Buyk, a New York-based business offering lightning-fast grocery delivery, commenced operations in Manhattan and New York City on September 14th. Rodion Shishkov and Slava Bocharov, the creators of the Russian fast-food chain Samokat, announced earlier this year that they had collected $46 million for the debut of their firm Buyk in the United States, which they founded with Slava Bocharov.
Deliveries are guaranteed within 15 minutes when employing the Buyk business model, which makes use of hyperlocal dark stores strategically placed across the city. Immediately after clients place an order, clever algorithms automatically allocate delivery duties to the nearest delivery employees and items are fetched and delivered by bike couriers (known as "buykers") in 5 to 10 minutes.
Buyk Business Model Explained
It should be noted that Buyk takes a more low-key strategy than normal dark stores, creating little shop rooms to stock and display items and consumables all across the city. Store managers have exclusive responsibility for these storage facilities.
In an effort to encourage Americans to shop like Europeans, who purchase smaller quantities more frequently and focus on fresh products they want to consume right away, Buyk CEO James Walker expects that faster grocery delivery would lead to reduced food waste in the United States.
Walker recalls a conversation with the owner of a Parisian grocery shop who was surprised by this young man who was about to buy enough food for a week. "He was basically saying, 'Why would you do this? We'll be here tomorrow. Why would you buy bread today and eat it in three days? If you're going to eat bread on Monday, come on Monday and buy the bread,'" Walker said.
Because Buyk is so easy to use for customers in the United States, he said, "it's just part of their everyday lives." "You don't have to think about it. It will happen." In Europe, people go shopping more often and buy smaller amounts. I love that we can order what we need, what we forgot, and what we're hungry for.
Due to its success in dense urban neighborhoods with high-income, time-crunched customers willing to pay for the convenience of near-instant delivery, Walker's reasoning makes sense. In comparison with grocery services that often deliver in an hour or two at best, or within a quoted multi-hour window, Walker said it is especially inconvenient for a grocery setting.
How Buyk plans its business expansion
When asked about the firm's development intentions, the CEO stated that the company is only focused on the United States - an obvious dig at competitors such as Gorillas and Jokr - and that there are a "huge number of markets that certainly can be done" using the present business model.
Buyk intends to expand into new metropolitan locations suited for ultra-fast grocery delivery over the next two years, and he indicated that growth will speed rapidly as the platform adapts its strategy to expand beyond those textbook-perfect communities.
As seen by the latest additions to the Buyk platform, private-label items represent a significant component of the total product line up. Customers of Buyk may now get in-house breads, luxury ice creams, smoked salmon, sweets, and coffee, among other items. More are on the way, as Buyk's CEO emphasises that the company sells its own products and is not only a delivery service for others.
" Hyper-locality," as the term has been coined, is an important aspect of Buyk business model, as shown by its recent partnership with Pat LaFrieda Meat Purveyors.
There has been a long line of quick-grocery players entering the New York market. For example, this year has seen the release of JOKR and Gorillas as well as Fridge No More.
Fundings and future prospects of Buyk
Buyk secured $46 million in a fundraising round led by CM Ventures, Fort Ross, Citius, and other investors ahead of the company's official debut. The company plans to expand to more locations in the US using the funds received from the investment rounds.
Walker went on to say that one of the foundations of his new job as the company's leader is the development of an inclusive and sustainable corporate culture.
Even though he has past experience trying to transform corporate cultures that have been in place for decades, he believes the Buyk opportunity is about building something that is "really unique, is guest focused, is employee focused, is shareholder focused, really from the very beginning."
For workers, this translates into little gestures that, in the end, he hopes, add up to making his company the employer of choice in the category, rather than just a decent option among many.
Source Links:
Buyk's Ultra Fast Grocery Delivery Services - How Does Buyk Work | OyeLabs Ultra-fast grocery delivery service Buyk targets rapid U.S. expansion | Chain Store Age Buyk CEO Wants Americans to Grocery Shop Like Europeans - Food On Demand (foodondemandnews.com)
