January 7, 2010, 12:00 AM

DrillSpot.com’s revenue climbs past $10 million mark

Revenue at online hardware and home improvements retailer DrillSpot.com rose 40% to $10.8 million in 2009, up from $7.7 million in 2008. It marked the first time the retailer has broken the $10 million mark in annual sales.

Zak Stambor

Managing Editor

Revenue at online hardware and home improvements retailer DrillSpot.com rose 40% to $10.8 million in 2009, up from $7.7 million in 2008. It marked the first time the retailer has broken the $10 million mark in annual sales.

December sales totaled $1.2 million, a 49% increase from a year earlier. Conversions increased 63% in December compared to December 2008.

Introducing new marketing strategies, including free shipping for selected products, more competitive pricing and cross-promotions on the web site helped boost revenues for the year, a spokesman says. The retailer also added banners on the home page and product pages to promote seasonal products.

During the third quarter, DrillSpot.com placed increased emphasis on social marketing, including expanding its presences on Twitter, Facebook, YouTube and other social networks, the spokesman says. The retailer also increased blog postings during the second half of the year.

DrillSpot also refined its site navigation, adding general department headings, categories and subcategories on the home page, as well as optimizing its search and suggestion features to make them more targeted.

Improvements in site navigation that made it easier for customers to find what they were looking for helped boost the percentage of customers who returned to the site to 10% in 2009 from 6.7% in 2008, says the spokesman. Quarterly revenues totaled $2.2 million in Q1; $2.4 million in Q2; $2.9 million in Q3; and $3.3 million in Q4, the spokesman says.

The retailer plans to add to its online inventory this year, says CEO Paul Lin. “DrillSpot is working hard to bring another 200,000 to 250,000 products to the Internet marketplace that have traditionally only been available by catalog,” he says.

DrillSpot.com sells more than 360,000 home improvement and industrial supply products.

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