iFloor lays foundation for growth with new exec, stores and funding
IFloor, a flooring retailer that began on the web and started opening stores three years ago, has named a new chief financial officer, opened more bricks-and-mortar locations and acquired additional financing for its expansion plans.
The company has named as its new CFO Brenda Morris, who formerly held the same position at specialty teen retailer Zumiez Inc.
IFloor, No. 169 in the Internet Retailer Top 500 Guide, recently opened its 32nd store and is using data from its web site to identify prime locations. “It’s excellent data, highly relevant to our business and super-proprietary to us,” CEO Steve Simonson tells Internet Retailer.
While the company looks at where web site traffic is coming from, using the visitor’s IP address to identify the geographical location, even more important is conversion rate. “And there are a lot of surprises there,” Simonson says. For instance, while Sacramento is only the 35th largest metropolitan area, Simonson says “it’s extraordinarily strong for us in terms of conversion.” The newest store, in Rocklin, CA, is near Sacramento.
IFloor plans to add another 10 stores this year. To finance that, the retailer has secured a $7.5 million line of credit from Comerica Bank.
The number of registered users at iFloor.com has increased by 40% in the past year, although Simonson would not say how many consumers are registered. He says the company has served 500,000 customers since it was founded in 1998. To boost registrations, Simonson says the company improved how it guides web site visitors through the registration process and overall site navigation, “but mainly it’s just practicing the fundamentals of marketing.”
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