The Ledger
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Eitzen: SnapBar Gift Box Pivot Did $500K in First Three Months
“It was about eight days from concept to when we launched the first website. And then we basically took pre-orders for two weeks to buy us extra time as we sourced small vendors from our first box, which was Seattle. And we sold in the first three months, we di…”
Eitzen: SnapBar Generated About $3M in Revenue in 2019
“Yeah, about three million in 2019 on track to do four to five, 20 20.”
Eitzen: SnapBar lost 3 to 6 months of revenue overnight
“I think we lost about three to six months of earned or like potentially earned income overnight and sales since then have continued to be just absolutely dead.”
Eitzen: Microsoft and Google bought hundreds of gift boxes in bulk
“What we were surprised by when we pushed to e-commerce was that, again, it was these brands, big companies like Microsoft, Google, that would purchase 203 108 hundred boxes in one go. Brand the boxes and send them to all their, you know, people on various depa…”
Eitzen: SnapBar Gift Boxes Have 40% Gross and ~5% Net Margins
“So our product margin, gross product margin is about 40%. Net business margins maybe five because we're very new at this, and I'm sure we're relatively inefficient in some ways, whereas when we were running a photo booth company, our product margins were 300%,…”
SnapBar ran at 33% to 40% net profit margins before COVID
“Net business, I think we were at basically 33% to 40% net business.”
SnapBar's virtual photo booth software generated $140,000 in six weeks
“Is, has been pretty incredible in the past month and a half since we launched it has generated about a 140 K. And the profit margins are much higher on that side again.”
Eitzen: TED, Salesforce, and St. Jude's Use SnapBar's Virtual Booth
“Ted used us for their, as they pivoted to a virtual you know, Salesforce is a big client doing events around the world for their teams. We did a really huge event for St. Jude's prom, a virtual prom that they did a few months ago.”