For Kaddy to remain flat during re-opening trade suggests others would have got the bulk of sales. Heaps of extra buyers & sku's yet GMV flat. The sales went elsewhere. Doing same GMV with less suppliers/buyers means more suppliers/buyers are buying less.
100 buyers x 2 x $50 bottles average = $10,000 & 200 buyers x 1 x $50 bottle average = $10,000. The other bottle has been bought elsewhere for GMV to remain flat or the additional 100 buyers didn't buy anything.
If Kaddy has big brands on board such as CUB, Asahi, Pernod Ricard, Diageo etc then it could possibly become better for buyers & grow faster. But if eBev took a while to get to $154M GMV then Kaddy will probably be similar.
More buyers will use it when they can buy the big volume products as well as unique products. Unique products will compliment the big brands well.
Ann: DW8 Secures Institutional Funding Launches Entitlement Offer, page-356
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