Archive for eCommerce – Page 7

#SophiaAmoruso

Success stories come in all shapes and sizes. For Sophia Amoruso it came in the form of vintage women’s clothing. This one time dumpster diver has managed to transform herself into a very successful, yet very down to earth, entrepreneur through sheer guts, tenacity, and innovation.

This brilliant story starts with a very common occurrence in the lives of many entrepreneurs, a side project. Sophia Amoruso managed an Ebay page named Nasty Gal that sold vintage clothing that were salvation army rejects. Eventually she dropped her day job scanning ID cards at the local community college and started to focus on Nasty Gal. Her business toke off. When the time came to move to her own site, www.shopnastygal.com, she had her Ebay page suspended for promoting the new site. Regardless of this minor hick-up she sold out of merchandise on the first day.

How did Sophia create such a demand so early in her career? She found a fabulous niche market for what she had, vintage. During her Ebay days she also discovered an interesting phenomenon in humans: they prefer to see an article of clothing on a human being rather than lying on the ground. It may sound simple to us now, however, in the day she was working it was very common for no model to be used to sell a piece of clothing. With this competitive advantage and a thoroughly fantastic niche market she was able to drive the demand that she saw on the opening day of her new site.

What has Sophia done since that first day? Simple, she has grown her company into a multimillion dollar company, one that reaped 100 million dollars in last year- profitable, and has had one of the single most explosive growth rates in the last decade. She has published #GIRLBOSS a hybrid memoir and business text. The vast majority of this text is devoted to her adolescence with common sense business lessons sown in like stitching on a sweater. Sophia Amoruso is certainly a #GIRLBOSS.#girlboss

Coinbase

Ehrsam is a 25 year old Duke graduate who worked as an asset manager and investor for Goldman Sachs before he founded his company. His company is named Coinbase, it is essentially a virtual wallet for Bitcoin. It functions the same way as Pay Pal but uses a different currency. Bitcoin for those of you who do not know, is a new form of virtual currency. It is used globally and about $1.5 Billion worth of Bitcoins are in circulation. The major problem with Bitcoin is that it is very volatile, when the new currency was introduced, it was valued at $1200, now it is down to just over $330. Ehrsam is working to help provide more security to Coinbase users by allowing the user to instantly sell the Bitcoins when they are received to avoid deflation and the varying prices. Coinbase, makes it easier for companies to make large payments more easily as well as make transactions with foreign companies and dealing with exchange rates. Coinbase is available in 19 different countries as of now and is looking to expand. Ehrsam is attempting to make Bitcoin more mainstream. He has used the same model as Pay Pal but has put his own spin on it, Coinbase

allows the user to save their Bitcoins using the vault portion of the app. The vault is set up in a way that the currency can be stored safely, as well as allowing you and your business partner, or whoever you share the account with to cosign withdrawals digitally to avoid users to make unauthorized withdrawals. There are about 37,000 business that trust and accept Bitcoin, but the problem is that there are not enough users of this new currency. I’m interested to see where this business takes Ehrsam. Coinbase has almost 2 million users so far and is the “World’s most popular Bitcoin service.” Pay Pal is very successful and Elon Musk has moved on to bigger and better things, I’m wondering if Ehrsam will do the same, and his company will keep expanding, or if Coinbase will fail because of Bitcoin’s unpopularity and constantly changing exchange value.

Kiip Them ads Coming

Brian Wong

Brian Wong CEO of Kiip

At the age of 18 Brian Wong had skipped 4 grades and graduated from college.  At 20 he was listed in Forbes 30 under 30 , named one of the top 5 young entrepreneurs by Mashables, and is one of the youngest people to have ever received money from a venture capital firm.  Wong was on the fast track and after losing his job after only 5  months after graduating Wong turned this misfortune into a multi-million dollar idea.  In 2010 Wong founded Kiip, a marketing company that gives tangible rewards for virtual success.  Wong’s brilliant plan hit him while in an airport while people watching.  What he noticed was that everyone was either “pretending to work” or playing a game on their phone.  What he realized was that ads had been appearing at the worst possible time.  As one reaches pure ecstasy as they win that baseball game or feels so smart after debunking a challenging candy crush level these ads were appearing! Its as if their prize for finally conquering the pesky boss was the opportunity to be bombarded by ads.  What Wong saw was an opportunity to turn that thrill of virtual success and capitalize off of it.  Wong’s company Kiip, (pronounced “keep’), partners with companies, such as Disney, Gatorade, and Pepsi, as well as apps and app developers to create in game achievements that allow for real world rewards.  For example a runner who just completes a 5 mile run and records it in RunKeeper may receive a free bottle of Propel.  Or maybe you finally eclipse level 1oo in candy crush and you may have just been rewarded with a free bag of sour patch kids.  In essence Wong has joined together some of our favorite things in life, winning and free stuff, and has launched the marketing and advertising business in a whole new direction.  I believe that this idea of Kiip is going to become the new way of advertising as the digital age becomes more and more prevalent.   Wong makes his money on a cost-per-engagement (CPE) basis, such as when a user submits an e-mail address to claim a reward (as 25 million have done so far). Kiip typically earns 30 cents to $3 per CPE, depending on targeting criteria, and splits the fee 50-50 with developers. The company reaches 10 million active users daily, up from 4 million last year; annual revenue is between $10 million and $20 million.   At the ripe old age of 23 Brian Wong has forever changed the way we advertise and has made a nice little chunk of change doing it.  In the mean time be on the look out for those kiip rewards who knows your mad candy crush skills may finally pay off!

Pradux-Linking You and Me to Societies’ Top Icons

Ever seen an athlete, artist, actor or any other icon and wish you could share their wardrobe with them? Alex Koblenz sure has. In fact, it happened to him just a few years ago.  Alex was at a Jay-Z concert and loved what HOVA was wearing.  Upon returning home, he spent hours pouring through the internet trying to discover what Jay-Z had on during the concert. Unfortunately, he was unable to find it.  His frustration turned into an ingenious business idea. His problem needed a solution. A thus came about the founding of Pradux.

Pradux is a website that allows users to browse products they see in their favorite magazines, on the web, on  TV, and in blogs. His site possesses a plethora of products from fashion to food, art, electronics, sports and more. The website is based of thousands of databases from popular TV shows to movies and iconic figures in pop culture.

Pradux is a very intriguing company from a business standpoint.  It allows users to submit the products that they see on TV and in the world.  In this manner, it works much like any popular social media site like Instagram or Twitter.  Every time a user engages a posted product, they receive a point.  These points add up and eventually unlock experiences with the brands on the website.  If someone buys a posted item, the user who posted that item splits the commission with Pradux 50/50. Over the course of the next five years, Alex sees Pradux being not only able to bridge the gap between, but also blend social, retail and entertainment into one ultimate experience.

In a society so caught up in current economic turmoil, Koblenz is a glimmering light of hope in the business world.  His positive attitude drives his business and innovation. “Never quit,” he insists, “always keep moving forward. Always try to find some type of positive each day, however small it is, to keep the momentum going.”

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ModCloth: eCommerce at its best!

images (2)ModCloth is an online retailer that specializes in vintage , vintage-inspired and indie clothing, accessories and decor. ModCloth was started in Pittsburgh in 2002 by Susan Gregg-Koger and her then-boyfriend, now-husband, Eric Koger. Eric started a web development business in 2000 and used his knowledge to help Susan launch an eCommerce site for the amazing pre-worn vintage items she’d found at vintage sales. The company began in the Kogers’ college house basement at Carnegie Mellon where they employed a student part-time to help with packaging and shipping. It now has, however, 450 full-time employees across offices in San Francisco, Los Angeles and Pittsburgh. It is one of the fastest-growing fashion and home eCommerce ventures to emerge in the past decade and the company did more than $100 million in sales last year.download (2)

ModCloth is extremely popular with fashion bloggers, vintage lovers, and online shoppers in general because there are up to 50 new products a day on the ModCloth website. That fresh content is essential to making browsing the ModCloth site a daily habit. Also, ModCloth’s Be the Buyer program allows customers to vote on which designs are created and sold by ModCloth. Combine all this with ModCloth’s great customer service and it’s no wonder that in 2010, ModCloth was  named the #2 Fastest-Growing Private Company in America according to Inc. It was also named to Forbes 30 under 30 list for Technology in 2011 and for Art and Style in 2012. ModCloth also made No. 19 on the World’s 50 Most Innovative Companies as well as No. 14 on the Most Innovative Social Media Companies list by Fast Company in 2013.2-3_ModCloth