Mydeco has announced a strategic re-think so that it will now be possible to buy products directly from the site. Until now Mydeco has acted more like a search engine for interiors, helping customers search for products from more than 1,500 furniture retailers. Because the business model ensures that the final transaction is completed on another site, Mydeco only receive a small fee in return and, “unable to exploit this marketing potential”, need to pay for its own advertising and search engine optimisation according to The Times. It’s essentially a search engine in a search engine and profit margins have been slim. With a £2million investment from eVenture Capital Partners, the firm will feature more than 7,000 products to buy from around 40 retailers and 50 designers in a similar vein to notonthehighstreet.com. However partners include fashionable interior firms such as Sleep Room, Bodie& Fou, and India Jane.
Founder: Brent Hoberman (founder of lastminute.com)
Founded: 2007
Investor backing: £10 million since 2007
Based: Notting Hill, London
Cool thing about mydeco: They have a 3D ‘build you own room’ app on their site, so you can see what a product looks like in your ‘virtual’ room
Founder: Brent Hoberman (founder of lastminute.com)
Founded: 2007
Investor backing: £10 million since 2007
Based: Notting Hill, London
Cool thing about mydeco: They have a 3D ‘build you own room’ app on their site, so you can see what a product looks like in your ‘virtual’ room
No comments:
Post a Comment