018, the AOV for delivered and fully-assorted online grocery orders was $156. It’s proven to increase average order value (AOV). ![]() The majority of consumers, 81%, have never bought groceries online, so why invest in a grocery ecommerce site? Here are a few compelling reasons: It’s likely one of the top reasons why grocery is still fairly untouched in the ecommerce space. Unlike other industries, grocery shopping is a weekly habit, and habits can be hard to break. You walk in, grab a cart, check off the items on your list, and check out. Blueacorn saw enormous demand during this period, ultimately supporting 808,000 small business owners / sole proprietors via disbursement of $12.5 billion in SBA PPP funds.īlueacorn’s borrowers were the people who keep our economy running and weave together the fabric of our communities: beauty salon owners, truck drivers who are operating their business off their phone in between stops, our favorite local coffee shops and restaurants that define our neighborhoods, residential construction workers, rideshare or taxi drivers, landscapers, and local delivery workers, among a variety of other professionals.Compared to other industries, the way people grocery shop has remained relatively unchanged over the decades. Many were also unwilling to lend to individuals altogether.īlueacorn was founded in April 2020 with the singular purpose of advancing the original mission of PPP by democratizing access to loan relief for America’s small businesses, independent contractors, and self-employed workers – groups who are often overlooked by our traditional banking system and could not seek relief through the traditional PPP channels.Īs a fintech lender service provider, Blueacorn partnered with the Small Business Administration (SBA) and CDFIs to facilitate the application for and fulfillment of PPP loans predominantly for businesses and workers who qualified as independent contractors, self-employed individuals, freelancers, and gig workers. However, due to the structure of the program, it became clear that there was a growing divide when it came to loan disbursement, with lenders prioritizing applications for clients who would take out the largest loans and bring in the highest fees. The launch of PPP was met with enormous demand and the program was renewed two times to meet the flood of applications. PPP was designed to be an intentionally untargeted program with limited safeguards in place so as to prioritize reaching those in need as quickly as possible. Given the severity of the threat posed by COVID-19, the government sought to create a program that focused on speed and access. PPP was a cornerstone program of the CARES Act, intended to help employers keep their employees on their payroll by covering up to two months of their payroll expenses with a loan that could be completely forgiven if it was spent in accordance with the program’s guidelines. ![]()
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