Founded in 2013, Boxed has brought the bulk-buying model online for consumers and businesses. With the pandemic accelerating online grocery’s growth in the U.S., the company has seen its average order value reach roughly $100, according to Monday’s announcement.
In addition to groceries, the online retailer offers staple goods like household, personal care and health and wellness items along with office supplies and pet products. Early this year, Boxed partnered with Aeon, one of Asia’s largest retailers, to expand overseas with a multi-year software-as-a-service (SaaS) deal that monetizes the online grocer’s proprietary end-to-end technology. Aeon invested $111 million in Boxed in 2018.
Through the merger with Seven Oaks, Boxed is poised for further growth as a publicly traded firm. In an interview with The Wall Street Journal, Huang said Boxed is not profitable, but that it sees an opportunity to license its in-house technology to other companies. Its digital advertising, delivery operations and sales to business clients are also opportunities for future growth, he said.Grocery Dive