E-Commerce Developments

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Bidz.com offers bill-me-later option

July 15, 2009

Culver City, Calif.--Online jewelry auction site Bidz.com announced recently that is has made Bill Me Later's "no payment for 90 days" option available to eligible U.S. consumers making purchases on Bidz.com and Buyz.com.

According to a press release from the Culver City, Calif.-based company, it's a secure way to pay that allows online shoppers to purchase items they desire without the use of a credit card.

Leon Kuperman, president and chief technology officer for Bidz.com, said the company is determined to provide its customers with the best shopping experience by giving them a wide selection of jewelry and brand-name accessories at very competitive prices.

"Providing Bill Me Later's no payment for 90 days allows us to extend that same shopping experience to the payment process that is secure, flexible and easy. Through this new payment option, we are able to offer our online customers a better shopping experience and generate even higher levels of customer satisfaction," he said in the release.

Like so many other retailers, Bidz.com's sales have been impacted by the economic crisis, which has consumers both pulling back on spending and banks tightening lines of credit.

Sales decreased 49.6 percent in the first quarter of 2009 for the company, dropping from $61.9 million to $31.2 million.

The company does the vast majority of its sales (69.7 percent) in the United States, while international sales account for 30.3 percent of its business.

Founded in 1998, Bidz.com is an online jewelry retailer that offers product in a live auction format on Bidz.com as well as through a fixed-price online retail store at Buyz.com.

Despite the slowdown, according to Internet Retailer magazine's Top 500 Guide, Bidz.com remains the second largest online jewelry retailer with $207.4 million in sales in 2008, trailing only Blue Nile Inc.
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