PR Log (Press Release) –
Jan 05, 2010 – Download the original attachment
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Contact: Alison Westcott
Phone: (414) 727-6556
Email: Alison@caffeinecomm.com
Web: www.hayneedle.com
Hayneedle.com named Internet Retailer’s Hot 100 of 2010
Unique business model and rebranding lead to double-digit sales growth in 2009
Omaha, Neb. (December X, 2009) – At a time when retailers are forced to get creative to grow revenue, Hayneedle, Inc. appears to have found the magic formula. Despite its challenge of selling durable goods in today's economic climate, the online retailer has experienced double digit sales growth over the past two years. Hayneedle's success is doing more than winning over customers, it's also raising eyebrows in the online industry.
Hayneedle was recently named to Internet Retailer's Hot 100 list for 2010, a list that recognizes online retailers that have made successful business changes to improve the online experience and keep consumers on their site. Hayneedle.com was cited on the mass merchant list for its ability to bring a plethora of online stores together under one cohesive brand and URL – hayneedle.com.
"The launch of hayneedle.com has created a new business model for internet retailers and a diverse haven for consumers,” said Ash ElDifrawi, chief marketing officer of Hayneedle. “We’ve seen double-digit sales growth in 2009 which further proves this business model is the future of online retail."
With a simple philosophy - provide consumers with true product variety – Hayneedle has answered the consumers’ cry for more than what is on the shelf in brick and mortar stores. According to a recent hayneedle.com exit survey, 70 percent of consumers are shopping online because they cannot find variety in stores.
To deliver variety, Hayneedle has built an online destination that allows customers to search from thousands of product SKUs across more than 220 stores, all from one domain name and one universal shopping cart. The result is a simple way to search, shop and buy with confidence --all while filling the void in the marketplace left by brick and mortar stores whose limited shelf space is cluttered with indistinguishable items.
Creating a new brand is not the only thing turning people's attention to Hayneedle; it's also the ease of use of its Web site.
“Hayneedle provides a one-stop shop for home, work and leisure and gives consumers a selection of styles, colors and sizes to choose from,” added ElDifrawi. “What sets us apart is that consumers can utilize our industry-leading universal shopping cart to buy products from each separate store at one domain name: hayneedle.com. It's a time saver and a convenience--customers get the benefit of shopping our extensive collection of specialty stores where they can find everything they need, and only need to check out once."
In addition to offering product variety, the company's mission ultimately is to connect customers with the products that best suit their tastes and lifestyles. One way Hayneedle does this is through a proprietary concierge bar, which makes suggestions on complementary stores and products, based on information you provide, including your search behavior and past purchases.
To deliver the variety necessary, Hayneedle's employs a team of buyers and merchants that use a simple technique to determine versatile yet in-demand products. Representatives from the company meet regularly to determine product lines and categories that are under-represented in the marketplace. And because Hayneedle is an online retailer, the company is able to quickly update and tailor its offerings to accommodate a dynamic marketplace. By offering niche stores dedicated to a specific line of products and connecting them together, Hayneedle provides the simplest yet most sophisticated online purchasing experience.
“The redesign and rebrand from netshops.com to hayneedle.com has offered the consumer a rewarding shopping experience with an industry-leading universal shopping cart and concierge bar,” added ElDifrawi. “As a result, we have seen longer site engagement time and a significant increase in multi-store sales.”
About Hayneedle
Hayneedle (www.hayneedle.com), the leading online retailer in product variety, was originally established in 2002 as NetShops, Inc. with just three employees. NetShops,Inc. has been recognized by Internet Retailer and Inc. magazine as one of online retail’s fastest growing companies. In 2009, it changed its name to Hayneedle, recognizing an opportunity to develop multiple niche ecommerce stores. The privately-held company is based in Omaha, Neb., and funded by Insight Venture Partners and Sequoia Capital. For more information, visit www.hayneedleinc.com.
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