Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>


Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>


Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>


Electricity: New Zealand Remains In Top 10 For Energy Balance

The World Energy Council’s Energy Trilemma Index has become part of the energy dialogue both globally and in New Zealand. The Index illustrates the need for countries to balance energy security, energy equity and environmental sustainability. New Zealand ... More>>


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>


Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>