In its trading update for FY22, Fruugo, the global online marketplace platform increased revenues by 110 per cent year-on-year to £65m, building on very strong prior year comparatives with growth of over 230 per cent on a two-year basis Total transaction value through the Fruugo platform increased by 87 per cent YoY to £255m, with 96 per cent of all transactions cross-border. 83 per cent of all transactions were cross-currency.
The Group generated £255m for FY22 on behalf of retailers located all over the world. The volume of retailers using the Group’s technology platform rose by 63 per cent YoY, and the number of shoppers buying through Fruugo from around the world increased by 114 per cent YoY to just under 7 million in FY22.
Fruugo’s agile technology and real-time model ensures shoppers are dynamically matched with retailers around the world, only offering for sale products that are in stock and ready to ship at the moment of order. The retailers fulfil the orders directly and consequently, Fruugo itself never holds stock nor is it directly subject to logistics or supply chain shortages. Since Brexit, many companies have found selling overseas to be more difficult. Many are daunted and don’t know where to start. Fruugo provides solutions by making direct-to-consumer export sales simple.
During the year, Fruugo also achieved notable recognition across the international eCommerce sector. In March, it was listed in the annual FT1000 list – the 1,000 fastest-growing companies in Europe (assessed by the Financial Times & Statista). Then, in July the company was listed in The Sunday Times 100 Awards, 2022 – the 100 fastest growing private companies in the UK. And finally in November, Fruugo won the prestigious “Growth Company of the Year 2022” in the UK Tech Awards.
Dominic Allonby, executive chairman of Fruugo, said: “We are delighted to report another year of exceptional growth. Due to substantial and growing demand for Fruugo’s multi-award-winning services, coupled with our high-quality execution, we have more than doubled the size of our business in just one year.
“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.
“Fruugo already powers the global trading of thousands of ‘direct to consumer’ businesses and has the capacity to serve many, many more. As we enter 2023, 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.
“These are very exciting times for Fruugo. The Group’s audited financial results for FY22 are expected to confirm that FY22 set a new record for profits as well as the overall growth and scale of the business. Our high-quality and experienced management team and board of directors are focused on building a large scale and world class global marketplace business. Fruugo is fast-growing, award-winning, truly international, asset light and built for scale. We look forward to continuing our strong growth trajectory in 2023 and beyond.”
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