The online grocery company said fresh foods, such as beef, have been hit particularly hard by inflation.
Huang said he expects to see a"demand shift" in consumers' shopping patterns, which could include buying in bulk for a better value.
Boxed, which began with pantry staples, has expanded into fresh foods. Huang said some of those items, such as beef, have been faced some of the hardest price hits. "There's certain things like that where there's nothing that we can do but pass some of those costs along to those customers," he said.Prior to the start of the pandemic, he said, about 25% of sales came from businesses, such as companies stocking up on snacks for employees. The business-to-business side of Boxed is faster growing, more lucrative and stickier than the consumer business, Huang said.
"We're definitely looking forward to seeing, 'Hey, what happens in a post-Covid world as people come back not five days a week to the office, but even one day a week, three days a week?'" he said."It's going to force offices to begin to restock their pantries."
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