Meet The Latest Billion Dollar IndustryMay 26, 2011 6:47 pm
We spotted this today:
“Online retailers that offer luxury items at deep discounts have created a billion-dollar industry in a flash.
In 2007, as the economy tanked and the demand for luxury clothing and accessories dove south with it, a new market emerged online. An online retailer called Gilt Groupe started selling high-end merchandise on its members-only site and ignited a fuse that has exploded into one of the fastest growing trends online: flash sales.
Last year, flash sale sites raked in $1 billion in sales, according to comScore, an online research marketing firm. And analysts from BIA/Kelsey, a research firm, predict that by 2015, the category will net $6 billion.”
Statistics Source: CNN Money