The Digital Wine Ventures Ltd (ASX: DW8) share price is flying more than 8% higher in today's trading session.
Shares in the online beverage supplier have been buoyant after the company released a market update earlier today.
Let's take a look at what Digital Wine announced.
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Market update fuels Digital Wine share price
The Digital Wine share price received a boost after releasing an exciting market update.
The company says it has successfully completed the acquisition of Parton Wine Distribution.
In addition, Digital Wine noted plans to expand its presence in Adelaide by opening an additional warehouse in Edinburgh Parks.
According to the update, the new facility is a purpose-built wine bottling warehouse in Adelaide with storage and distribution features.
Digital Wine also notched up a new record. For the month of July, its Wine Depot logistics division shipped 30,468 cases.
In addition, the company noted that 24 new suppliers have joined Wine Depot since the last company update.
Digital Wine also provided investors with an update on its integration with eBay (NASDAQ: EBAY) and Amazon (NASDAQ: AMZN).
According to the update, the company expects its eBay and Amazon integrations to go live in August and September respectively.
The company's management also highlighted the latent demand despite COVID-19 induced lockdowns.
Digital Wine CEO Dean Taylor said:
Despite the uncertainty and disruption associated with ongoing lockdown restrictions in NSW and Victoria, we have managed to sign up more than 300 venues and generate pleasing levels of orders. The feedback from users on both sides of our marketplace has been extremely positive and demonstrated there's latent demand for a solution like the one we've created.
Snapshot of Digital Wine
Digital Wine is an online beverage supplier that provides end-to-end supply chain solutions for wine producers, distributors, importers and retailers.
The company's Wine Depot business operates as a cloud-based software-as-a-service, providing a marketplace platform.
At the time of writing, the Digital Wine share price is trading more than 1.39% higher for the day at around 7.3 cents.
Shares in the online beverage company soared more than 8% higher earlier, having hit an intra-day high of 7.8 cents.
