Fridge No More is a New York-based 15-minute grocery delivery service that wants to position itself as a go-to replacement for your grocery store.
"We believe this space is important and will change the way people buy their groceries,” company co-founder Anton Gladkoborodov told Crunchbase News. “The idea is pretty crazy for markets, and some people don’t think they need something like this, but we think people will shift from ordering once a week to more.” Fridge No More is available via your phone. In October 2020 during the pandemic, Fridge No More made its first delivery. The company carries just 2,000 SKUs and offers free instant delivery, no minimum order and prices that rival the supermarket.
Fridge No More is currently in four locations and is targeting 40 more across Brooklyn, Manhattan and Queens. The company told Crunchbase that it now has more than 2,000 customers and is averaging 200 orders per day at an average cart size of $40. E-grocery sales are expected to jump from nearly $35 billion to more than $250 billion, according to a study by our friend, grocery e-commerce specialist Mercatus and research firm Incisiv. Their study forecasts that online grocery sales are poised to reach 21.5 percent of total U.S. grocery sales by 2025. In 2020 during the pandemic, online grocery’s percentage of the $1.04 trillion grocery market was estimated at 10.2 percent, or about $106 billion, up from 3.4 percent, or $34.54 billion, of the $1.02 trillion market in 2019. And while many question just how many people will continue their eCommerce and delivery habits post-pandemic, there is little doubt that substantially more shoppers will continue the habit than did pre-pandemic.
Fridge No More’s positioning is certainly unique and with its much smaller product catalog may just be a winner in this field that already seems over-crowded and not as profitable as retailers had hoped.