Forbes: Online Wellness Grocer Thrive Market Found Its Niche
Our congratulations to health and wellness retailer Thrive Market, a Renovata client which has scored two significant pieces of press coverage in 48 hours.
The company has bagged a profile in Forbes, which concentrates on the company’s consistent outperformance against objectives and a clear positioning as the own-brand alternative to health food retailers, most obviously the Amazon-owned behemoth, Whole Foods.
Indeed, Forbes calls Thrive Market “where Costco meets Whole Foods” and focuses on the company’s underdog positioning . But the model clearly works: co-founder and co-CEO Gunnar Lovelace says “In every single category where we launch our own products, we’re seeing 50% to 80% market penetration in that category”.
Digiday, meanwhile, notes that as well as a credible discounting model based on own-brand products, Thrive is gaining support from ethical consumers (a rapidly growing market) for its end-to-end transparency on sourcing: “All items sold through Thrive have to meet the company’s standards around sourcing and supply chain practices (all products, the company claims, are ethically sourced) and ingredients (all products are non-GMO, for example)”, Digiday reports.
To support growth in the ethical space, Thrive has inked several new partnerships, including most recently with Kehe Distributors, a channel specialist for organic products.
Sources: Forbes, January 6, 2019 and Digiday, January 4, 2019