Rancho Cucamonga, California (PRWEB) November 27, 2012
Thriving for more than a decade, mostly through the word of mouth of its devoted techie customers, Monoprice (http://www.monoprice.com ) has quietly built a stellar reputation as an “in-the-know” e-commerce site that delivers high-quality tech accessories at bargain prices.
Now, the Rancho Cucamonga, Calif.-based company is poised to capitalize on its recent rapid growth, as evidenced by its appearance in this year’s Inc. Magazine’s 5000 list of America’s fastest growing companies. Monoprice has announced its expansion into new product markets and an increased presence at industry trade shows in the coming year, including its exhibition at the Consumer Electronics Show (January 8-11, 2013, booth #70311 in the Venetian Hotel Ballroom).
Traffic has grown 81 percent, and revenue has surged 141 percent in the past three years at the e-commerce company, which specializes in a wide variety of electronic cables, home theater equipment, networking and IT gear, mobile accessories, and other computer components and tech gear. Customers can easily navigate Monoprice.com and choose from among more than 4,300 Monoprice branded and non-branded products offered at very affordable prices on its website. Monoprice, which made the Inc. 500 list from 2008-10, posted revenue of $93 million in 2011, and is on a run rate to reach $120 million this year.
What sets apart Monoprice? Think of it as your favorite e-commerce site without the confusion and high prices.
“We are in the right place at the right time with our business model,” said Monoprice CEO Ajay Kumar, who joined the company in July 2011. “We offer the same cable or accessory as national retail brands, but for much less cost. However, we are not cutting corners as we employ high-quality manufacturing partners who work with our specs. Our markup is much lower and we pass those savings to our customers. Monoprice brings them a value proposition they can’t find anywhere else. That’s what makes our business work.”
The timing couldn’t be better for Monoprice’s business prospects. In the U.S., e-commerce sales reached $43.2 billion in the second quarter – up 15 percent compared to the same period a year ago, according to comScore.
To enhance its continuing growth, Monoprice has recently made a number of significant improvements to its business including:
- Adding seasoned management team to the existing leadership structure, including expanded marketing, purchasing and financing teams
- Upgrading its 173,000 square-foot centralized office and warehouse facility in Rancho Cucamonga with a state-of-the-art warehouse robotic conveyor belt system to streamline its operations and ensure faster deliveries
- Expanding its work force to more than 250 employees, creating several full-time jobs for the local economy
If you have ever hooked up a home theater or computer system, you know how expensive tech cables and accessories can be. By contrast, HDMI cables that cost $30 or more at retail stores can be found for a few dollars at Monoprice’s site.
How can Monoprice do this?
Monoprice contract manufactures quality products in Asia, although they also source some products in the U.S. The company then sells these Monoprice-branded products directly to customers for much less mark-up than nationally branded competitors.
Other key factors in Monoprice’s business advantage include its knowledgeable product managers and procurement strategy, maintaining control of its own selling channel and pricing, and not having the overhead of a brick and mortar business.
Kumar also pointed to Monoprice’s primary focus on customer service as another cornerstone in its successful business formula.
“We have excellent customer service and support,” said Kumar. “It is an essential part of our business model.”
Additionally, Monoprice has had a positive impact on the local community in San Bernardino County by providing employment opportunities. In further keeping its business locally based, the company also elected not to outsource its customer service and IT departments.
Monoprice has come a long way from its humble beginnings when founder Sean Lee started the company in 2002 by selling cables on eBay out of his apartment. Back then, the idea of was to create an online equivalent of a 99 cent store where all the items could be priced the same. Hence, the company name – “Monoprice.”
Despite expanding the product line (and the accompanying price points) over the years, Monoprice has never lost its modest approach of keeping customers as the main focus of its business model. However, the company remains ambitious about its growth potential and its desire to reach new customer segments. Monoprice is engaging in an aggressive new marketing strategy to increase brand awareness, and leverage its high customer satisfaction to entice buyers frustrated by the industry status-quo.
Monoprice is debt free, according to Kumar, and is constantly looking to explore other profitable product lines and markets. Monoprice is showcasing its new 5.1 Hi-Fi sound system ($249) and 27-inch Crystal Display Monitor ($390) at CES. Also due to its success with pro audio cables and DJ headphones, the company recently expanded its pro audio product line to cover all popular pro audio categories. Other areas Monoprice recently expanded into include computer carrying cases and backpacks, camera bags and cases, and high-end gaming keyboards and mice.
“We don’t move into a market unless we possess the product expertise and the overall pricing makes sense for us and our customers,” said Kumar. “That’s the philosophy and vision that we are confident will foster Monoprice’s continuing growth well into the future.”
About Monoprice, Inc. (DBA Monoprice.com)
Based in Rancho Cucamonga, California, Monoprice, Inc. is an e-commerce leader specializing in high-quality cables, components and accessories for computer and consumer electronics. Established in 2002, the company has built its reputation upon customer word of mouth, the consistent ability to deliver premium quality products at prices far below other national brands in retail, and unmatched customer service. Many of Monoprice products are produced in ISO9001 and ISO14001 facilities and maintain the highest standards for production and work environment. The vast majority of the company’s products are RoHS compliant, reducing their environmental impact. They are a CCR Trading Partner, a Better Business Bureau Accredited Business and were named an Inc. 500 company in 2008, 2009 & 2010, and an Inc. 5000 company in 2011.
Public Relations and Event Marketing Specialist
Monoprice, Inc. (http://www.monoprice.com)
Phone. 909-989-6887 ext. 4195
11701 6th St, Rancho Cucamonga, CA 91730, USA