Record quarter for Spiritrade
Having introduced its revamped platform at the end of last year, global drinks exchange Spiritrade is on track to register sales of more than €15 million in the first quarter of the year.
Since launching in 2019, Spiritrade, the global drinks exchange, has gone from strength to strength. The business is fully expanding its operations due to the strong demand from the drinks industry. Spiritrade introduced its redesigned platform in late 2020, which proved to be a huge success. Spiritrade is now projecting sales that are in excess of €15 million for the first quarter of 2021.
Jimmy Metta, CEO, says: “We didn’t really know what to expect, but what is becoming very clear to us is that the industry is changing dramatically, and we are solving problems for most drinks businesses on a global scale. Spiritrade is now visible in over 60 countries, and we have big plans in the coming year.”
With a growing team, Spiritrade is fully committed to ensure maximum safety and efficiency for the entire drinks industry. The company is looking to add new divisions in the coming months to further assist businesses and stockholders using its bespoke, state-of- the-art technology. Andrew de Lavis-Trafford, global head of trade, says: “While we now have members from around the world joining daily, it is the growth in the value of our inventory, which is up by 45% in the first quarter of 2021, and now values in excess of £50 million, which is most telling.”
He adds: “This growth has been driven by brand owners joining the platform, as they have recognised that by using Spiritrade as an alternative revenue stream they are able to reach the global market at a touch of a button, without the need to deploy boots on the ground, provide credit to third-party distributors, and waste budgets on travel, listings fees and marketing budgets that are more often than not used to promote the brands. As a result, the investment often fails to deliver on the expected return on investment from brand owners.”
Ewan Wright, brand relations manager, says: “As the evolution of the drinks industry expands, e-commerce is showing vast growth in this sector. I am speaking to global brand owners daily and they are all keen to explore our platform to create new revenue streams for
As the e-commerce category grows, Spiritrade is utilising its platform not only to boost brand owners’ sales, but to be the driving force of opening up new global markets to companies that have wasting assets. This is shown by it leading the way in opening up a ‘short shelf-life’ category that gives breweries and companies alike a fighting chance.
Spiritrade is now hiring for several new roles to ensure it continues on its positive momentum. Metta adds: “This is an exciting time for the business, and we are looking forward to bringing some talented individuals on board to be part of this journey.”