1/5 $CHWY some quick points from Needham conference. Should be a long term winner as they grow into the $100B TAM pet industry and Covid has clearly accelerated the business. 👇
2/5 Pet e-commerce penetration to exit 2020 in the 27-30% range and it could reach north of 45%. With industry growth of $3.5B in 2020 they are capturing share based on revenue growth.
3/5 "Today 1/3 of pet parents don't take their pets to the vet at a recurring frequency or at the right frequency." Telehealth services will help to monetize this space and increase efficiency and already seeing encouraging results.
4/5 Spend in first year is $100-150, doubles in year two and gets up to $900 for oldest customers. That's 80% of average spend per pet. That means there is a huge runway for newer customers.
5/5 Net penetration in terms of number of pet parent households is 18% so a lot of room for growth.
You can follow @alexkagin.
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