Even though our world faced many daunting challenges in 2020, the GOffee team found creative ways to adapt, and we are jumping into 2021 with exciting plans for the new year.
Growth in the Residential Sector
When offices initially closed last March and employees began to work from home, we shifted away from our old business model. We focused on acquiring new customers in the residential sector rather than offices spaces. We now recognize many positive signals in our conversations with landlords and customers and feel as though our operations can be scaled effectively and efficiently. Building on the progress from Q4 of last year, our team is eager to grow the company even more.
Currently, we are operating with a 19% adoption rate from tenants; they order three coffees per week at $4.50 each. Residential buildings we work with house approximately 700 tenants, so we anticipate earning an increasing amount of revenue as we continue acquiring new partners. There are 325 buildings of that size in NYC that we plan to go after. And why stop there? There are 1600 comparable buildings across the top 20 cities in the US.
Despite the difficult situation in NYC, we have seen noteworthy growth in our revenue streams. In 2020, thanks to a strong Q1 (pre-Covid) and the addition of residential delivery in Q4, we managed to grow our revenue in 2020 by 450% compared to 2019. Those promising numbers– especially in the time of a pandemic– give us strong motivation to continue growing in 2021 as we settle into a “new normal.”
Due to our direct relationship with landlords moving forward, we are able to find compelling deals on new locations in NYC and new cities as well, so we will start accelerating the expansion process in Q2.
Resuming Office Deliveries
However, let’s not forget where GOffee started. Although times have changed in the working environment, we have not lost sight of our humble beginnings. We recognize that the office redesign process is ongoing and crucial. Enhanced cleaning processes and employee safety is becoming increasingly important as companies try to centralize their operations again. Even with these changes implemented, offices will need to create an enticing work environment for employees to return. Many people enjoy the newfound comfort of working from home, and office managers can utilize GOffee to make those early morning meetings exciting once again.
Finally, we want to say thank you again for your support in 2020. This was a tough year, and we could not have done this without you! With new roasters, customers, partners, and team members on board, we are hopeful and excited to see how GOffee will continue to grow in the future.