RealTime IT News

LetsBuyIt.com Claims Millionth Member

[London, ENGLAND] European co-buying business LetsBuyIt.com announced Friday its one-millionth member, a figure that comes just after the first anniversary of its U.K. site.

Originating in Sweden, LetsBuyIt.com has since moved the headquarters of its operation to London, where a team led by ex-Nike manager Martin Coles looks after 14 European markets.

LetsBuyIt.com enables shoppers to reap the benefit of co-operative buying -- a natural application of the Internet in the view of many experts. It groups shoppers together so that they can secure the best prices on brand name goods and services, including home electronics, IT and computers, domestic appliances, travel, sporting goods and fashion.

"Considering that at this time last year there was a only handful of people in the U.K. office, it's gratifying to find ourselves in such a strong position," said Chief Executive Martin Coles.

Coles said the million-member landmark had caused terrific excitement in the office. It was, he said, a true endorsement of the business and the power of personal, word-of-mouth recommendation.

Word of mouth? Perhaps, but the massive advertising campaign must surely have contributed to LetsBuyIt.com's increase in membership. People across Europe have been bombarded with LetsBuyIt.com's message on TV, radio, buses and taxis.

Michael Faust, international director of marketing for LetsBuyIt.com, commented that the base of a million members would give the company greater leverage with suppliers, improving its negotiating power and delivering even greater value to users.

The up-beat mood of LetsBuyIt.com is in stark contrast to the misery at TheStreet.co.uk - closed this week despite attracting substantial revenues. Where some dotcoms are prospering in terms of membership and revenue, others are finding their costs unsustainable. Worst of all, it is possible to fall into both categories at once.