WineBid Announces Record Revenue and Growth for 2020

SEATTLE, Feb. 10, 2021 /PRNewswire/ -- Kicking off its 25^th anniversary year, WineBid announced a record-breaking year in 2020.  Total weekly auction bidder growth during the holiday season surpassed 45% year over year.  Total revenue grew 17% to $33.8 million, constrained only by marketplace supply.  The company also significantly increased profitability over prior years.

"As the world's longest standing and largest digital native wine auction site, WineBid was uniquely positioned to adapt, innovate and succeed through the challenges of 2020,"  said Russ Mann, CEO of WineBid.   With contactless consignments, the largest online weekly digital auctions, and both curbside pickup and global delivery options, WineBid was able to provide the safest and most convenient experience through our site and mobile app.  Wine collectors and new wine buyers flooded our marketplace, so that the biggest challenge of the year was not on the demand side, but enough supply with great provenance to satisfy the demand.  We also more than doubled profitability while achieving this growth, continuing our history of financial discipline."

Thriving on increased demand and spurred by tariffs on EU wines, pre-tariff lots from Burgundy and Bordeaux were the top sellers, with the addition several top cult cabernet producers from Napa.  Interestingly, lots from Italy accounted for 13% of bottles sold, up from years prior. Producers including Domaine de la Romanee-Conti, Chateau Lafite Rothschild, Harlan Estate, and Screaming Eagle all achieved incredible hammers, in single bottle lots as well as case lots:

In addition to the stellar growth in the US, and despite the tariffs, WineBid's France Direct program achieved 100% year over year growth. With this program, private collectors and wineries in France were able to offer their wines with "old world provenance" for bidders and buyers around the world to enjoy.

WineBid also significantly enhanced its wine storage, curbside pickup appointment and shipping offerings and technology functionality, helping customers collect or ship their wines to themselves as easily as possible.   "We're particularly proud of our storage and logistics innovations," said Mann.  "The new technology helps customers view and manage their online cellars, select specific items for pickup or shipping, split inventory to ship to multiple recipients, schedule deliveries around weather, and more.  In conjunction with these major upgrades to the site, WineBid worked closely with a variety of logistics partners to offer customers more personalized options to ship to themselves than ever before."

In addition to the year's impressive growth, WineBid made it a priority to give back to the wine and hospitality industry. In April, WineBid worked with Napa-based Wine Country for Restaurants to host a charity auction for the Restaurant Workers Community Foundation (RWCF), and raised over $120,000 for restaurant workers over the course of five auction weeks. A similar auction also benefited the Napa Valley Museum to over $25,000.  WineBid also created a trade support program to help restaurants and wineries raise funds quickly in the wake of the pandemic.

Key executive hires in 2020 and early 2021 included Matt Torrie as CFO, and Marty Sparks as head of Engineering.  Both came from management roles at Zulily, one of Seattle's most successful ecommerce companies.  WineBid also nearly doubled its warehouse space in Napa, preparing for future growth.

"2020 is a vintage that will never be forgotten- we were glad to succeed and also be able to help others in need," concluded Mann. "WineBid looks forward to accelerating our innovations and growth, and helping people around the world share and enjoy great experiences through wine."

WineBid: Established in 1996, WineBid is the largest and longest standing online auction for fine and rare wines, with more than 140,000 registered bidders worldwide. New WineBid LLC is based in Seattle, WA, with operations in Napa, CA. For more information, contact Tess Roche by email at [email protected], or call (888) 638 – 8968. 

SOURCE WineBid

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