Fruugo has continued its strong growth momentum in Q4, achieving revenue growth of over 70 per cent against Q4 2020, with revenue generated during the six week ‘Black Friday’ and pre-Christmas trading periods +80 per cent versus the prior year and over 300 per cent growth versus two-year prior. This strong performance, says Fruugo, reflects the quality and scalability of the Group’s platform and technology, Fruugo’s market-leading data science expertise, and the continued rapid global growth in cross-border eCommerce.
As a result, and building on the Group’s strong momentum in the first nine months of the year, the Group achieved FY21 revenues of over £30m and Total Transaction Value (TTV) of over £135m. This performance was supported by a 59 per cent YoY increase in the number of retailers using the Group’s technology platform as well as a 60 per cent YoY increase in the number of shoppers buying through Fruugo from around the world. During the year, more than 91 per cent of all transactions completed were cross-border and 82 per cent of transactions were cross-currency. More than 90 per cent of Fruugo’s revenue was generated from shoppers outside of the UK.
This market leading growth highlights the strengths of Fruugo’s highly diversified global marketplace as well as the Group’s digital marketing expertise, which enables retailers selling through Fruugo to consistently tap into high-demand online search trends. By automatically localising and translating product listings and enabling shoppers to make purchases in their local currency, Fruugo reduces the friction and complexities of cross-border trade. This enables shoppers to access a greater variety of products while providing retailers with access to significant new pools of customers in countries they would not otherwise be able to reach.
“In addition to its trading update, Fruugo announced the appointments of Robert (Rob) McWilliam and Elizabeth (Liz) Scott as Independent Non-Executive Directors with effect from December 2021.
Rob brings over 25 years’ experience in digital leadership, finance and strategy to Fruugo. Between 2018 and 2021, Rob was Chief Financial Officer of Asda. Previously he was at Amazon UK where he served as Vice President UK, Finance Director and Vice President of Consumables between 2013 and 2017. Rob is currently a Non-Executive Director of Card Factory plc and a Non-Executive Director and Trustee of Jisc. He was previously a Non-Executive Director of Ten Entertainment Group plc where he was also Chairman of the Risk and Audit Committee.
Liz is Client Engagement Director at Tech Nation, where she is responsible for delivering a national expansion strategy, providing proactive support to a UK wide network of rapidly scaling technology businesses, and curating and delivering strategic partnerships. Prior to this role, between 2001 to 2019 Liz held various senior positions at the global accountancy and consulting firm EY.
Dominic Allonby, Executive Chairman of Fruugo, said: “We are delighted to report that our very strong growth momentum has continued through Q4, capping off a tremendous year of continued transformational growth and strategic progress for Fruugo.
“Fruugo’s mission is simple: to enable retailers anywhere to sell to shoppers everywhere, enabling retailers to access international demand for their products that they wouldn’t otherwise be able to find. Our proprietary technology and data science expertise, in combination with the huge range of product categories available through our platform, means that Fruugo is able to continually tap into worldwide consumer demand for sought after products and categories.
“The benefits of our very diverse, cross-border marketplace model have been particularly profound in recent times and are reflected in our outstanding growth rates. While many traditional and e-commerce retailers and brand owners have grappled with external supply chain headwinds and stock availability, Fruugo has been able to deliver record revenues, by enabling the retailers using our “no-sale no-fee” platform to find new shoppers all over the world.
“As we enter 2022, we remain focused on further enhancing our platform, including developing the tools retailers use to join Fruugo and continuing to develop the user experience on our websites. To support the next phase of our growth journey, I am delighted to welcome Rob and Liz to the Board as Independent Non-Executive Directors. Their extensive expertise across digital leadership and platform technology will add huge value to our already highly experienced senior management team and Board.
“These are very exciting times for Fruugo. Our business is fast-growing, truly international, asset light and built for scale. With continued outstanding growth and further investment to come we look forward to continuing on this strong trajectory and continued strategic progress in 2022 and beyond.”
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