CatchOfTheDay has celebrated five years in business, and it did it with its strongest September quarter on record and a 100 per cent boost in revenues compared to last year.
The online department store, which also operates group buying site Scoopon and online supermarket Groceryrun, has experienced year-on-year growth in sales and expects to deliver revenues for FY 2011/12 of $250 million, more than double its 2010/11 revenues of $120m, despite tough retail conditions.
According to CatchOfTheDay co-founder Gabby Leibovich, the site’s online discounting model has proved attractive to today’s time and cash strapped consumers.
“What really differentiates us from other players in the market is what we consider a deal,” Leibovich said.
“What we call a ‘catch of the day’ is very different from everyone else, and I reckon that’s how we have won the game.”
After setting on a mission five years ago to “offer unbelievable bargains in every possible category to Australians of all walks of life,” CatchOfTheDay’s growth is not showing any signs of slowing down.
Experian Hitwise reported a 7.09 per cent increase in visits to the site in August over 2010 figures, with about 4000 customers signing up each day.
Hot off the success of CatchOfTheDay and Scoopon, the group launched its online supermarket, Groceryrun, in September to an average of 20,000 orders with about 18 items being placed each week.
In addition to growing its existing network of sites, the group will have its hands full in preparation for the year end launch of Brandstreet, a new addition to the CatchOfTheDay family that will offer branded fashion apparel and footwear.
Leibovich recently spoke at the Online Retailer Conference and E-Commerce Expo in Sydney about how the GFC and strong dollar have led to the rise of daily deals.