The Ledger, every show

“Our stores generate more revenue and a higher margin than a typical seven 11.”

“So our customer acquisition cost is actually under a dollar.”

“There are 500 universities in the U.S. Where, that we've identified are viable markets for this, and if you just do the napkin math, our average store at maturity is going to be doing two million a year, so it's a billion in revenue, and then it's about 25% of…”

“Our stores generate more revenue and a higher margin than a typical seven 11, and so we see the future as very bright for our business.”

“So our customer acquisition cost is actually under a dollar.”

“In the evenings, because of COVID, schools have gotten incredibly tight around who's allowed on campus. So if I'm a USC student, after 10 p.m., I actually can't get a DoorDash delivery, even to the building I'm in, much less my door. Because we're using studen…”

“Our stores, we've actually brought our first two locations to cashflow positivity. So our flagship market USC is producing 10,000 dollars per month in profit.”

“Our delivery couriers, we intentionally overstaff because they turn into brand ambassadors, and then they go in and bring their own community inside the school onto the platform. And we've seen the data and the direct correlation between hiring new employees a…”

“So if I'm a USC student, after 10 p.m., I actually can't get a DoorDash delivery, even to the building I'm in, much less my door. Because we're using students, they have student IDs, they can get in at any time, and we're able to deliver the best customer expe…”

“To give you an idea of opening a location, it's roughly 60 K in upfront investment to get the licenses, build out the store, purchase the inventory, and then it's roughly 60 K burn over the first kind of six to seven months to bring that store to break even.”

“Essentially, right after we recorded, literally in the days following, there's a big regulatory change that happens in our industry, and overnight, our insurance costs 10 X's.”

“This looked really scary the first two weeks, and in the middle of all of this tumultuous period, we get an acquisition offer as well.”

“We deliver a curated set of 700 SKUs to students on and off campus in an average of 12 minutes, and we deliver them profitably.”

“Our average ticket is 17 dollars, and we net four dollars in contribution margin per order.”

“So our flagship market USC is producing 10,000 dollars per month in profit.”

“And so our customers in contrast have over eight orders on average, and we've only been open for 18 months.”

“We're projecting that at maturity, which is about three to four years after opening, stores can do two million in top line and 500 K in profit per year.”

“Our delivery couriers, we intentionally overstaff because they turn into brand ambassadors, and then they go in and bring their own community inside the school onto the platform. And we've seen the data and the direct correlation between hiring new employees a…”

“So there are 500 universities in the U.S. Where, that we've identified are viable markets for this, and if you just do the napkin math, our average store at maturity is going to be doing two million a year, so it's a billion in revenue, and then it's about 25%…”

“Right now we see that if we get above 20 into the 25, 30 minute range, we do see a reduction in returning customers”

“And we've also looked at the cost per delivery for these robots. Generally, it's around three to four. And for us, we're already spending only about three 70 to deliver with our existing workflows.”

“Yeah, I actually see the future for, kind of, robotic delivery for us is most likely drones when that catches up mainly because they're gonna be able to circumvent a lot of the foot traffic and, like, you know, car traffic that is what's slowing down most of t…”

“To date, we've done 1.2 million in top line sales. On that, we've spent roughly 600,000 on inventory sold. That's, like, our cogs. And then when you add in the pick pack delivery labor, that's about 20%, and the rest is take for us. So, you know, roughly 30% b…”

“One significant advantage that I see is that we're actually using W-II labor, even though it's part-time.”

“So we're at a 1.2 million dollar run rate.”

“So our burn rate is generally less than 10,000 dollars a month.”

“I actually built all of our tech so I'm kind of a software engineer by trade, but yeah, so we have, Application for our couriers. We have an application for our customers, and then we have internal kind of administrative dashboards, order management software, …”

“We've done some testing, and we've done analysis around, you know, delivery times and return rates for customers, and right now we see that if we get above 20 into the 25, 30 minute range, we do see a reduction in returning customers”

“50% of our add to carts come from the first five products in any given category.”

“Right now, our customers, we have about a 50% conversion from signing up for the app and placing their first order”

“Every time they leave the warehouse, they're generally taking six to seven orders. That's where we really, because we pay them hourly, we're not paying them per delivery.”

“He came to us when he was a student and loved the business so much, you know, we gave him a little bit of equity compensation and then we put this new compensation structure in place and he passed up, you know, big four consulting jobs to stay and run this loc…”

“So we've done, to date, we've done 1.2 million in top line sales. On that, we've spent roughly 600,000 on inventory sold. That's, like, our cogs. And then when you add in the pick pack delivery labor, that's about 20%, and the rest is take for us... 25% of 1.2…”

“One significant advantage that I see is that we're actually using W-II labor, even though it's part-time.”

“So we're at a 1.2 million dollar run rate.”

“Sure, so our burn rate is generally less than 10,000 dollars a month.”

“50% of our add to carts come from the first five products in any given category.”

“Right now, our customers, we have about a 50% conversion from signing up for the app and placing their first order”

“No, so every time they leave the warehouse, they're generally taking six to seven orders. That's where we really, because we pay them hourly, we're not paying them per delivery, that's where we get the cost efficiencies from”