Vinomofo’s boss on wines and business trends in 2017
Inside FMCG had a chance to sit down with Vinomofo’s co-founder and joint CEO, Justin Dry.
So far it’s been a great run for the e-commerce wine company with its current ongoing expansion plans across different countries.
“We launched in Singapore [last] December 2016 and it has certainly exceeded all of our expectations. We sold more wine in three days than we had budgeted for three weeks — which of course is a great problem for a company to have. Singapore wine lovers have been paying far too much for wine, so our proposition is working really well as we’re connecting them with awesome wines for far less than they’ve ever experienced,” said Dry.
“In 2017, this momentum has grown even quicker, which is really exciting and gives us a chance to learn a lot about the Singapore market and tailor our offering to suit.”
Dry believes wine is ultimately a passion that creates special moments.
“My ancestors planted some of the first vines in the Barossa, so I am what you’d call a wine nerd, but even I would sometimes feel intimidated or overwhelmed by how people were talking about wine — and I thought imagine how those who don’t have the knowledge I do feel in these situations,” he told Inside FMCG.
When talking about wine trends for 2017, the CEO predicts a major emphasis on health and well-being; sustainability and higher demand for artisanal products and customisation.
“Also attention is harder to get [more] than ever, so personalisation and relevance to the individual is crucial and with the niching of media, a business content strategy and ownership becomes even more important,” said the Vinomofo co-founder.
“A significant challenge for an entrepreneur is the potential lack of flexibility on product development as they build it out with the timing and financial limitations naturally imposed with this path.
“Authentic word of mouth is incredibly powerful and is still Vinomofo’s biggest source of new members.”
Dry said creating a business is difficult and those who are aspiring to owning one should know that it’s a cut throat sector to begin with.
“There are already major players within the space that don’t [particularly] like new people entering the market. However, I’m all about having a crack and sometimes ignorance of the challenges is actually the thing that makes success possible. If people knew how hard it is, many wouldn’t actually even start,” Dry told Inside FMCG.
Vinomofo opened a successful pop-up wine store last December in Melbourne. They also recently made the company’s distribution and logistics in house and opened a warehouse in Port Melbourne.
“To celebrate, we thought we’d hold a pop-up [store] and it went really well. It also gave us a great opportunity to connect with our customers face to face, which is always nice,” Dry said.
He said customers can expect more regular pop-up stores, Vinomofo delivery vans, fun festivals and other wine events. However, a bricks and mortar store of the e-commerce wine company is still on hold.