Boxed is quickly expanding into the online wholesale space by leveraging AI and augmented reality to target its millennial customers and build brand loyalty. Should incumbents like Costco keep a close watch?
Online wholesale startup Boxed recently unveiled a new assistance platform for tech-savvy mothers, called the “momcierge.” It’s the latest in a series of moves targeting its millennial customer base, and another sign that Costco and other retailers should be paying attention to this fast-growing competitor.
Boxed has thus far been successful at bringing wholesale retail online.
The startup has grown from $40,000 in revenue in 2013 to over $100M in 2016, according to its CEO Chieh Huang. The company has also raised over $130M in funding since 2013.
Nevertheless, running a wholesale e-commerce startup is no easy feat. What is Boxed doing to differentiate itself?
Most recently, it’s been targeting a tech-savvy customer base through digital tools and new membership offerings.