![]() ![]() ![]() Revenue grew by less than 1% year over year to $124.2 million - 48% less than the $238.1 million the company generated at this time in 2017. That said, management plans to jump-start growth through a strategy called The Next Course, which aims to regain market share through marketing, strategic partnerships, and new products. Operations are falteringīlue Apron's second-quarter results highlight the weakness in its operations. Blue Apron failed to create a value proposition for consumers that could overcome these challenges, and shareholders are paying the price. The meal kit industry has relatively little differentiation between services and low customer stickiness because people can easily switch between platforms or choose alternatives like buying their own groceries. online meal kit industry, compared to its closet rival, Hello Fresh, which only had a 28% share at the time (according to data from Vox). But by 2020, Blue Apron's market share had collapsed to just 9%, while Hello Fresh grew its share to 69% over the same period. At the time of its initial public offering (IPO) in 2017, Blue Apron enjoyed a 40% share of the U.S. ![]()
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