[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.
