December 16, 2010
By the ZippyCart Shopping Cart Reviews Content Team
Market America is looking to revolutionize the online social shopping experience with its recent acquisition of comparison shopping site, Shop.com. The financial terms of the deal have not been disclosed but the transaction is expected to be completed by the end of 2010.
The move to acquire the company is part of Market America’s strategy to rival as a content rich, online shopping destination against the current leaders in this market.
“To date, no one has truly harnessed the power of technology to provide a high touch, personal shopping experience combined with the depth of selection available through instant search of the more than 43 million products in our database. Our business model rewards customers at every stage – by making their shopping easier and more efficient, and rewarding them with cash back for shopping with us. This unique strategy positions us for explosive growth and to compete head-to-head with the biggest, most dominant shopping sites on the Internet,” said President and CEO of Market America, James Ridinger.
Acquiring a company like Shop.com will only beef up Market America’s numbers. Shop.com is backed by such major investors as Bill Gates, Amazon.com, Yahoo, and Oak Investment Partners. The site reaches five times more people per month than Market America and is expected to add about 30 to 40 percent to Market America’s current revenues. The combined entity will have in excess of 650 employees.
For now, Market America and Shop.com will continue to operate as independent websites through a transition period to preserve their individual customer bases. However, the integration of the unique benefits each company has been successful with will begin immediately. Both companies are already working to integrate technology systems. Shop.com’s strength in technology and merchandising, provides customers with the latest high-tech shopping experience combined with Market America’s high-touch, personal shopping experience, including their unique unlimited cash back program, acts as a one-two punch to their competitors. Eventually, Market America will look to draw in Shop.com’s customer base but it is unclear whether the brands will fully merge.
“Market America and Shop.com are online shopping pioneers with distinct areas of expertise,” added Ken Goldstein, Chairman and CEO of Shop.com, who will depart his current role and become a strategic advisor to Market America as part of the transition. “By bringing our companies together, we are creating a game changing shopping experience with transformative potential to our customers, retailers, consumer brands and business partners.”
A native of Seattle, Michelle currently resides in the downstairs of
her "roommate's" house (formerly known as mom and dad), where she is
strategically planning to take over the world (of Warcraft). With a marketing background, Michelle looks to take over the multimedia world with her social media ninja skills. Her favorite day is Sunday, reasons
being twofold, 1.) it's the best day to sample at Costco 2.) it's a
great time to spend with her loved ones. Equipped with wit, sarcasm,
and charm, not to mention an unashamed love for all things Harry
Potter, Michelle has a dorkable zest for life that she is excited to
share with the ZippyCart Team.
Follow her excellent adventures in ecommerce on Twitter: @Michelle_Heng
or Email: michelle [at] zippycart dot com
