BrewDog have ALM, ILG, Paramount, Motus, eBev & Kaddy listed as wholesalers. Many other suppliers are similar with multiple wholesalers. They all have logistics apart from eBev. There's also a smaller wholesaler, NOC Wholesale listed on many smaller spirits supplier sites.
Buyers use ALM, ILG, Paramount & eBev as they have big brands on board resulting in large volume orders. Buyers use Kaddy for low volume unique products as there are no big brands on board hence the low basket size & flat GMV growth. Kaddy is great & works but it appears volumes will be small.
In this BrewDog example the bulk of BrewDog's volume would most likely be going via ALM, ILG, Paramount & eBev as they also have other big brands on board & buyer's basket size will be large. The bigger buyers wouldn't bother going to Kaddy for a few unique low volume items.
eBev has grown GMV to $154M in 6-7 years & the platform was free to use with big brands onboard & exclusive venues onboard. They are working on some fintech products to add to the platform.
The competitors are very strong resulting in Kaddy GMV remaining flat. Will most likely take a very long time to grow to $1B GMV. May have to eventually merge Kaddy, eBev, Motus & NOC Wholesale to increase GMV depending on how much customer overlap there is.
With increased sku's & buyers it doesn't make sense for Kaddy GMV to remain flat unless products are being purchased via competitors & Kaddy buyer's basket size is decreasing. As an example, 100 buyers x $100 each has grown to 200 buyers x $50 each = flat. Was to be expected as items were 5% more expensive on Kaddy due to fees. Even with lower fees buyers will still prefer to use competitors due to big brands.
Flat GMV growth due to competition not Covid excuses.
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