4/2/2023 0 Comments Top hatter![]() ![]() Users can now earn points by participating in two games: Quests and Treasure Spin. The following excerpt explains how the new features work: “Tophatter’s mobile discovery marketplace is selling more than 100,000 items per day that deliver up to 80% discounts off retail prices and nearly every item is sold in less than 90 seconds.” The marketplace has over 35 million customers worldwide. “This enhancement has doubled the average number of hours users spend daily on the app, demonstrating the importance of customer engagement as it relates to overall brand and transactional value,” she said. Tophatter operates at the intersection of marketplaces, gaming, and discovery retail, a spokesperson told EcommerceBytes, Earlier this month, it said customers could earn points and redeem rewards, giving them an edge when bidding on products. "The idea is to bring back the concept that it's actually fun to shop.Discount marketplace Tophatter announced new integrated games to make online shopping more fun and engaging. "We want to be the thing you do when you've got two minutes standing in line at the grocery store or 10 minutes waiting for your kids to finish soccer practice. "We're not competing so much with Amazon and eBay as we are with whatever game or social media you play with on your phone," Blachman says. Tophatter's other goal is to develop and grow the site less as a sales vehicle than as entertainment. Blachman says the site is working on adapting languages and currencies and fixing kinks on delivery systems to make sure inventory ships quickly and cheaply to customers around the world - "a difficult challenge," he says. Tophatter's plan is to push its international profile. "These guys bring maniacal focus to finding the next great experience for retail online," Kim says. The online service, which allowed selected friends to see and comment on one's credit card purchases, went belly up in 2011, though it was valued at $46 million at one point. Co-founder Ashvin Kumar was an intern at Amazon before helping to launch Blippy, also backed by Charles River Ventures, in 2009. Blachman was a Stanford engineer who ran Get Me In, a European online ticket marketplace acquired by Ticketmaster in 2008. Playing in such a competitive market tends to be a losing proposition for start-ups, but Tophatter continues to draw investors, in part because of a leadership team with experience in the auction and e-commerce battle zones. ![]() "At a time when people say retail is dying and the mall is dead, these guys have figured out a way to get customers shopping again." Offering the personal touch The company has raised $35 million since launching in 2011. "It's going to the bazaar or market, like we've been doing for hundreds of years, but bringing it to a mobile app in a super-compelling way," says Eric Kim, managing partner of Goodwater Capital, a major Tophatter backer, along with August Capital and CRV. More from iCONIC: Why this self-made multimillionaire says you can't rush success 3 things Dollar Shave Club's CEO learned about success from improv A blogger's social media revolution sparks a retail revolution All that makes investors the happiest auction winners of all. The phone app, where most users interact with the platform, has more than 10 million downloads. The company estimates it will make $100 million in revenue this year, up from around $40 million in 2016. Blachman anticipates 2017 sales will range between $300 million and $350 million on transactions of roughly $1 million each day. The company has 12 million registered users, mostly in the United States, and 2 million items are sold each month. "You come to us without a particular purchase in mind but leave with, say, a great refurbished laptop or a new watch that's 80 percent off retail value." Most customer purchases are between $10 and $20.įor many the experience is addictive. "We're all about discovery shopping," says Andrew Blachman, Tophatter's chief operations officer. ![]()
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