2018 was an interesting and exciting year for TRYTN. While we had triple-digit growth in both revenue-generating orders and revenue placed through the system we also saw a nearly unchanged average order value across the system and saw slower, but still quite large, growth in both net-new business as well as average revenue-generating business per month. This past year was also a year of key expansion. TRYTN has acquired some key employees and resources and opened a second office in Denver to directly compete with competitors in the nearby mountain regions.
Another year of very solid, triple-digit orders growth for the fourth year in a row. It’s exciting and impressive that TRYTN was able to log not only triple-digit growth in orders but also that it over tripled the number of orders in the past year that went through the system.
Like the number of orders the amount of revenue generated through the platform has also continued to dramatically increase this year as we’ve seen yet another year of triple-digit growth and more than tripled the amount of revenue that went through the system in 2018. Much of this can be attributed to new features and functionality that was added to help businesses sell better as well as net-new businesses added to the platform throughout the year.
Overall we saw a negligible difference in the average order value throughout the system. Given the large amounts of growth in all other metrics and the many different non-TRYTN influences of average order value we are not concerned to see an additional 1% decrease in average order value this year.
New Businesses Added
This is the first year to not see triple-digit growth in the number of net-new businesses that came onto the TRYTN platform. The net-new businesses that were added were larger revenue-generators than previous years which helped increase the orders and revenue metrics above. While we would of course like to continue to see triple-digit growth going forward that becomes increasingly difficult with time and overall the importance is the amount of volume of the net-new businesses are driving, not overall net-new businesses.
Revenue Businesses per Month
Lastly we also saw for the first time less than triple-digit growth in the average number of revenue-generating businesses per month. While this number is smaller than previous years it’s still a very aggressive number and still indicates continued diversification in both regions and verticals.
2018 was a year of great expansion and effort for TRYTN. We are very proud of the rapid growth of the platform and products and strategic staff that was realized in the past year. The addition of the Denver office should also continue to help with the overall sales strategy and ability for TRYTN to continue to be competitive with the marketplace in 2019.