Online retailer Boxed by the numbers
NEW YORK (AP) — Boxed caters to millennials looking to do their bulk buying from their phones. Here are some figures about the business:
CEO AND CO-FOUNDER: Chieh Huang
HEADQUARTERS: Union, New Jersey. Its biggest corporate office, not including distribution workers, is in Manhattan.
ANNUAL SALES: Hit nine digits in its third full year of business.
CUSTOMERS: Huang says about 80 percent of Boxed customers are age 25-44 and 60 percent of traditional warehouse store shoppers are boomers. Business is divided evenly between rural and urban shoppers.
DISTRIBUTION CENTERS: Boxed operates distribution centers in Las Vegas; Atlanta; Dallas; and Union, New Jersey. The company recently automated the New Jersey center with robots, making it four to six times more efficient than the others. The company kept workers by retraining them for other jobs.
SHIPPING AND SERVICES: There’s no membership fee. Huang says the average order is $100 total or 10 items, meaning virtually all shoppers meet the $49 needed for free shipping. Ninety-four percent of customers get items in two days or less; and 51 percent get the package overnight.
PRODUCTS: 1,500, focused on food and consumer staples like toilet paper.