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Wenzel: In-house supply chain creates high quick-commerce entry barriers
“You have to build a lot of that assortment or a lot of that procurement and supply chain infrastructure yourself. You have to become the warehouse and the logistic and the procurement company yourself. And only then you are able to fulfill the very high demand…”
US Quick Commerce Takes Twice as Long to Reach LATAM Margins
“So it takes twice as long for the United States to achieve the same contribution margins as in Latin America, but over a five to 10 years horizon, you will see margins converging to very, very similar levels.”
JOKR Achieves Positive Contribution Margins Across Most Micro-Fulfillment Hubs
“And we have already in the vast majority of our cities and in our neighborhoods and in the vast majority of our more than 200 micro fulfillment hubs, we are already yielding positive contribution margins after all delivery costs, picking costs, inventory losse…”
Quick Commerce Product Margins Can Reach 50% at Scale
“I think that product margins can converge at scale towards even 50% of revenue over time.”
JOKR Yields Three Times Whole Foods' Revenue Per Square Foot
“We yield at maturity three times higher revenue per square feet as in Whole Foods, which is an incredibly professional and incredibly beautiful company.”
JOKR Achieves ~40% Gross Margins Across All Geographic Markets
“I think on a percentage basis, our Gross margin. So after Cox, after product cost and inventory losses, they converge to pretty much the same level across all of the geographies we are in. So they're around like the 40% type of threshold.”
JOKR's first delivery neighborhoods turned profitable within six months
“Even though we are only like six months in business, we have the basically first neighborhoods turning profitable now, even though we expected that ourselves to come in significantly later.”
Wenzel: JOKR opposes fixed SKU limits in favor of individualized catalogs
“So we would contradict and would oppose the strategy of focusing on standardized catalogs because the joker business is Reversing the thinking of a standardized catalog. So for us, it's not focusing on a standard set of SKUs, be it 1001 1500 or 2000 SKUs that …”
JOKR aims to employ all delivery riders as full-time staff
“We are aiming at employing our riders as Full-time employees. We make them basically part of our team, of our culture, and then an equally valued, basically a team member as they would be on the engineering side, on the marketing side, on the operational side,…”
Wenzel: JOKR can be profitable with one order per week per customer
“So I think we can run a profitable business if the customer comes back just once per week, like four times per month.”
Wenzel: JOKR achieves higher product margins than marketplace delivery platforms
“We become the supermarket, the wholesaler, the warehouse company, the distribution company, all as part of our company. And hence the profit pool that we have on the actual product margin is significant and significantly higher than with any comparable marketp…”
Wenzel: JOKR hits up to 50% procurement margins on local sourcing
“Allows us to tap into a product margin into procurement margin of up to 50% if we procure local food, fresh items, or locally produced packaged food items as local and as direct as possible.”
Wenzel: JOKR combined picking and delivery costs are 12% to 15%
“And overall, in terms of the combined delivery and picking costs, we're currently averaging about like. 12 to 15%, depending on the market, both together as a percentage of revenue.”
Wenzel: JOKR Media will generate 10-15% of global revenue near term
“We launched our Joker media proposition only some few weeks ago and already in the first month, it's almost contributing five percent of our global revenue. And we believe that in the future for that to reach basically 10 to 15% already in the near term”
JOKR's Mature Latin American Hubs Achieve Lease Cost Breakeven
“And in our most mature hubs in Latin America, we are already generating 500 orders per hub, whereas we would only need 1000 per month in order to break even on the actual lease cost. So we're already in a situation in most of our Latin American cities and geog…”
JOKR Achieves ~40% Product Margin in Most Mature Cities
“Whenever we directly procure, our product margin is around the basically 40% benchmark. We're generating that product margin already for some of our most mature cities and some of our most mature markets, as we already have a direct procurement share of above …”
Very Few Quick Commerce Players Are Mature Enough for Partnerships
“And there are very, very few players out there that have reached the maturity and the level of professionalism that would make it sense to us to look into strategic partnership.”
JOKR is Growing New Customers by 15% Week-Over-Week
“We still keep on having 15% weekly growth in new customers.”
JOKR Delivery Efficiency is Double That of Traditional Marketplaces
“So those two elements are the main drivers behind a delivery efficiency in our model that is twice as high on average than with a typical marketplace companies.”
JOKR Reaches 3.5-3.7 Drops Per Hour and >90% 15-Minute Fulfillment
“Most mature cities are We're already at a so-called drop rate of in between 3.5 to 3.7 drops per hour per rider, and that is a function of consistently sticking to the 15 minutes delivery guarantee, more than 90% of our orders that we're fulfilling worldwide w…”
Over 50% of JOKR's New Customer Growth is Organic
“And already more than 50% of our new customers are generated by us organically. They're coming to us through word of mouth, through organic referrals or basically other type of, like, organic channels that we've opened up. So more than 50% of our new customer …”
JOKR Projects a 5% to 10% Margin Uplift From Private Labels
“We think that at scale, we have like a five to 10% additional margin potential that we can unlock while building private label.”
Wenzel: Drops per hour is the wrong metric for delivery logistics
“Getting a certain drops per hour, which we think is The wrong metric to focus it because you have to focus on whether you make your customers happy and whether you make your team happy.”
Wenzel: JOKR combined fulfillment costs will converge to 10% of revenue
“What we believe that's to go down and like converge towards in a combined way of delivery and picking costs together towards like the 10% of 10% of revenue.”
JOKR Leases Cost $3k-$5k/mo in Mexico vs $15k-$20k in US
“In Mexico, our average lease cost for the type of warehouses that we are leasing is in between the 3000 to 5000 US dollars per month, which is obviously a fraction of what we would pay in the United States, where lease costs are then rather in between the 15 t…”
Meeting 15-Minute Delivery Windows Directly Increases Customer Lifetime Value
“The more we are able to adhere and stick to the 15 minutes delivery guarantee, the higher the order frequency, the higher our retention rate, the higher the customer lifetime value.”
Fresh Produce Margins Are Significantly Higher in LATAM Than US
“The product margins for fresh produce in Latin America are significantly higher than the product margins for fresh produce in the United States.”
Wenzel: JOKR will expand beyond grocery and convenience product categories
“In the future, we will open up to other product categories so that if you're sitting at home or in the office, or if you're at a gathering at an event or wherever you are, you have the ability to order what you need in that particular moment. And it will alway…”
Wenzel: JOKR is doubling down on private label product expansion
“No, private label is a big focus of ours. We're doubling down on our efforts with regards to basically a private label product offering.”
Wenzel: JOKR maintains an average order value around $25
“The average group AOV is currently at around like, 25 US dollars, which is already representative of like a bigger grocery basket instead of just like a fill up basket.”