March 1 Update
Starting a new month off with some updates on the business so far in 2021.
- Dry Jan - $280k in revenue
- Feb - $188k in revenue
- Commentary -
- Jan exceeded sales expectations (against $185k in Dec and $155k Nov holiday periods) by a good amount! With the positively surprising news that 1 in 5 Americans reportedly have taken on the Dry January challenge, the concept and understanding of products in our young space have taken a huge step forward toward mainstream.
- While big Jan sales are fantastic up front, with covid-stressed supply chains, this meant that February would bring a drop-off as inventories became exhausted.
- The silver lining here is that Feb, utilizing $0 in ad spend, despite inventory constraints, still surpassed holiday level sales numbers. This was 100% organically driven and admittedly, not much attention was given there (even on our email marketing front, we pointed those efforts more toward the Republic raise) due to lack of bottles on hand. This speaks to the potential impact our brand and loyal subscriber base already holds at this early stage.
- Inventory update - our glass was finally released from port early last week and bottles are now flowing through our manufacturing process and onto fulfillment centers. Any small backlogs on DTC have been cleared and we expect to be back at full speed this week.
- Further on glass specifically (the pain point in our supply chain as mentioned in the discussion section a few times) - 20k units are now parked locally in our warehouse; 22k scheduled to arrive end of March; 44k have been accelerated to production now and will arrive mid-April. The above volumes are believed to be more than adequate to minimize any future stock-out storms, however, we'll continue to buy as much as we can as early as we can, based on funds available. Research into glass sourced in Mexico is also being looked into (to avoid the unprecedented port congestion/delays globally).
On March, this will be a busy, exciting month. We'll return to growth marketing efforts (with stock out issues coming to a close later this week) and welcoming in scores of new customers to Monday, preparing all details for Whiskey launch in April, and the continued full court press on the capital raising front.
The future is bright and we're excited for what's ahead!