About Beyond the Rack:
About Beyond the Rack:Beyond the Rack is a North American private online shopping club which operates a website that offers brand apparel, accessories, beauty and home decor products .
The company was founded in 2009 by Yona Shtern and Robert Gold. Shtern was the former chief marketing officer at Ice.com, My Virtual Model and Microcell Telecommunications. Gold was the former president of Gosh Marketing and Donald Berman Enterprises. The E-retail company started its offices in New York City and Montreal.
Company’s Objective:
Beyond The Rack Objective is to provide private shopping club for women and men who want designer brand apparel and accessories at prices up to 80% off retail to reach people as fast as possible.Must be a member in order to know the company’s merchandise.
Targeted medium to high-end customers who are looking for brands or might be looking for products which are out of reach in terms of price.
The official webpage was designed in such a way to provide fast,simple ,easy look to the viewers and to be a member freely.
Approach:
FASTER,CLEAN,SHARP look and feel of the company web page . Increase the member base by spending majorly on Facebook and Email to trigger communication . An eye on past purchase & browsing behavior to achieve mission critical success.
The members-only flash sales site features tons of different products from designer brands, offering everything from shoes to kitchen organizers to tablets at a steep discount. With different stock on sale from day-to-day, members hunting for a bargain keep up to date via daily email messages. To make these messages more effective,they send products they think members are most likely to be interested in – based on past browsing habits and purchases.
Email marketing:
Scheduled email messages to share the obvious deals ,updates , cart information and explains how limited time sale events run to keep customers active. Tracking an abandoned cart email capture sales that would otherwise be lost.
Mobile application:
To enjoy the on go shopping experience, “Beyond The Rack” introduced its official Mobile App in 2013 November .It gives members quick and easy on-the-go access to exclusive, curated events. The start of sale notifications and event countdown timer kept the customers engaged.
Growth Scale:
- Learning through the browsing history and past orders, it improved its ads and grew from 18% clicks to 21% in the initial years and by 2013 they improved customers traffic and acquired 44% clicks. In the same year the revenue increased by 66% per day.
- Secured $25 million in venture capital funding on year 2013.
- In 2013, the company had achieved sales in excess of $150 million.
- Beyond the Rack serves over ten million members in North America and offers merchandise from over 3,000 brands. The website organizes 15 new sales each day.
The company was ranked as North America’s fastest-growing online retailer by Internet Retailer’s Magazine. The company has attracted over 5 million consumer members and over 3,000 brand partners to its online flash-sale marketplace.
Success Track:
Beyond the Rack’s business is designed along the lines of an exclusive personal shopping club, whereby members are given access to product availability in the context of limited-quantity, first-come, first-served sales events. Clearly, the approach has been paying off far beyond the company’s initial expectations.
Below is the video of Richard cohene ,Marketing director of Beyond The Rack. Speaking on the Mobile application of Beyond The Rack.
https://vimeo.com/54564885
New ideas or new strategies comes from one of three places We might observe something in the marketplace and say, “How does that fit for us? How is this change going to represent either an opportunity or a threat to our business and how do we need to evolve?” Said YONA SHTERN , CEO of Beyond the Rack.
Beyond the Rack partners and investors:
Announced that it recently closed a $36.6 million USD investment round led by
- Silicon Valley-based Panorama Capital with additional investment from Export Development Canada,
- Tandem Expansion Fund,
- Rho Canada, and
- iNovia Capital.
Current investors Highland Capital Partners and BDC Venture Capital.
“Watching Beyond the Rack transform from a small start-up into North America’s market leader over such a short period of time has been extremely gratifying,” added Dan Nova, general partner at Highland Capital. “We are excited to continue to play an active role in the company’s further development”.
On this occasion Yona Shtern, CEO of Beyond the Rack .said , “This significant funding will allow us to continue to maintain our leadership position in both Canada and the U.S.”
“We are extremely appreciative of the continued support from our existing shareholders and are thrilled to add such highly respected investors to our team,” added Mr. Shtern.
Learning:
- Collaborative creative approach allowed “Beyond The Rack” to test many different creative concepts and rapidly implement learning’s.
- Beyond The Rack looked to AdParlor (in LinkedIn) for a high level of experience in service and technology to efficiently scale their spending and acquisitions for optimal results.
- Not to distract user experience, It created a dynamic and robust HD page for the user interface.
- Marketing promotions targeting on weekends and holidays.
- Beyond the Rack goes beyond customer segmentation with Exact-Target Marketing Cloud.
References:
- https://vimeo.com/54564885
- http://www.ustream.tv/recorded/63452166
- https://www.beyondtherack.com/info/about?show_popup=registration_modal
- http://business.financialpost.com/entrepreneur/montreals-beyond-the-rack-named-north-americas-fastest-growing-online-retailer
