NoMoreRack is a flash sale site that is making strides in its goal to become the TJ Maxx of the web.
The company was founded in Vancouver and is only 17 months old and is enabling consumers to afford items they usually couldn’t by buying overstock directly from the suppliers. The site offers goods from clothing and jewelry to electronics and items for the home at drastically (and I mean sometimes drastically) reduced prices.
NoMoreRack racks up sales of about 8000 items per day, which amounts to 5 items per minute and has a subscriber list of about 4.5 million. Revenue in the past 12 months amounted to $50 million and is poised to double in the next year.
So, with all this success, why move from Vancouver to NYC? Jay Bhatti of Business Insider caught up with co-founder Melina Ash after the company attended the Business Insider Start-UP 2012 event.
Heavily influenced by the Start-UP event and being able to network with highly qualified people relevant to their company, NoMoreRack team has three main reasons for moving to NYC.
First off, the team finds that the types of people they want to recruit to grow their team are concentrated in New York City. They love the energy and enthusiasm that people have towards startups in the city.
Secondly, if your site is an e-commerce startup, NYC is prime territory. Ash said that adding retailers, wholesalers, designers and brand headquarters to a tech bubble bursting with talent, makes NYC perfect.
Third, NoMoreRack sees NYC as a perfect jumping-off point for international expansion.
In the week after the event, NoMoreRack leased office space near Union Square:
“After spending a few weeks in New York meeting with people and attending the various tech conferences, we knew we had to be here, in the heart of the action. It was a no-brainer after meeting people at events like the Business Insider 2012 Start-Up. We hiring right away in New York City, so if anyone likes what we are building, just email us at email@example.com“
See what NoMoreRack is all about by visiting http://www.nomorerack.com
Read More: NoMoreRack Profile
Source: Business Insider, Vipesh Agarwal, Vice President, NoMoreRack