Sweetwater recently announced significant milestones and pivotal growth achieved in 2022. Despite current economic challenges, Sweetwater served more than 1.6 million people by remaining dedicated to providing best-in-class customer service, known as the Sweetwater Difference, and staying true to their mission of doing the right thing.
Reaching $1.57B in sales in 2022, the company saw revenue growth of 9.5% year over year. 2022 marks the third consecutive year that Sweetwater has broken the $1B revenue mark, illustrating that despite inflation and rising struggles in the retail industry, placing the utmost importance on customer satisfaction continues to be successful.
“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 John Hopkins, CEO of Sweetwater. “What a privilege it is for us to have this role in the music industry; music that has the power to inspire, offer hope, and promote healing.”
In addition to record customer growth and sales performance, Sweetwater launched the Gear Exchange in July 2022. It allows musicians to buy and sell used gear on a trusted platform, knowing that the transaction is safe. Sellers can avoid fees by opting for the payout in the form of a Sweetwater gift card.
The Band & Orchestra program initially launched in 2021 also experienced significant growth over the year, serving more schools and students. By adding to an already wide selection of band & orchestra instruments, both existing and new Sweetwater customers are able to get all of their music needs met in one location.
In October of 2022, Sweetwater opened a Distribution Center in Arizona, the first-ever facility outside its headquarters in Fort Wayne, Indiana. This distribution center has allowed the company to deliver products to West Coast customers faster and more efficiently, shipping almost 50,000 orders in just three months and creating nearly 100 new jobs.
Throughout 2022, Sweetwater focused on providing its employees with a supportive workplace by implementing a record number of promotions, increasing 401k company match percentages, launching management development courses, and adding a new tuition reimbursement program.
The company also prioritized giving back to the community throughout the year. Focusing on inspiring the next generation of music makers, Sweetwater continued significant philanthropic support of more than 400 music, arts, education, and social services agencies, giving monetary donations of more than $750,000 and an additional $60,000 worth of instruments and audio gear to schools, music programs, and other groups.
As many businesses announce inventory challenges, increased business operating costs, declining consumer spending, and the possibility of a more significant recession, Sweetwater remains steadfast in its commitment to excellence. “Our customers are the reason we exist, and our priority is to serve them in every way possible,” said Sweetwater President Mike Clem.
