Seen the film “Social Network,” or heard stories about the evolution of Google? Then you have an idea of what’s happening in Chicago. CouponTrade, launched in April, is the Internet’s newest phenomenon.
The fast-growing company is the brainchild of George D. Bousis, 24. He and business partner Brad Wasz are well on their way to becoming the next Internet success story. The son of well-known businessman Dimitris and philanthropist Eleni Bousis, George brings business savvy learned from his father, and the inspiration of his mother’s generosity and good works. Add motivation and hard work to a pedigree like that, and you’re practically guaranteed success. We spoke to George about this new venture.
Where did the idea come from?
After graduating from college, I wasn’t sure what my next step was, so I continued working with my dad at our Cermak Fresh Markets. Coca-Cola was running a promo, with participating Chicagoland stores – something about buying a box of Ritz Crackers and getting a free 12-pack. One day, people came to our store to redeem them, but we weren’t involved in the promotion. They were understandably upset, since there were no participating stores in the area. The promotion was essentially nullified. I began to wonder, how many promotions, daily deals, etc. go unused every day? I started doing some digging.
How did it evolve?
I researched companies like Groupon and Living Social, and found that at least 30% of daily deals go unused. I came up with the idea to create a marketplace where people could sell or trade their deals and gift cards they can’t use.
It was mid-October 2010. I teamed up with Brad, a knowledgeable and forward-thinking e-commerce guru. We worked a lot of all-nighters, posting sheets on white boards, windows, walls, mirrors – you name it. We filled them with ideas, plotting everything out from A to Z.
Describe the concept.
We solve the dilemma of the unused gift certificate or Daily Deal. Basically, sign up on our site, place an item for sale or purchase a gift card or deal someone can’t use, at a discount. When it’s purchased – via credit card or PayPal – the seller receives payment to their PayPal account, and an email containing prepaid postage and shipping instructions. There’s no fee to sign up or to list an item. CouponTrade gets 10% of the sale. Buyers get a 60-day money back guarantee in the event of fraud. Shipping is free and there’s a no-tax policy.
There are other promos, too. We can also trace users’ geo-location and integrate inventory to fulfill a search for local favorites. More innovative technology will soon be unveiled, including advanced search, coupon codes and more.
Word travels fast.
The first month, 7500 visitors from 50-plus countries came to the site, browsing through over 35,000 pages. Sales in the initial weeks were quite impressive – without advertising, even with Google, with whom we recently partnered.
What’s Charity of the Month?
Users vote online for selected charities. The winner is featured for the entire month following, and receives 10% of profits for that month.
Why should people check it out?
Last year, Best Buy profited $47 million from unclaimed gift cards. Overall 20% of gift cards are never redeemed – over $20 million a day is lost in unredeemed gift cards and daily deals. It’s a $100 billion industry, growing steadily every year. We’re giving people a second chance at money they’re rightfully owed.
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