A Commitment to Conscious Consumerism Spurs Thrive Market's Growth
It’s estimated that by 2025, online grocery could make up 25 percent of grocery sales — a tremendous jump from its current position of 2 percent of sales. This week, CPG brands and grocery retailers from across the country joined at the first annual Groceryshop conference, held in Las Vegas, to discuss the businesses, issues and technologies that are disrupting the category. For example, Thrive Market and its commitment to growing conscious consumerism.
Nick Green, co-founder and CEO of Thrive Market, an online, membership-based marketplace for health foods founded in 2015, shared his company's story in an interview on the main stage with Oliver Chen, managing director, Cowen and Company. The self-described “Costco meets Whole Foods,” Thrive Market has made a name for itself by providing trust, accessibility and affordability to health foods for all consumers.
“We’re on a mission to make healthy living accessible to all,“ said Green.
The Rise of Thrive Market
Over the last three years, Thrive Market has grown exponentially, doubling in size in what seemed to be overnight. Green attributes the company's success to its community of conscious consumers, content marketing, and data discovery.
“Consumers are looking to brands to be the experts now," Green said. "We reached out to influencers, YouTubers and content creators who were passionate about sustainability, and they helped get the word out about Thirve Market.”
Another way Thrive Market has, well, thrived is by practicing what it preaches. The company is looking for new ways to promote and practice sustainability, starting with how the business is run. Thrive Market has zero waste fulfillment centers and refuses to sell any perishable items through Styrofoam. Furthermore, Thrive Market found a way to upcycle denim to help it ship perishable items.
What’s Next for Thrive Market
Green offered insights into upcoming opportunities for Thrive Market to sustain its growth, including product expansion. For example, the retailer has recently added wine to its merchandise assortment.
“We found that nearly 70 percent of our members drink wine at least twice a week,” Green noted.
True to its commitment to conscious consumerism, Thrive Market has embraced organic winemaking, including getting rid of the extra preservatives and synthetic additives. The retailer has created an ethical process for sourcing its wine.
“We wanted to provide transparency," said Green. “We really feel conscious consumerism will disrupt the grocery industry just as online did, maybe even more so.”
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