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00:00Boxes in online warehouse clubs which cut out the membership fees and we deliver right to you generally in two days or less for free shipping. I grew up in the suburbs of tropical New Jersey and then moving into Manhattan later in life. I didn't have a car to get to a warehouse and so I thought how many other folks around the country had that similar problem. So I actually moved back into the burbs to start the company in a small two car garage in Central Jersey tape cutting hands. We went after it and tried to solve that problem . In the early days we actually didn't have a marketing budget . Our marketing budget was virtually zero. It forced us to be creative and force us to create a very great service where folks would talk about it. So Hoda and Kathie Lee loved the service . They were both like two years. Sure enough they talked about us from that moment on. Capitalize on that opportunity went out and raised the first sizeable round of financing and they moved out of the garage. A gigantic challenge that we had actually came up when we started expanding our footprint throughout the U.S. It kind of forced us to make a decision Are we short term or we long term treating people right is actually a short term detriment meaning that it's so easy to take away benefits or say hey you know we'll pay minimum wage because you see its impact on your financial statements. I don't believe that's a long term good way to drive the business. We took the long term approach no matter if you work in a fulfillment center as a first day or you're the chief marketing officer of the company . We're all one team. We need to treat everyone fairly. In the short run there might not be a line for increased morale and increased sense of team. But over the long run I truly believe that that will pay huge dividends. To this day we picked that road that has become who we are. Folks have chosen to spend their money with us pretty large amounts because we do the right thing . Now our fulfillment footprint is for locations throughout the United States for fulfillment centers. Three offices and a life spent on an airplane for these days. Last year was our third full year in business and we went from virtually zero in our first year to over nine figures in that third full year. So it's always been a dream of ours and especially mine to push a button at the New York Stock Exchange. We've identified an area where there's a real dearth of real lack of solutions. And for us it's about staying focused not trying to be the everything store doing wholesale and doing warehouse clubs and doing it right .

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How Boxed Hit $100 Million in Sales in Three Years

Boxed aims to attract millennial consumers by combining the low-price model of warehouse clubs with the convenience of online shopping. The company's generous employee benefits have also strengthened its brand. Co-Founder and CEO Chieh Huang tells the story of Boxed's rapid growth. (Source: Bloomberg)

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