Butterball seeks to overcome consumers’ obstacles for more shared meals



GARNER, NC. — Butterball LLC released its Togetherness Report: Capitalizing on Consumer Appetite for Shared Meals, which examines the impact of consumer shopping behavior on preparing shared meals beyond the holidays.

Butterball defines a shared meal as a planned meal prepared and eaten at home with other people. This could include immediate family meals, casual meals with family or friends, and special occasion meals.

“For 70 years, Butterball has helped new and seasoned hosts prepare the perfect Thanksgiving centerpiece to foster togetherness through food; however, there are numerous opportunities and a strong desire for people to gather over shared meals throughout the year,” said Kyle Lock, Butterball’s vice president of retail and international marketing. “We examined the changing dynamics in human connection, and by sharing these insights, Butterball hopes to shed light on opportunities for grocery retailers to create a tailored shopping experience for consumers. Butterball believes in the power of food to bring people together and anticipates this trend will continue to grow, bringing additional moments of impact for grocery retailers.”  

In May, Butterball conducted a survey of among a sample of 2,127 US grocery shoppers aged 24 and up.

The survey found that, while Americans want to gather for meals, they find that busy schedules are the top barrier holding them back from doing so as frequently as they would like. Other barriers include limited hosting space, insufficient time to plan and prepare meals, limited cooking abilities and lack of new recipe ideas.

Nearly 70% of consumers expressed a desire to increase their frequency of shared meals despite their busy schedules. The report added that 80% of those who have increased shared meals over the past two years say their lives are very rewarding, compared to only 60% of those who have shared meals less often.

When having a shared meal, 87% of consumers prefer shopping in store for food items rather than using time-saving options like ordering online for pickup or delivery.

Expense is not a major concern for consumers when it comes to shared meals. Younger generations — Generation Z and Millennials — in particular are willing to spend significantly more on groceries for shared meals.

With consumers claiming some grocery stores to be more preferable than others when shopping for shared meals, Butterball highlighted opportunities for retailers to help attract more of these kinds of shoppers. As one piece of advice, Butterball suggested providing digital options like publishing recipes online and in-app ingredient lists. Retailers could adapt to other shopper preferences by making recipe bundle kits or updating store organization for an easy, in-store shopping experience, noted Butterball.



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LR and CORE POWER to study next-gen nuclear container ship rules


Lloyd’s Register (LR) and CORE POWER have initiated a joint regulatory assessment study to explore the safety and regulatory requirements for a next-generation nuclear-powered feeder container ship to operate in a European port.

This study focused on the feasibility and necessary frameworks for utilizing a fourth-generation reactor known for its high inherent safety. Following initial planning efforts, it was formalized through a joint development project agreement with A.P. Moller-Maersk.

“The initiation of this joint study marks the beginning of an exciting journey towards unlocking the potential of nuclear power in the maritime industry, paving the way for emissions-free operations, more agile service networks and greater efficiency through the supply chain. A multi-fuel pathway to decarbonising the maritime industry is crucial to ensuring we as an industry meet the IMO’s emission reduction targets and nuclear propulsion shows signs of playing a key role in this energy transition,” stated Nick Brown, CEO of Lloyd’s Register.

The study aims to identify the necessary updates to safety regulations and enhance operational and regulatory understanding for applying nuclear power in container shipping. It will also offer insights for maritime industry stakeholders considering nuclear power as part of their fleet strategy to achieve net-zero greenhouse gas emissions.

Bringing together LR’s maritime advisory expertise, CORE POWER’s advanced nuclear energy technology, the knowledge of a leading Port Authority, and Maersk’s extensive shipping and logistics experience, the study represents a comprehensive approach to assessing the future of nuclear propulsion in the maritime sector.

“There’s no net-zero without nuclear. A critical key to unlocking the vast potential for nuclear energy to transform how the maritime sector is powered, is the standards framework for commercial insurability of floating nuclear power plants and nuclear-powered ships that would operate in near shore environments, ports, and waterways. We’re immensely pleased to be working with some of Europe’s most respected industry participants to set out the conditions for how this can be achieved,” said Mikal Bøe, CEO of CORE POWER.




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Online grocery sales hit $7.9B in July as delivery powers ahead


Dive Brief:

  • Online grocery sales reached $7.9 billion in July, up more than 9% compared with the same month last year, according to data released Thursday by Brick Meets Click and Mercatus.
  • Pickup accounted for about 42% of grocery e-commerce sales last month and delivery claimed a share of just over 40%. The ship-to-home channel accounted for 19% of the market.
  • Delivery sales were up 22% in July even as pickup sales were flat, building on a pattern that gained steam during the previous month.

Dive Insight:

While pickup retained its position leading the online grocery e-commerce sector as measured by sales last month, delivery continued to march forward on multiple fronts as companies including Amazon, Walmart and Instacart cut fees to encourage people to sign up for membership programs.

The sharp discounts Walmart and Instacart offered on their membership programs helped generate growth in both the number of delivery users they saw and order frequency, Brick Meets Click and Mercatus said.

Almost a third of shoppers who bought groceries online from supermarkets or hard discounters in July also received an online grocery order from a mass merchant, the research showed.

“Intense competition in grocery delivery promotions is eroding regional grocers’ control over customer interactions,” Mark Fairhurst, Mercatus’ chief growth officer, said in a statement. “While third-party marketplaces may boost short-term order volume gains, they also make it harder for grocery retailers to achieve the economies of scale needed to reduce operating costs.”

The number of delivery orders recorded last month was almost 20% higher than the figure for July 2023, as both order frequency and the number of shoppers who opted for the fulfillment method increased, Brick Meets Click found. At the same time, pickup order volume was off by 3% as the channel’s monthly active user base and order frequency lost momentum.

The ship-to-home sector, which reflects online grocery orders fulfilled by third-party shippers like UPS and FedEx, notched a slight gain in order volume in July even as order frequency slipped.

Delivery’s base of monthly active users grew last month by more than 10% year over year, compared with a 2% drop for pickup. On the other hand, average order value for pickup slightly outpaced the comparable figure for delivery.

The data also showed that traditional supermarkets grew their base of monthly active users by 7% in July — twice the growth pace they recorded during the same period in 2023. Still, mass merchants managed to expand their monthly active user count at an even faster clip of nearly 8%.

The findings reflect a survey of 1,760 shoppers Brick Meet Click fielded July 30-31.



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Specialty Coffee and Haute Cuisine Meeting at the Ljubljana Coffee FestivalDaily Coffee News by Roast Magazine


A scene from the last Ljubljana Coffee Festival. All images courtesy of Ljubljana Coffee Festival.

The upcoming Ljubljana Coffee Festival is bringing some prominent specialty coffee professionals from throughout Europe together this Sept. 21-22 in Slovenia.

Taking place at the City Museum of Ljubljana, in Slovenia’s capital and largest city, the festival promises to blend specialty coffee and haute cuisine in a program geared towards coffee pros and enthusiasts alike, according to the organizers.

Highlights will include a barista competition, a latte art competition, a sensory room with coffee tastings curated by importers, a lecture series exploring trends and innovations throughout the specialty coffee chain, a roaster village with equipment and brewing displays and a “Slovenian Roasters’ Place” highlighting the coffees and talents of Slovenian roasters.

One of the event’s big draws is likely to be a panel discussion on the evening of Sept. 21 called the Specialty Coffee & Haute Cuisine Panel Forum. The event will bring together world-renowned coffee pros and chefs from some of Slovenia’s finest restaurants to explore the intersection of specialty coffee and high-end cuisine.

The panel will feature coffee names such as James Hoffmann, Tim Wendelboe and Dale Harris, and Slovenian chefs Tomaž Bratovž, Igor Jagodic and Mojmir Šiftar. Journalist Vasileia Fanarioti will moderate.

According to the organizers, the panel will explore the challenges of integrating specialty coffee into established restaurants, as well as opportunities for coffee purveyors to enhance offerings and adapt to seasonality and freshness.

A special food and coffee tasing event taking place at Restaurant Strelec on the evening of Sept. 20 will lead into the festival.

Pioneering Slovenian specialty coffee company Stow Coffee Roasters created the first iteration of the volunteer-led festival in 2016, and it has since grown to find support from key sponsors such as La Marzocco, Mahlkönig, Brita, Alpro and more.

“The festival’s goal is to create one of the strongest professional programs, thereby helping to elevate the quality of Slovenia’s specialty coffee scene,” Peter Ševič, the festival director and AST Trainer at the Stow coffee academy, told DCN.

Tickets for the main festival start at €20 for single days, or €30 for both days, plus €20 for the haute cuisine panel. More information is available through the Ljubljana Coffee Festival website.


Comments? Questions? News to share? Contact DCN’s editors here

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KFC is testing a new design, menu, and technology at 16 restaurants


Sixteen Orlando, Fla.-area KFC restaurants may seem a little different than the rest of the system. That’s because the chain announced today it is testing a new “KFC Original” prototype complete with streamlined menus, new technology, and a new design.

The restaurants include signature KFC offerings, as well as new Original Recipe Tenders, dipping sauces, and frozen beverages. Classic and Spicy Twister Wraps are also available, with two chicken tenders, lettuce, diced tomatoes, and KFC’s pepper mayo or spicy sauce. Other changes to the restaurants include:

  • Digital menu boards, making it easier for the customers to navigate. These already exist at other locations, but are not in a majority of the system. 
  • Digital ordering kiosks, making it easier for the customers to order
  • Upgraded kitchen technology, such as a kitchen display system to improve accuracy
  • New décor: Updated interior design elements, including KFC Original window art, “Stay Original” branding throughout the interior, Colonel-inspired dining chairs, and updated artwork
  • New uniforms: With updated visors, aprons, and “Stay Original” shirts, which were inspired by team members themselves.
  • New tunes: Playing inside and at the drive-thru
  • Improved drive-thru experience: An updated, streamlined drive-thru experience with easier-to-read menu boards

Many of the restaurants began transitioning earlier this summer, yielding 30% faster speed of service, a 60% improvement in order accuracy, and a 41% improvement in guest satisfaction scores, according to the company.

“We’ve listened to our guests and heard what they love about KFC – the unmistakable taste of our Original Recipe fried chicken made hot and fresh with a dose of modern southern hospitality,” president Tarun Lal said in a statement. “These technology upgrades are making the jobs of our team members easier so that they can provide the best fried chicken and the very best service to guests. A streamlined, signature menu plus new modern restaurant technology equals a better team member and guest experience.”

Contact Alicia Kelso at [email protected]

 

 



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Thailand adopts standard for assessing footprint of biobased plastics – Food Packaging Forum


In July 2024, the Thai Industrial Standards Institute (TISI) adopted a new standard, TIS 3287 Part 4-2566, that covers the carbon and environmental footprint of biobased plastics, focusing on the life cycle assessment (LCA) of these materials. It is identical to the ISO 22526-4:2023 standard and provides guidelines for evaluating the environmental impact of biobased plastic products, including materials and polymer resins. The standard allows for different LCA approaches, such as cradle-to-gate and gate-to-gate, depending on the study’s scope. It aims to standardize environmental assessments of biobased plastics. 

TISI has also adopted the standard for  the analysis of microplastics in the environment: TIS 3747-2566, or ISO 24187:2023.

 

Reference 

TISI (July 20, 2024). “Carbon and environmental footprint of biobased plastics – Part 4: Environmental (total) footprint (life cycle assessment).” (in Thai) 

ISO (2023). “ISO 22526-4:2023. Plastics — Carbon and environmental footprint of biobased plastics Part 4: Environmental (total) footprint (life cycle assessment).”  

TISI (July 24, 2024). “Principles for the analysis of microplastics in the environment.” (in Thai)



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First Food Frenzy of 2020 – Old Bay Hot Sauce


Was Old Bay Hot Sauce really “sold out”? Or did they “sell out” to create the buzz around their newest creation?

Hot on the heels of the Great Chicken Sandwich Shortage of 2019, Old Bay announces a new limited edition Old Bay Hot Sauce and promptly sells out on Day One… in 30 minutes.

Old Bay Hot Sauce bottles in 3 sizes

Actually, they “sold out” within an hour of announcing that the new Old Bay Hot Sauce is only available via McCormick’s web site.

But I’m suspect of some media canoodling.

I am a huge fan of Old Bay Seasoning and McCormick Spices as you can see in the following pic.

Our Old Bay Seasoning assortment

But I think something is fishy about this whole scenario. Can you say “Popeye’s Spicy Chicken Sandwich” shortage?

A contrived “shortage” drummed up to create social media frenzy – and yes, now I am now a part of it too.

Since they were “sold out” almost immediately, my next search was to see if anyone had actually tasted and/or reviewed the new Old Bay Hot Sauce.

I wonder if…

Oh. Somehow the Baltimore Sun staff managed to get their hands on a few bottles that same day. You can watch their thoughts and reactions to the new sauce via a video they put together here. (Ignore the guy that says his favorite hot sauce is “Cho-lu-lu”).

You can also see a short video of WTOP Radio anchors tasting it here.

It’s been reported that almost immediately folks were selling bottles of Old Bay Hot Sauce on eBay for $50 – $200 dollars.

Is this a sour grapes post? Not at all.

I just find it so typical of recent new releases, both in the world of fast food and food product launches, that the demand causes the Internet or websites to crumple and cough up hairballs of “sold out” and “out of stock” shopping carts.

And probably because some marketing gurus said this is how you create a demand. Pffft. In my opinion, if the product is good, the demand and sales will reflect that.

To be fair, McCormick and Old Bay promise that supplies will be restocked soon. So you can get yourself some then.

“When will then be now?” Soon!” ~ Spaceballs

What do you think about it all?
Were you lucky enough to get a bottle before they sold out?
If not, are you going to try when they get restocked?
Let me know in the comments section below. And thanks for reading! ~brian



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Reducing risks and boosting growth in Saudi Arabia and the GCC


Estimated reading time: 8 minutes

The global economy has always undergone changes. From the agrarian-based economy in the 18th century to the advent of the Industrial Revolution, from sailboats to steamships, there has always been a shift in economy, industry, and, ultimately the dynamics of a country.

In 2024, we are in the midst of yet another transformative era as we transition the international trade industry to a more digital state.

To discuss some of the digital development occurring in Saudi Arabia, TFG’s Brian Canup (BC) spoke with Sean Bowey (SB), Head of Product, Global Trade and Receivables Finance, SAB, and Neil Shonhard (NS), Chief Executive Officer, MonetaGo.

__________

BC: To start, could you give us your broad perspective on the main areas to focus on to promote continued growth across the Middle East?

SB: Starting with the big picture, Saudi Arabia’s Vision 2030 is concentrated on the growth of the non-oil economy. 

Coupled with that, there’s a significant push towards becoming a fully digital banking environment. This is crucial because a robust digital public infrastructure, paired with a young, technologically adept population, begins to remove much of the friction traditionally associated with trade. 

There is also growing entrepreneurship, which is supported by enhancing SME growth through various government schemes and funds, such as guarantee schemes, but also by creating a digital public infrastructure that simplifies overcoming traditional challenges in this space.

The digital identity and the infrastructure to support it are very strong. We’re also seeing a strengthening infrastructure to support invoice validation, which isn’t just for its own sake. 

This setup allows us, as banks, to inject more liquidity into the space because the traditional roadblocks are removed—KYC becomes a lot easier as we get feeds directly from the government’s digital infrastructure. 

The fraud risk in terms of trade and invoice financing is also reduced because we can tap into third-party validation through trusted platforms, such as VAT tax platforms and invoice finance validation through platforms. 

These, I think, are often overlooked factors in terms of economic growth, but you have to create that underlying infrastructure, those underlying conditions for that growth to happen.

BC: Moving to technology, how do tech providers like MonetaGo slot in and support removing risk?

NS: Focusing on Saudi Arabia here, we know that just 5% of lending in KSA is to the SME sector. That needs to be drastically improved. From a MonetaGo perspective, having tools like ours can help create safer, more trusted financing ecosystems, which is what Saudi Arabia is after.

With innovative solutions, banks can have increased confidence in extending their books of business, which is key to increasing trade growth. Cross-border interoperability within the GCC is also key, both for Saudi Arabia and the wider region. 

We’re engaged in expanding our interoperable and scalable solution through the GCC. Many of the banks that we’ve spoken to in the region have remits to extend their supply chain finance books. Having the ability to validate transaction data in Saudi Arabia is obviously key, but having interoperability across countries or regionally is also key.

BC: Sean, could you expand on the market for supply chain finance and how it’s developing in the region?

SB: It’s still a relatively nascent market for this form of finance. It’s experienced growth starting in the US, with Asia and Europe following suit. However, this market is still relatively immature from a product perspective and from corporate acceptance of the product, although it is developing quickly and there’s interest in the product. 

It is also an easier means for the banks to demonstrate that they’re supporting the SME sector. This, of course, is the easiest way to do it because you’re taking that corporate balance sheet and that corporate risk and using that to inject liquidity into the SME sector.

BC: What are the challenges with expanding further into the SME working capital cycle?

SB: The real trick for SAB is how do we get further into the working capital cycle of the SME? Obviously, traditional payables finance is only after the acceptance of the invoice. 

We want to be able to find a way to support the pre-acceptance, the pre-shipment, and the build phase of the working capital cycle for those SMEs, which is where they really need that additional support. 

Why don’t we typically do this? It comes back to Neil’s points. It’s the fraud risk and the credit risk in that space.

BC: So how does emerging technology play into this de-risking agenda?

NS: It’s crucial for banks like SAB, which operate regionally, to have an interconnected and interoperable technology infrastructure. This infrastructure not only validates transaction data for fraud prevention locally but also does so on a regional scale. 

Connection to things like the Saudi tax registry ZATCA, or connection to data aggregators like Lloyds List Intelligence and S&P Global for price validation, both domestically and regionally, enhances the utility of this infrastructure. It not only fosters wider adoption but also simplifies the user experience for banks.

SB: That’s exactly it. For SAB, it’s a slightly different situation as a local, domestic bank in Saudi. Cross-border financing is limited by banking regulations. However, we leverage the HSBC network to achieve that global and regional bank effect. 

The necessary technologies are in place to establish an infrastructure that provides third-party validation for the elements fundamental to financing. So as a bank, I’m looking for a digital trigger for financing, taking out as much of the fraud risk as possible from the equation. 

In the region, practices like double financing of invoices and circular financing, where related parties circulate and finance the same invoices among themselves, are quite prevalent. However, current technologies are effectively reducing these issues, enabling banks to inject liquidity with greater confidence.

BC: What are the regulatory challenges in keeping up with digital evolution?

SB: Regulation usually lags a bit behind digital evolution; that’s the nature of it. Regulators in this region tend to be engaged and forward thinking and receptive to input in terms of regulation.

Broadly speaking, the legal regulatory framework for banking has kept pace and is moving in the right direction. I think the one where we would see the benefit, in terms of Saudi becoming a trade hub, is the adoption of MLETR-compliant legislation locally, especially after the UK has adopted ETDA, and France and the US are making strides.

So if Saudi wants to become a regional trade hub, I think it would do well to accelerate adoption and I know that work is underway considering that regulation. 

There’s a digital platform, the Nafith Platform, for promissory notes, for example, which underpins a lot of the financing in Saudi Arabia. 

There’s a digital platform as part of the digital public infrastructure run by the Ministry of Justice that creates promissory notes, which if they come through that platform, are guaranteed to be enforceable.

BC: Do you see Saudi acting as a catalyst for other countries in the region to enhance their trade and regulatory frameworks?

NS: Vision 2030 set a trend. Other countries followed with different vision statements. Saudi Arabia has a knack for setting fashion or the pace, and one would hope that other countries in the region are willing and able to adopt innovative technologies for the benefit of trade, risk prevention, risk mitigation, and digitalisation.

SB: And I think in terms of adoption of specific legislation, I know that the DIFC recently adopted what they deemed to be MLETR-compliant legislation. Bahrain and the Abu Dhabi Global Market have already adopted legislation. So some jurisdictions are a bit ahead, but it hasn’t really gained traction yet. 

Whereas, I think if Saudi adopted legislation and started doing transactions, I think it would have a snowball effect within the region.

BC: Returning to the topic of fraud prevention, what type of economic changes could be expected if these programs and technologies are implemented more widely? 

NS: Using MonetaGo’s experience in India as a case study, we’ve observed exponential growth from creating safer financing environments. The focus on previously neglected sectors like the SME and MSME sectors has multiple benefits. 

More financing translates into more economic growth; more goods produced, and more taxes generated. Additionally, increasing confidence in credit insurance, which might have been reluctant to underwrite in certain markets previously, catalyses even more lending. 

This results in a domino effect—governments collect more revenue, businesses thrive, and banks profit. Ultimately, leading to widespread socio-economic benefits both nationally and regionally.

BC: Could you outline key next steps to advance the technology and fraud prevention industries? 

NS: From the fintech perspective, agility is key. Governments can sometimes be slower to act, which is where partnerships between public and private sectors become essential to accelerate the time to market and subsequent benefits of these solutions. 

An example is Swift; realising they weren’t agile enough to deploy necessary value-added services, they initiated a partner program, which led to our partnership with them creating a global standard for fraud prevention. 

This standard has expedited our collaborations with central banks and other public entities, enhancing our impact across the GCC and globally. Such partnerships are crucial for thriving business and financing ecosystems.

SB: Absolutely, Neil’s point about the synergy between agile fintechs and the more methodical governmental approach is crucial. Saudi Arabia and other governments in the region are quite forward-thinking and plan strategically to incorporate these advancements. 

The drive often stems from practical use cases provided by corporates and fintechs. As a bank, we may not always be as nimble, but we are committed to supporting any development that facilitates our operations—more digital trigger points and controls mean a smoother process in trade finance. 

We’re very keen on anything that bolsters this environment, as it ultimately simplifies our work and enhances the services we can provide.



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Thune says farm bill extension likely needed



Senate Republican Whip John Thune said Wednesday that another one-year farm bill extension will likely be needed amid the ongoing partisan gridlock over current proposals.

Passing an extension would enable lawmakers to “start fresh” in a new Congress next year, Thune told reporters in his home state at DakotaFest in Mitchell, South Dakota.

Thune ranks second in the Senate GOP leadership and is a leading contender to replace Mitch McConnell as Senate GOP leader, 

Thune said he has not seen any signals from Senate Ag Committee Chairwoman Debbie Stabenow, D-Mich., indicating she intends to move a bill through committee, or from Majority Leader Chuck Schumer, D-N.Y., about putting a farm bill on the floor.

“I just don’t see any evidence that any of that’s happened,” Thune said. “I wish it were otherwise, but it seems to me that we do another year, another extension, and this gets punted to January.”

Last fall, lawmakers extended the 2018 farm bill by one year. Authority for some programs is set to expire as soon as Sept. 30. Lawmakers would need to act on extension by the end of the end of the year to avoid triggering laws dating back to 1938 and 1949 that would force USDA to take steps in 2025 to dramatically raise the price of milk, wheat and other commodities. 

What the farm bill process could look like next year will depend on the outcomes of this November’s election.

Republicans have a shot at winning back control of the Senate. If that happens, Arkansas Republican John Boozman would become chair of the Senate Ag Committee and could pursue a different farm bill than the one proposed by Stabenow this spring.

“I don’t like the fact that we’re kicking the can down the road again, but I do think that next year we’re going to be in a better position to get a bill that’s more to our liking,” Thune said.

Democrats currently hold a 51-49 majority in the Senate, though West Virginia Democrat Joe Manchin’s retirement in a deep red state could easily bring it to a 50-50 split, in which case the vice president would break partisan ties, according to race ratings from the Cook Political Report with Amy Walter.

Two incumbent Democrats, Jon Tester of Montana and Sherrod Brown of Ohio, are prime targets for Republicans, and several other Democratic seats are at risk as well. 

If Democrats perform well in the upcoming election in both the House and Senate, Thune said it was “not outside the realm of possibility” that Republicans would try to iron out a deal with the current majority by the end of this year. But he said it would take several weeks to agree on and move the legislation.

“Depending on how the election comes out, could it happen? Yeah, possibly,” he said. “Is it likely? I think the answer is no, but we’ll see.”

For more news, go to www.agri-pulse.com. 



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Posted on Categories Produce

How Splash Wines Grew Over 3,000% with Aion


Rob Imeson is the Founder and CEO of Splash Wines. Splash Wines is a direct-to-consumer wine company that provides great wine at affordable prices, and delivers it directly to your door.

CHALLENGE

Splash Wines was founded in 2014 as a family-run business with generations of history in the wine industry. 

“As the business grew, we started seeing opportunities to accelerate our growth.”

Splash had large orders coming in and wanted to buy inventory in larger quantities. The Splash team was growing, too. An expanding customer base introduced a new need for additional team members. 

We needed to meet the increased demand and take advantage of new growth opportunities.

Splash’s founders knew they didn’t want to give up equity in the business or use a short-term solution. 

“We were growing too quickly and our capital needs would continue to evolve in the coming months. We needed a financing partner that was going to help with our immediate need for cash, but also grow with us.”  

SOLUTION

In the process of searching for flexible debt financing solutions, Splash Wines came across Aion. After discussing their needs and carefully evaluating their finances, Aion provided a tailored proposal. Based on Splash’s revenue, growth, projections, and goals, Aion determined that a revolving line of credit was the best option for their situation. 

Aion’s asset-based lending can be backed by inventory, invoices, or a combination of the two. This worked out well for Splash because, as a direct-to-consumer business, traditional invoice financing wouldn’t have provided the funds they needed at a cost that made sense.

We decided to move forward with Aion because the cost of funds was competitive and the team was invested in our story and goals as much as the numbers. 

Splash started out with a small line of about $300,000. This provided the funds they needed to cover cash flow gaps and run the business efficiently. 

“From the people to the platform, our onboarding experience with Aion was seamless. The team was transparent about the requirements and their technology was intuitive and easy to use.”

RESULT

“Partnering with Aion has paid off tremendously for Splash. In addition to covering cash flow gaps and fueling our growth, Aion has been extremely flexible as our business needs have changed.”

When the pandemic hit, Splash Wines experienced unexpected explosive growth. 

“Our revenue tripled in just a few months and we quickly outgrew our current line of credit. Aion was quick to respond and increase our credit limit.”

When Splash had an unanticipated opportunity to purchase a significant amount of inventory at a much reduced price, they were already near their credit limit with Aion. 

“We reached out to the Aion team and explained what we were trying to accomplish. They arranged for a short-term line in addition to our current line to ensure we were able to take advantage of this opportunity. “

When we started with Aion we had less than $1M in sales. Today, we’ve grown to over $30M in sales. And our initial $300K line has grown up to $4M. 

“Aion’s flexible financing solutions have been a key factor in Splash Wines achieving our remarkable growth. Across our business needs – both expected and unanticipated, – Aion has provided a financing solution we can recommend without reservation.”



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