LOS ANGELES, April 23, 2012 /PRNewswire/ -- LuxeYard Inc., (OTCBB: LUXR), the fast-growing boutique luxury flash sale site, today introduced an enhanced version of its Concierge Buying technology. The first social sourcing platform of its kind, Concierge Buying monetizes social networking by allowing consumers to suggest and vote on what luxury fashion and home decor products LuxeYard will include in its private sale events.
A demo of Concierge Buying can be viewed here, and anyone can participate by creating a free account at LuxeYard.com.
"This is a fundamental change in how people buy online, whereby the consumer is now armed with both the power to source and influence the price of the products they want," said Braden Richter, CEO of LuxeYard. "In addition to its ability to expand and activate our member base, we think our ability to generate e-commerce revenue from social networking could have enormous implications for the future of retailing."
Concierge Buying allows members to make product recommendations by posting items they see online and want to add for community consideration. Images can be uploaded from a user's hard drive or "pinned" using a "Luxe It" bookmarklet to post items to a public LuxeYard pinboard. The company plans to introduce a mobile application enabling users to "Luxe" photos in real-time as they see items they want anywhere in the world.
When enough members "like," "follow" or "comment" on a Concierge Buying pinboard post, LuxeYard's veteran team of buyers will negotiate a volume discount on the exact product or source an item of comparable style and quality. Once there is a match between a posted item and its availability in an upcoming flash sale, the members engaged in the Concierge Buying process for that product will receive an exclusive advance notice of the upcoming sales event, after which it will be made widely available to all LuxeYard members.
"Our team spent months analyzing the intersection of social media, crowd sourcing and e-commerce technologies, and we believe we have created a revolutionary way to have them co-exist and succeed," said Jerry Wilkerson, CTO of LuxeYard. "The result is a Pinterest-like social product sharing experience, coupled with a powerful e-commerce engine similar to Gilt and Groupon."
LuxeYard is a members-only flash sale site for luxury home furnishings, decor and fashion that offers access to unique products sourced by a seasoned team of buyers at a fraction of retail prices. LuxeYard is the pioneer of Concierge Buying, which gives members the power to determine what items will be sold on the site, and Group Buy which allows them to lower the price by sharing sale items with friends. Along with its veteran retail, e-commerce and digital marketing management team, LuxeYard partners with celebrity Trendsetters and design and fashion industry insiders to deliver a curated buying experience from a unique point of view to its members. To join the LuxeYard community, visit www.LuxeYard.com.
This press release contains forward-looking statements about our social sourcing platform and Concierge buying technology, which involve risks and uncertainties, and actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, the factors included under the headings "Risk Factors" and "Cautionary Note Regarding Forward Looking Statements" on Form 8-K, filed with the Securities and Exchange Commission on November 15,2011, a copy of which may be obtained by visiting the SEC's web site at www.sec.gov. LuxeYard's actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance.
You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations.