NEW YORK--(BUSINESS WIRE)--Ordergroove, the leading provider of subscription solutions for retailers and brands, today announced 2023 financial results, emphasizing a growing trend of businesses investing in the recurring revenue solution to drive profitable growth. In the year since closing a $100M Series C fundraise, Ordergroove saw new business bookings grow 152%, as major subscription-first brands and fast-growing merchants flocked to the platform to power subscriber experiences. The company has seen a GMV compounded annual growth rate of 55% over the last five years as it now processes billions in subscription sales from leading brands like Petsmart, L'Oreal and Good Ranchers. This new era of commerce, where consumers require convenient, frictionless buying experiences and brands need profitable, reliable revenue, has led to Ordergroove’s growth and popularity with more than 11% of adult Americans having had a subscription powered by Ordergroove.
Over the last year, numerous subscription-led brands including Dollar Shave Club, Sharkninja and Trade Coffee moved from homegrown tech to Ordergroove to unlock innovation and lower costs, while brands including Black Rifle Coffee Company, Scotts and Snoopslimes upgraded to Ordergroove to transform their subscriber experience. To help grow recurring revenue for these new customers, Ordergroove has signed 42 new agency partners who are certified to implement Ordergroove’s technology.
Ordergroove’s performance has stayed strong despite the vast number of large-scale migrations and increased traffic. During Dollar Shave Club’s transition to Ordergroove, the team successfully migrated its seven-figure subscriber base over the course of three days, with an impressive 99.99% success rate and zero downtime. Ordergroove has also maintained 99.999% uptime across all customers. Even on peak days when Ordergroove sees up to 15x its usual traffic, uptime or response time has not been impacted.
The new business growth is matched by returning customers, with powerhouse brands like GNC and Tractor Supply Co. renewing their long-standing partnerships with Ordergroove. The growing consumer interest in subscriptions is driven by delightful subscriber experiences, a category Ordergroove has continued to pioneer with its latest product updates including Ordergroove’s Bundles Suite, a comprehensive offering that allows brands to provide their customers with high-value subscription bundle experiences like fixed kits and build-your-own boxes. Ordergroove also powers omnichannel subscriptions, bridging the gap between online and in-store, with subscriptions available in more than 10,000 retail stores.
"In today's market and in the years ahead, prioritizing customer lifetime value over volume is critical," said Greg Alvo, CEO at Ordergroove. "Following a record-breaking year where we empowered merchants to achieve profitable, subscription-driven recurring revenue growth, we're ramping up our innovation. With strategic investments in our platform and technology partnerships, we're arming brands and retailers with new technology that can transform buying experiences, coupled with data-driven insights. This unlocks opportunities for brands to expand average order values without compromising customer retention. We're dedicated to making profitable, recurring relationships the cornerstone of this next era of commerce, underscoring merchants' success for the years to come."
In 2024, the company plans to continue expanding its offerings to help brands maximize recurring revenue through new, automated shopping experiences. Ordergroove intends to widen its platform capabilities in the US and overseas to support the growing demand from brands to drive profitable growth through recurring customer relationships.
To learn more about Ordergroove, visit www.ordergroove.com.
ABOUT ORDERGROOVE
Ordergroove enables subscription and membership experiences for the world’s largest and most innovative brands and retailers, including L’Oréal, Dollar Shave Club, La Colombe Coffee, Bonafide Health and The Honest Company. As a market leader in subscription technology, the company’s proprietary Relationship Commerce platform is shifting consumer interactions from one-and-done transactions to frictionless and highly-profitable recurring relationships. Ordergroove technology uses flexible APIs, analytics, and unmatched consumer expertise to empower top brands to transform their commerce experiences while making their consumers’ lives easier.
