- The Very Good Food Company (VERY) has reported encouraging traffic increases on its e-commerce store, social media, and subscriptions
- In four months, visits to the company’s e-commerce store have grown by 1,591 per cent, resulting in increased orders
- Active subscriptions to the company’s Monthly Meat Club have grown to over 1,000, from under 100 this time last year
- In order to meet growing demand, the company is working to increase production at its Victoria facility
- The Very Good Food Company (VERY) is down 0.65 per cent and is currently trading at C$1.52 per share
The Very Good Food Company (VERY) has reported encouraging traffic increases on its e-commerce store, social media, and subscriptions.
In the four-month period which ended on June 30, 2020, the company’s email subscribers grew to 28,000. This represents a 98 per cent increase in subscribers who receive updates about the company and its products.
During the same period, the company’s social media sites experienced considerable growth in follower numbers. Facebook followers grew by 627 per cent, while Instagram grew by 498 per cent. Both network platforms have both recently surpassed 30,000 followers.
This time last year, the company’s Monthly Meat Club had less than 100 active subscriptions. Since then, the subscription has grown to over 1,000 loyal customers.
Most notably, The Very Good Food Company has seen massive increases in activity on its e-commerce store. In the last four months, visits to the site rose to 447,169, an increase of 1,591 per cent.
This resulted in an increase in the number of orders, and in the average value of those orders. Specifically, orders spiked by 986 per cent, with average order value rising by 108 per cent. This represents a conversion rate of 155 per cent.
This increase in online activity has translated into a significant rise in orders across North America. In order to meet this growing demand, the company is working to increase production at its facility in Victoria.
The ramp-up will focus on streamlining existing operations, while investing in automation and new technologies to increase output.
The Very Good Food Company’s CEO, Mitchell Scott, said the company is proud of its progress in growing its direct-to-consumer business.
“As consumer purchasing behaviour is changing considerably, we remain focused on providing options that allow our customers to buy our products on their own terms.
“Our online positioning sets us apart from the competition and gives us a platform to continue scaling our sales at a rapid pace,” he said.
The Very Good Food Company (VERY) is down 0.65 per cent and is trading at $1.52 per share at 1:45pm EDT.