Firm's new platform addresses flaws in traditional group-buying models
TORONTO--A new Toronto company is set to take on the city's large group-buying companies by putting the needs of merchants first while still providing consumers with significant savings.
Spinzo officially kicked off its service late last month. The company's founder and CEO, Emmanuel Elmajian says he is confident Spinzo will change the way Torontonians view online shopping. Elmajian says the term "group buying" needs to be redefined. "Merchants' needs must be respected and given priority because current systems are too one-sided. With Spinzo, we have created a more ethical merchant-consumer relationship." Elmajian points to the countless horror stories of businesses losing money or going broke after paying 50 per cent commissions to daily deal sites. "That business model is not sustainable so I created Spinzo."
Instead of forcing vendors into heavy discounting, the Spinzo concept builds partnerships with merchants allowing them to set their own pricing so they don't lose money. For consumers, the Spinzo buying experience is pleasurable and fun because as more people purchase a given deal, the savings become bigger. Consumers can track the price drop in real time and can even set their own maximum "buy" price. "This technique creates an incentive to share deals with friends," explains Elmajian. "As the deals are shared, exposure for partner merchants increases, a concept that is lacking in the traditional group-buying model."
Founder Emmanuel Elmajian, 27, created Spinzo to meet the growing need for a fair on-line marketplace for merchants and consumers. This unique platform offers exclusive products and experiences where the final price depends on how many people agree to purchase. Prices are determined by partnering merchants and prices drop instantly every time someone joins a purchase. Consumers can set their maximum purchase price and have a compelling reason to share with friends - more savings!