An Update On the Business Model of My Shopping Genie
Not long ago My Shopping Genie announced the opening of the Scandinavian countries. However besides that another announcement was made. My shopping Genie is working on the Genie Marketplace: A recent innovative platform that will make happen for My Shopping Genie to get closer to their final goal. In this article we will look into this new platform identified as Genie Marketplace.
What is the Genie Marketplace?
Did you find out yet about Groupon and their daily offers?
We will give more details about this concept. Groupon is a modern day brand that brought together different marketing strategies into one remarkable business model. Their business model blends Social media technology with the discount coupon industry. Thanks to the Internet and to the technology, they gave a new life to the coupon industry.
This model provides great opportunity to local business owners since they can shift great amounts of non-producing advertising dollars from traditional media to a new well focused online coupon based marketing tactic which focused on their area. This has become so profitable that Groupon will be the fastest growing company in all times. They will get to their 1 billion USD sales faster than Priceline and Google. Google intended to buy Groupon for 6 billion USD but Groupon turned the offer down.
Online coupons is a huge market that is still in its early stages. In addition to Groupon, there is simply one other important player named Social Living. These companies do retain certain market share by now but they are nevertheless only scratching the surface of the potential this market has. Groupon at this time turns down 70% of the companies that would like to promote via coupon advertisement. This leaves a large market share undeveloped and the Genie Market place will take advantage of this.
There are some advantages that My Shopping Genie will retain over its competitors. To begin with, Groupon kicked off with 10 sales people in only one city. The launch of Genie Marketplace will take place in numerous cities with many offers. Most significant there are over 20. 000 distributors that will advertise the “offer of the day”.
The second advantage we may notice is the online application called My Shopping Genie. This application starts on the moment a user is making a search in any major search engine. An typical internet user searches about 80 times per month and every time the “offer of the day” will be exposed to him or her. This is something the competitors are not able to do.
How does the Genie Marketplace work?
Likewise Groupon and other players in this industry, Genie Marketplace will offer vouchers with 50 – 90% discount on services and products of local companies in a certain region.
The deals will come on the market via the distributors of My Shopping Genie. When one of these deals is sold, the distributor that set up the deal will earn a commission. This is an ideal way to encourage distributors to bring a lot of offers. However, since they only earn commission when the deal sells, inclines them to search for quality offers as well. In the end this will point to a high quantity of quality offers.
In addition to the distributor that introduced the offer, also the distributor that spread the purchasing genie application will receive a commission.
The Genie Marketplace helps out thus the local businesses, by getting in touch with new customers by making use of the power of online coupon networks and the modern viral marketing strategies.
The expectation is that international development will spread really quickly due to the fact that local businesses place their offers for free on the Genie Marketplace. In addition, My Shopping Genie has a vast base of international distributors and their traffic ability online due to the My Shopping Genie application is big as well. These last 2 aspects will intensify their globalization as well..
As we can see this new platform produced by My Shopping Genie adds value to My Shopping Genie Opportunity. It will get My Shopping Genie nearer their final goal of becoming the largest affiliate platform on the internet. And this will also generate fantastic opportunities for the distributors of My Shopping Genie application. This new platform will create more income streams for the distributor and adds value to the application considerably.