The Chase Manhattan Bank said it plans to
launch an Internet shopping site in conjunction with ShopNow.com Inc., an
Internet shopping network.
As part of the agreement, Chase will be a preferred provider of financial
services for ShopNow.com, offering co-branded
ShopNow.com and Chase credit cards, merchant services and consumer services.
ShopNow.com will develop an exclusive co-branded Chase shopping destination,
complete with Chase and ShopNow.com merchants and a variety of personalized
services. Financial terms of the agreement were not disclosed.
ShopNow.com will provide e-commerce technology, direct marketing services and
a co-branded shopping site with over 29,000 merchants and a wide variety of
services to Chase merchants and consumers. Chase financial services will also
be offered at ShopNow.com and in MyShopNow.com, which allows consumers to
create personal stores featuring their favorite merchants.
“Chase is committed to introducing Internet based solutions that will
substantially benefit our customers,” said Joseph G. Sponholz, Chase vice
chairman and head of Chase.com, the Chase business unit responsible for joint
ventures and marketing alliances with Internet companies.
“The creation of a co-branded ShopNow.com site is a win for Chase merchant
and consumer customers,” said Michael Urkowitz, Chase executive vice
president and head of its credit card business. “Working closely with
ShopNow.com, we will be enabling our merchants to participate in e-commerce
and generating consumer traffic for their sites.”
ShopNow.com aggregates more than one million products and services from more
than 29,000 merchants at its site.