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Record Growth Continues for

16 December 2007

Record Growth Continues for

Processing 160 credit card transactions per minute has helped make online retailer one of the 50 fastest growing technology businesses in the Asia Pacific region this year – after only three years of operation.

The Hamilton-based online extreme sports company has just been officially ranked 46th in the Deloitte 2007 Asia Pacific Technology Fast 500 index, which benchmark’s revenue growth in ten countries. Deloitte also ranked as this year’s fastest growing business in the Waikato.

The opening this month of a distribution centre in Melbourne and the recent launch of their discount website is expected to further accelerate the growth of, which has grown by 1000% in the past year.

Twenty-eight-year-old Torpedo7 Director, Luke Howard-Willis says, “We are expecting to grow even more next year, especially in our Australian market which currently attributes 50% of our sales. Since launching our Australian Torpedo7 website in June 2006, Australian orders have increased by nearly 600% and a further 100% growth is forecast over the next 12 months.”

However, it’s not just the cycle, snow and adventure products featured on the website that will be driving the company’s growth next year. The company’s new daily discount website offers an almost limitless array of recognised quality branded products, at up to 80% below normal retail prices. Not surprisingly, the site is already popular, ranking third most visited New Zealand shopping category website within six months of its launch. Products are sold in both New Zealand and Australia.

Offering three new heavily reduced products every day at midday – is well on its way to creating a new lunchtime retail craze. Products as diverse as mobile phones, footwear and watches regularly sell out within hours, and shopper numbers are increasing by approximately 50% each month. Featuring deals like 24-packs of Red Bull down from $49.95 to $12.99, and Apple iPod Shuffles down from $139.95 to $59.95 - 1-day has resulted in what Luke describes as “a midday buying frenzy”.

Recent daily deals have seen 34,560 bottles of Red Bull selling out in two hours, and some 160 credit card transactions processed in one minute.

“The advantage of 1-day is that the site can be selling absolutely anything each day so customers keep coming back,” says Luke. “It has also allowed Torpedo7 to maximise the online marketing expertise and infrastructure we have built up over the past three years. We have 60 full time staff and committed purchasers dedicated to securing branded products at ridiculous prices. We also then ensure our customers receive unsurpassed service with prompt delivery times and after sales confidence.”

“Our growth can be mostly attributed to word of mouth which proves we are doing the right things. Customers buy on-line with confidence and tell their friends – it’s the best advertising we can get. We don’t have the overheads that traditional retailers have and we are happy to pass these savings onto our loyal customers.”


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