The Very Good Food Company Announces Significant Growth in its Online Initiatives
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2020) - The Very Good Food Company Inc. (CSE: VERY) ("VGFC" or the "Company") today reported statistics related to the increase in traffic across its ecommerce store, social media channels and newsletter subscribers.
Consistent efforts by the Company to increase online traffic and expand its direct to consumer business have shown significant progress. Metrics for the most recent 4 month period highlight considerable growth across key data points. These include an increase in site visits to 447,169 (+1,591%), as well as an increase in average order value (+108%), number of orders (+986%) and conversion rate (+155%).
"We are very proud of the progress we have made growing our 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." - Mitchell Scott, CEO.
In addition, the Company has grown its active subscriptions for the "Monthly Meat Club" to over 1,000 of its most loyal recurring customers, from less than 100 this time last year.
Online Channel Growth
Social media followers and newsletter subscriber growth has advanced at a similarly expeditious pace, helping to fuel the online ecosystem of The Very Good Food Company. In the four months ended June 30th, email newsletter subscribers grew 98% to 28,000 members who receive product and company updates.
Over the same time period, the online communities of both Facebook and Instagram followers of the Company experienced growth of 627% and 498% respectively, and have both recently surpassed 30,000 on each platform.
As a result of the significant growth in online activity, orders across North America have substantially increased. To fulfill the immediate customer demand, the Company is working hard to increase production out of the Victoria facility as construction of the Vancouver facility approaches.
"We understand the production bottlenecks and will be focused on streamlining existing operations while investing into automation and new technologies to increase output." - Olga Millman, Director of Process & Engineering Operations.
About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology company that designs, develops, produces, distributes and sells a variety of plant-based meat and other food alternatives. Our mission is to employ plant-based food technology to create products that are delicious while maintaining a wholesome nutritional profile. To date we have developed a core product line under The Very Good Butchers brand.
For further information, please contact:
Chief Executive Officer and Director
Corporate Communications and Investor Relations
Phone: +1 855-472-9841
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes, but may not be limited to the general scalability of operations and sales.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes and the impact of and risks associated with the ongoing COVID-19 pandemic. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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