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Newegg Executive Notes that Early Success in Economic Downturn Validates Company’s Value- and Service-Oriented Business Model; Vows Strengthened Commitment to Canadian Market
TORONTO – Newegg.com Inc., the second largest online-only e-retailer in the United States, is pleased to announce that since its launch in Canada (as newegg.ca) three months ago, it has experienced rapid growth in both subscriber base and revenue. The site, which features close to15,000 computer and gaming products, had more than 14,000 Canadian consumers registered even before opening for business in October 2008. Since then, newegg.ca has posted a growth pattern close to doubling their revenue month to month and reached record sales this Boxing Day, thanks to savvy marketing efforts, quality service and a solid product mix
Bernard Luthi, Newegg Inc. Vice President of Merchandising and Marketing, noted: “Our early success in Canada, even amid the current economic downturn, clearly shows that our e-retail philosophy and value-added business model, which focuses on wide product selection, fast shipping and exceptional customer service, is a proven formula for success – and one that resonates with Canadian consumers.”
Record-Setting Year for Company’s U.S. Operations
Founded in 2001, Newegg has more than 11 million registered users and regularly earns industry-leading customer service ratings. The site’s Canadian success mirrors a record-setting year for the company’s U.S. operations in 2008. On Black Friday (November 28) alone, traditionally the beginning of the U.S. holiday shopping season and a strong retail market indicator, Newegg recorded a year-over-year growth of 178% compared to an industry average of only 1%. The same-day number of actual orders increased by 193% year over year, and the number of buyers more than tripled compared to Black Friday 2007.
Mr. Luthi continued: “Newegg has consistently demonstrated strong growth in the U.S. market, and our early performance in Canada reflects the same pattern of expansion. As we look to 2009 and beyond, we will continue to strengthen our commitment in Canada, and accelerate our efforts to provide consumers here with best online shopping experience possible. We believe the combination of well-planned promotions, extensive product selection and superior customer service, combined with our ability to deliver on our promises, has earned us a name among savvy online shoppers in Canada. As we look forward to further expanding our product offerings and services on newegg.ca, we hope to see even more Canadians make us their e-retailer of choice.”
Since its Canadian launch in October 2008, newegg.ca has made good on its promise to deliver superior online shopping experience to Canadians, with a number of significant achievements already, including:
• Growing the newegg.ca inventory to close to 15,000 products by adding top tier brands;
• Eliminating add-on duties and customs brokerage fees on all deliveries with one easy payment at purchase;
• Shipping 99 percent of approved orders within 1 business day;
• Diversifying shipping options with the addition of new partners;
• Offering attractive discounts and promotions throughout the holidays and on a daily basis;
Canadians responded warmly to the company efforts. Both Newegg’s launch event at Toronto’s Union Station, which attracted close to 30,000 consumers and the recent popular online gaming tournament Lanfest were met with much enthusiasm.
Newegg.com Inc. is the second-largest online-only retailer in the United States. Founded in 2001, Newegg has more than 11 million registered users and regularly earns industry-leading customer service ratings. At its award-winning web site, www.newegg.com, customers can shop for a comprehensive selection of the latest high-tech products, view detailed product descriptions, pictures, how-to information and customer reviews, and interact with members of the technology enthusiast community. Newegg.com Inc. is a wholly-owned subsidiary of Newegg Inc. and is headquartered in City of Industry, California.