Food and logistics business My Foodie Box Limited (ASX: MBX) has unveiled information on its upcoming launch of its new website and app and the successful take-up of its Thermomix Box.
What a year it’s been! My Foodie Box listed on ASX in January with ~1,650 active subscribers and a lofty goal of reaching 4,000 subscribers by the end of the calendar year. I am thrilled to say we surpassed this milestone in October 2022,” My Foodie Box CEO, Mai Hughes, said.
“In this short space of time, the company has more than doubled its subscriber base and database with all processes and systems designed to be fully scalable, maintaining a quality offering capable of managing a capacity ten times our current size.
“Meanwhile, we have achieved this growth while successfully reducing operating costs across the business, driving our margins further.
“With the launch of a new website and app in January, and our Thermomix Box gaining traction since launch, I am confident we will continue to deliver substantial growth into the foreseeable future.”
Sales strategy delivering results
The transition from a large-scale brand awareness marketing strategy to a discount sale- focused marketing strategy during the September Quarter has heralded significant growth in both Active Subscribers and MBX database.
As at November 30th 2022, MBX database consisted of over 66,000 registrations, a significant 126% increase from January 2022 when the Company listed.
This database is a key asset of the business, as it allows MBX to create and run targeted marketing campaigns to this group, at a low cost per acquisition, and introduce complementary revenue opportunities.
Cost per acquisition (CPA) has steadily reduced with the rollout of the new marketing phase over the September Quarter.
New website/app launch
MBX has also advised of the imminent launch of a new website (and associated mobile app).
The company’s in-house web development team is finalising testing and it is anticipated to go live on mid January 2023. This is the culmination of 12 months dedicated work and is a significant milestone in the life of this business.
This new eCommerce platform will allow the company to scale up faster and more robustly, including launching into the eastern states in the new year. The new site will have new features making it more user-friendly and providing better automation and data capturing for our operations, logistics and marketing teams.
An App has also been developed in conjunction with the new website and it is ready to launch once the new site goes live. The App will add significant convenience for our customers to order and manage their accounts.
The new website and app will enhance customer experience, adding significant functionality to assist operations and logistics, and introduce additional revenue and cost control opportunities. Customers will be able to fully personalise their box by increasing the portion size, upsizing and/or upgrading their protein, and purchasing additional products through the Marketplace.
New facility
MBX is also assessing finance options to fund the transition to a new facility which will further facilitate growth, and significantly enhance efficiencies and quality control while reducing operating costs.
A new facility was located at Perth Airport Precinct however negotiations with the landlord were unsuccessful and have been terminated. My Foodie Box is currently looking for appropriate space whilst it is sourcing the necessary funding to undertake the move.
MBX will keep the market updated in accordance with its continuous disclosure obligations.
Thermomix Box Update
Since the successful launch in late September and the first production and deliveries at the end of October, the Thermomix Box has gained good traction. So far, there have been 1,320 activations for a Thermomix Box.
Thermomix Box will spearhead MBX expansion into the eastern states, starting with New South Wales, in the new year. Sydney is the largest market in Australia and will be the base for launching into other eastern states. The Australian meal kit market is over $600 million per annum currently and MBX only requires a small piece of the market to be a very successful business. Furthermore, the meal kit sector is a potential disruptor to the retail grocery sector which turns over more than $7b per annum in Australia. From this base, MBX aspires to create an online digital distribution network that can deliver a range of products to Australian homes.