ATLANTA, Jan. 21, 2016 /PRNewswire/ -- Purchasing Power, a specialty e-retailer offering American workers the opportunity to purchase consumer products and services through an industry-leading employer sponsored benefit, today reported record revenue growth, a 19.2 percent increase over 2014 and record profitability growth for 2015. Purchasing Power is ranked #124 in the Internet Retailer 2015 Top 500 Guide and #156 in the Internet Retailer Mobile 500 for 2016.
Available to over 7.8 million employees as a voluntary benefit to companies with 1,000+ employees, Purchasing Power is offered in over 20 different industry sectors and its client list includes Fortune 500 and public sector agencies; 4 additional Fortune 500 clients were added to their premier client list in 2015. The total number of new clients added in 2015 increased 107 percent over 2014 and new client revenue in 2015 was 97 percent over new client revenue in the previous year.
Purchasing Power was listed among the Inc. 5000 Fastest Growing Private Companies in America in 2015 for the eighth consecutive year. Additional accolades include the Innovation Award from Association of Telecommunications Professionals (ATP), a Stevie Award in the Consumer Products & Retail Website category by the American Business Awards and being honored as the non-traditional voluntary benefit solutions provider of the year by the Employer Healthcare & Benefits Conference.
Over the last 3 years, the company has invested in a number of technological enhancements to become a best-in-class e-retailer for its customers by optimizing the customer experience throughout the online shopping experience. Relative to other top 500 online retailers, Purchasing Power outperforms among a number of key metrics and is a leader in the retail sector including mobile traffic and mobile conversion rate. According to the Adobe Digital Index, over the 2015 holiday period mobile traffic accounted for 39 percent of website visits, and mobile conversion rate grew from 1.7 percent to 2.8 percent across the top 500 online retailers. For Purchasing Power, mobile traffic represented 48 percent of website visits, and mobile phone conversion rate grew from 2.2 percent to 3.0 percent.
"Our strong growth can be attributed to the fact that Purchasing Power is focused on delivering a superior customer experience through our employee purchase program offered by their employers, it's a voluntary benefit that employees not only want, but also need," said Richard Carrano, Purchasing Power President and CEO. "And human resources professionals realize it is a way to reduce employee financial stress as well as improve job satisfaction and retention," he added.
In 2015, Purchasing Power also more than doubled its product catalog to nearly 45,000 items and now covers 19 major categories including the hottest consumer electronics and retail products in the market, online education and vacation packages. Among the new categories added in 2015 were automotive services and a financial wellness platform.
About Purchasing Power, LLC
Purchasing Power is one of the fastest-growing voluntary benefit companies in the industry, offering a leading employee purchase program for consumer products and services as well as providing financial tools and resources to improve employees' financial wellness. Purchasing Power is available to 7.8 million people through large companies – including Fortune 100s – and government agencies. The company was honored for "World Class Service" by Smart Business, recognized as one of the fastest-growing companies for eight years on the Inc. 500|5000, and is one of "Atlanta's Best and Brightest Companies to Work For." Headquartered in Atlanta, Purchasing Power is 'Powering People to a Better Life™' through its employee purchase program, financial literacy efforts and charitable contributions. Purchasing Power is a Rockbridge Growth Equity, LLC Company. For more information, visit www.PurchasingPower.com.
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SOURCE Purchasing Power, LLC
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