Q4 say cracking Fruugo holiday performance with the marketplace achieving revenue growth of over 70% against Q4 2020, with revenue generated during the six week ‘Black Friday’ and pre-Christmas trading periods +80% versus the prior year and over 300% growth versus two-year prior.
Fruugo holiday performance
The strong Fruugo holiday performance, they say reflects the quality and scalability of the Group’s platform and technology, Fruugo’s market-leading data science expertise, and the continued rapid global growth in cross-border ecommerce. The message that it should be giving you is that if you’re not selling on Fruugo you should probably consider the marketplace in 2020. To find out more, register for Tamebay Live taking place on the 25th-27th of January and sign up for the ‘Why you need to be selling your products on Fruugo in 2022’ masterclass.
Fruugo achieved FY21 revenues of over £30m and Total Transaction Value (TTV) of over £135m. This performance was supported by a 59% yoy increase in the number of retailers using the Group’s technology platform as well as a 60% yoy increase in the number of shoppers buying through Fruugo from around the world. During the year, more than 91% of all transactions completed were cross-border and 82% of transactions were cross-currency. More than 90% of Fruugo’s revenue was generated from shoppers outside of the UK.
This market leading growth highlights the strengths of Fruugo’s highly diversified global marketplace as well as the Group’s digital marketing expertise, which enables retailers selling through Fruugo to consistently tap into high-demand online search trends. By automatically localising and translating product listings and enabling shoppers to make purchases in their local currency, Fruugo reduces the friction and complexities of cross-border trade. This enables shoppers to access a greater variety of products, while providing retailers with access to significant new pools of customers in countries they would not otherwise be able to reach.
Fruugo’s agile technology and real-time model ensures shoppers are matched with retailers around the world who only offer products which they have in stock at the moment of order. You, the retailer, fulfil the orders directly. Consequently, Fruugo itself never holds stock nor is it subject to logistics or supply chain shortages.
Appointment of Independent Non-Executive Directors
Following the strong performance and growth in sales for their retailers, Fruugo have announced the appointment of two new Non-Executive Directors with extensive experience in digital leadership, finance, and strategy: Rob McWilliam, former Asda CFO and Vice President of Consumables at Amazon UK; and Liz Scott, who is currently also Client Engagement Director at Tech Nation and formerly EY.
“We are delighted to report that our very strong growth momentum has continued through Q4, capping off a tremendous year of continued transformational growth and strategic progress for Fruugo.
Fruugo’s mission is simple: to enable retailers anywhere to sell to shoppers everywhere, enabling retailers to access international demand for their products that they wouldn’t otherwise be able to find. Our proprietary technology and data science expertise, in combination with the huge range of product categories available through our platform, means that Fruugo is able to continually tap into worldwide consumer demand for sought after products and categories.
The benefits of our very diverse, cross-border marketplace model have been particularly profound in recent times and are reflected in our outstanding growth rates. While many traditional and e-commerce retailers and brand owners have grappled with external supply chain headwinds and stock availability, Fruugo has been able to deliver record revenues, by enabling the retailers using our “no-sale no-fee” platform to find new shoppers all over the world.
As we enter 2022, we remain focused on further enhancing our platform, including developing the tools retailers use to join Fruugo, and continuing to develop the user experience on our websites. To support the next phase of our growth journey, I am delighted to welcome Rob and Liz to the Board as Independent Non-Executive Directors. Their extensive expertise across digital leadership and platform technology will add huge value to our already highly experienced senior management team and Board.
These are very exciting times for Fruugo. Our business is fast-growing, truly international, asset light and built for scale. With continued outstanding growth and further investment to come we look forward to continuing on this strong trajectory and continued strategic progress in 2022 and beyond.”
– Dominic Allonby, Executive Chairman, Fruugo