Sweetwater touts record sales
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Fort Wayne-based Sweetwater says it recorded pivotal growth and reached significant milestones in 2022 despite economic challenges. The online retailer of music instruments and audio gear said Thursday it reached 9.5% year-over-year revenue growth with $1.5 billion in sales.
The company says that marks the third consecutive year it has broken the $1 billion mark.
“I am immensely proud of the Sweetwater team’s accomplishments in 2022. In a year when the world dealt with economic uncertainty, geopolitical challenges, lingering supply chain difficulties, and many other issues, we were still able to provide exceptional customer service to millions of music makers,” said Sweetwater CEO John Hopkins.
In October of 2022, Sweetwater opened a 350,000-square-foot distribution center in suburban Phoenix. the first-ever facility outside its headquarters in Fort Wayne.
Sweetwater says the facility has allowed it to deliver products to West Coast customers faster and more efficiently. The music equipment retailer says it shipped nearly 50,000 orders in just three months from that facility.
“That’s the one place that we feel like we’ve got the best opportunity to increase customer satisfaction. So that’s what it’s really all about is customer satisfaction for us,” Hopkins said during an interview with Inside INdiana Business last September.
In addition to new sales, the company also entered the used-gear market. In July Sweetwater launched the Gear Exchange.
It allows musicians to buy and sell used gear on a trusted platform.
The exchange allows sellers to avoid user fees by receiving a payout in the form of a Sweetwater gift card.