GOLDEN GRAIL TECHNOLOGY CORP (OTCMKTS:GOGY) disclosed that increasing marketing efficiency and introducing new products, it was able to expand sales by more than 17% QOQ in 1Q which was a seasonally slow quarter. The sales in e-commerce segment always face seasonal fluctuations, particularly with mass-market and premium consumer focused products such as clothing and Jewelry. Unlike first quarter, the fourth quarter is considered as a successful and exciting quarter for every e-commerce merchant, being a holiday season.
Michael Brodsky, the President of Golden Grail Technology, said that for most of the e-commerce merchants, the seasonal shopping peak-to-trough swing is very tough to deal with, particularly in the first quarter. The management is delighted to see that 1Q2015 sales have ramped up and has even outpaced the stellar 4Q2014 sales. Now in second quarter, the focus is on launching new products. The management expects to witness similar growth trend in the coming quarters.
In unrelated news, Golden Grail announced that it second ecommerce venture known as Aireomatic was approved by Amazon to offer their products in the closed category of Automotive Accessories. Due to large number of sellers, the online retailer closed entry of new sellers into specific categories. The merchants can get offer their products only after approval. In order to get approval to sell in closed segments, sellers need to get through Amazon’s multi-stage approval process. Golden Grail stated that Aireomatic passed the process and received approval to sell products in closed category.
Brodsky said that it is a key achievement for Golden Grain as Amazon approved second ecommerce venture. It can now commence listing auto fragrance products on expansive platform. There are as many as 80 million people shopping from online retailer Amazon every month. It indicates significant potential for the company.
IN last trading session, the stock price of GOGY surged more than 4% to close the trading session at $0.170. The gains came at a share volume of 795,865 compared to average share volume of 105,505.