July 3, 2005
Entrepreneur.com: Gift certificates have always been ideal for gift giving, but now they're becoming even better for self-indulgence--at half the price. Eric Diamond, 33, spent a decade working tech-related jobs before figuring out a way to combine his tech skills with his family connections in the fashion industry. His brainstorm was SalesOffline.com, a website he originally built to advertise local retail sales that has since evolved into a provider of discounted gift certificates to independent fashion retailers in the New York City area.
Confidence, coupled with approximately $60,000 collected from personal savings, family and friends, provided Diamond the opportunity to develop the website and a business model that brings profits not only to him, but to all involved--even retailers. How does it work? Customers buy gift certificates but pay for only half their values; retailers give SalesOffline.com an average of 30 certificates per month and, in the process, win new customers who help drive sales; and Diamond strategically coordinates the two. Says Diamond, "Our goal, overall, is to show that this is a win-win situation for all parties."
Better Half [Entrepreneur.com]
By Steven Teo @ 2:46 PM | Online & Social Networks | Comments (0) | Article Link
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