ShopIgniter, a rapidly-growing provider of innovative social eCommerce solutions, today announced a record year of growth with a 190 percent increase in revenue and a 400 percent increase in business signed across a variety of industries, including Internet Retail Top 500 companies, major media, professional sports teams, fashion and private sale companies. ShopIgniter’s powered storefronts now reach over 35 million fans and are helping retailers and brands drive revenue through social eCommerce.
“2010 was a ground breaking year for social eCommerce. For the first time, retailers and brands of all sizes were able to conduct eCommerce inside of social networks and activate the referral power of their customers to drive revenue,” said Matt Compton, CEO of ShopIgniter. “We attribute our strong growth to having the right product, the right timing and the right team.”
“ShopIgniter’s growth reflects the value they deliver to their clients and the importance of social networking to eCommerce,” said Tom Alberg, Madrona Venture Group Managing Director, ShopIgniter board member, and an early lead investor in Amazon.com. “Matt Compton and his world-class team have an innovative product that quickly produces tangible ROI for its customers. ShopIgniter is well positioned for continued growth and leadership in a fast growing segment of the eCommerce space.”
In addition to growth, other notable highlights for ShopIgniter in 2010 include:
- $3 million in funding from Madrona Venture Group
- Appointment of Tom Alberg, early lead investor in Amazon, and Dave Hersh, Jive Software founding CEO and chairman, to the ShopIgniter board
- Appointment of Matt Compton, former Yahoo! executive and venture partner at Madrona Venture Group to the CEO position
- Three significant product releases including the Social Promotion Engine™ to power shareable coupons, referral and loyalty incentives, private and time-based sales, and group promotions; a fully transactional Facebook Store; and a cloud-based eCommerce Platform. The three products deliver a solution that can power a stand-alone eCommerce business or be deployed in a modular fashion and integrated with existing eCommerce systems.
- 30 new retail and brand customers in the first six months of initial product release. A sampling of live clients is available here
- Attainment of substantial ROI for customers including:
- 15-20 percent of sales inside of Facebook
- An average 8-10 percent higher transaction value inside of Facebook compared to regular dot com transactions
- 2 times the conversion rate on transactions that occur inside of Facebook compared to regular dot com transactions
- 15 percent higher conversion rate when the shopper is driven by a friend’s Facebook wall post
Founded in 2009, ShopIgniter is a rapidly growing, social eCommerce software company funded by early Amazon.com investors, Madrona Venture Group. Headquartered in Portland, OR, ShopIgniter helps companies of any size activate their social network to extend their reach and generate revenue through social eCommerce efforts. ShopIgniter provides the sCommerce Suite of flexible products that include a Social Promotion Engine to power shareable coupons, referral and loyalty incentives, private and time-based sales, and group promotions; a fully transactional Facebook Store; and a cloud-based eCommerce Platform; all of which can power a stand-alone eCommerce business or be integrated with existing eCommerce systems.
With over a hundred of customers and growing, ShopIgniter meets the social eCommerce needs of a variety of companies including retailers, brand manufacturers and their interactive agencies. More information can be found at www.shopigniter.com.