Mohawk Group (NASDAQ: MWK), a consumer products platform, has benefitted from the spike in remote access purchasing due to the COVID-19 pandemic, reporting that its sales revenue increased by over 60%. “Mohawk principally leverages its proprietary technology as a third-party seller on Amazon and grew sales revenue from $88.8 million to $144.2 million [62.4%] during the first nine months of 2020, reported in its most recent quarterly filing,” reads an article detailing the growth. “Amazon captured nearly a third of the online market share, with sales growth of 54% during the final quarter of the year. Mohawk’s position as a third-party Amazon seller allows it to ride on the commerce giant’s coattails. The company’s Artificial Intelligence Mohawk E-commerce Engine (‘AIMEE’) helps it identify market opportunities then design, develop and launch products from its stable of 12 brands in categories including kitchen, home and environmental appliances, beauty products and consumer electronics. Mohawk also sells its AIMEE software to other online sellers, granting the company revenue with high margins and a huge market opportunity… The platform’s Fulfillment Engine helps to guide inventory location, cost optimization and use of third-party networks to cut shipping times.”
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About Mohawk Group Holdings Inc.
Mohawk Group is a rapidly growing technology-enabled consumer products company that uses machine learning, natural language processing and data analytics to design, develop, market and sell products. Mohawk predominantly operates through online retail channels such as Amazon and Walmart. Mohawk has 12 owned and operated brands and sells products in multiple categories, including home and kitchen appliances, kitchenware, environmental appliances (i.e., dehumidifiers and air conditioners), beauty-related products and, to a lesser extent, consumer electronics. Mohawk was founded on the premise that if a company selling consumer packaged goods was founded today, it would apply artificial intelligence and machine learning, the synthesis of massive quantities of data and the use of social proof to validate high-caliber product offerings as opposed to over-reliance on brand value and other traditional marketing tactics. For more information about the company, visit www.MohawkGP.com.
NOTE TO INVESTORS: The latest news and updates relating to MWK are available in the company’s newsroom at https://ibn.fm/MWK
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