Mystery Tackle Box to move into e-commerce, says founder
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Mystery Tackle Box, the subscriber-based tackle supplier, is to move into e-commerce after more than doubling its year-on-year revenue.
The Chicago company has built its business by sending customers surprise fishing tackle packages for their $15 to $25 monthly subscriptions.
CEO and founder Ross Gordon reports revenues of $11 million this year, but believes an e-commerce site and a change of brand name is essential for the longevity of the business.
The company intends to rebrand as The Catch Co. in December and will sell own-brand products online, as well as other fishing tackle.
MTB has around 55,000 subscribers in the US and Canada and, although recognising there is a limit to how many people want subscription boxes, Gordon doesn’t think he has reached it yet and MTB will remain a product.
Gordon says he makes money on every subscription box, but increased marketing spend means performance is currently poised around break-even.
However, he believes the addition of a direct-to-consumer model will make the business more sustainable and competitive by offering lower prices than conventional retail and providing new ways to sell to customers who don’t want a subscription.
“We think there is a larger segment of the market that doesn’t just want mystery products,” he said. “They want to be more choosy about what they get. We are trying to think ahead and not wait until we hit the ceiling.”
The Catch Co. own line of products will include lures, the first of which will be included in January’s MTB. Customers will then be able to buy them from the online store in the Spring.
The company aims to double its staff to around 40 in the next two years. It moved into a 3,500 square foot office in Chicago’s West Loop in 2015. Gordon founded two other companies before launching MTB.