The Very Good Food Company Inc. - CEO, Mitchell Scott (Right)
CEO, Mitchell Scott (Right)
Source: Peninsula News Review
  • The Very Good Food Company (VERY) says November has been its best month on record, with total sales reaching more than C$780,000
  • The figure represents a 582 per cent increase compared to November last year, and was partly attributed to U.S. Thanksgiving, Black Friday and Cyber Monday promotions
  • With such a strong performance, the company said the sales demonstrated the effectiveness of its various e-commerce marketing initiatives
  • The company has now extended an agreement with Gravity Accelerator PBC, which provides search engine optimisation services at a cost of US$50,000 (roughly C$63,800) per month
  • The Very Good Food Company is currently down 1.62 per cent to $9.10 per share

The Very Good Food Company (VERY) says November has been its best month on record, with total sales reaching more than C$780,000.

The plant-based food provider said the figure represents a 582 per cent increase compared to November last year, and is largely attributable to U.S. Thanksgiving, Black Friday and Cyber Monday sales promotions.

Total e-commerce sales for the month came to just over $600,000 from 6,258 orders, representing an increase of more than $292,000 from the month before and an increase of $550,000 over the same period on 2019.

Of this amount, America’s Thanksgiving holiday contributed roughly $384,000 in e-commerce sales from 4,287 orders, which shows a 1,686 per cent climb compared to November 2019.

Similarly, the Black Friday and Cyber Monday promotions generated more than $191,000 in e-commerce revenue.

The Very Good Food Company said the strong performance demonstrated the effectiveness of its various online marketing initiatives, which has been successful in developing a strong sense of brand awareness for its products.

Such success is expected to support the company’s next phase of growth and increased production capacity, which is anticipated to come online in the first quarter of 2021.

“We are very pleased with the results of November’s e-commerce sales promotions,” said Mitchell Scott, CEO of The Very Good Food Company.

“We will be rolling out new marketing initiatives in the New Year to target existing and new customers in both our e-commerce and wholesale sales channels as we work to expand our production and distribution capabilities with the commissioning of the Rupert facility,” he added.

The Very Good Food Company also announced today that it has extended an agreement with Gravity Accelerator PBC, which has provided search engine optimisation services to the company since August this year.

As compensation, Gravity Accelerator PBC will receive a total of US$50,000 (roughly C$63,800) per month, comprised of US$30,000 (C$38,000) in common shares and US$20,000 (C$25,500) in cash.

The Very Good Food Company is currently down 1.62 per cent to $9.10 per share at 9:49am EST.

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