Peekaboo Beans Announces Update on Business Model Initiatives
Vancouver, BC – Peekaboo Beans Inc (CSE:BEAN | OTCQB:PBBSF) (the “Company” or “Peekaboo Beans“), is pleased to announce a significant decrease in spend as a result of the Company’s new omni-channel business model.
Retail trends have pushed businesses to appeal to the millennial shopper through an online presence, which powered Peekaboo Beans’ shift from direct sales to omni-channel model. The shift in the business model has significantly reduced operational costs through decreasing payroll including organization changes, and lower software expenses among other initiatives to reduce annual costs and generate higher revenue margins for the Company. This results in a decrease of approximately $450,000 in operational costs a year.
Traci Costa, President, CEO and Founder of Peekaboo Beans, commented, “Since launching our omni-channel model in October we have been focused on reducing our costs and building out our sales network. We are pleased with the numbers we are seeing from our new business model and continue to see further opportunities to expand distribution for Peekaboo Beans. After a few months of operating under our new omni-channel approach, we have surpassed our internal expectations while lowering our break-even point. In the first quarter alone, early results show we have surpassed our budgeted revenue goal. As we continue to operate under the new business model, we expect further opportunities to improve our margin, lower our costs and increase sales.”
Through the reworking of the business model, Peekaboo Beans’ loyalty programs have been updated to better serve the millennial shopper. A report from V12 Data indicated that 78% of millennials are more likely to select a brand with a reward or loyalty program than one without. With three various programs that shoppers can sign up for, Peekaboo Beans has successfully arranged its business to better navigate the current market.
About Peekaboo Beans Inc.
Peekaboo Beans is a children’s apparel brand with a focus on environmentally responsible clothes that are intentionally designed to inspire play. Through an omni-channel approach, Peekaboo Beans engages sellers through social platforms, including Instagram and Facebook, as well as online retailers, to maximize revenue and build brand loyalty. The Company works to promote a playful lifestyle for children by designing comfortable clothes that are built to last.
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
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