CEO Sharon Price John says Build-A-Bear’s old e-commerce system is a big reason for disappointing online sales in December.
The online coupon provider will also expand its daily deals and localized offers.
Online discount provider CouponCabin.com said this week it has raised $54 million in funding from JMI Equity.
CouponCabin offers online coupon codes for shoppers to use at retail web sites. E-retailers pay CouponCabin an affiliate fee—anywhere from 3% to 33% of the total transaction—for any sale that involves one its codes, says chief operating officer Tim Fagan.
CouponCabin plans to use the capital to hire staff and boost its social media, mobile, daily deals and localized offers. “The growth capital was intended to put these initiatives on steroids,” Fagan says.
The company says it will focus its social media efforts on its already large Facebook fan base, which stands at more than 1.1 million. “We are investing heavily into social,” Fagan says. “It’s a big part of our traffic source and so we are planning a lot around product development and marketing to engage deeper and bring more targeted coupons to our fans.”
The company also plans to launch iPhone and Android apps in the first quarter of 2012, Fagan says. CouponCabin already has a mobile-optimized site.
CouponCabin moved from Illinois to Indiana in February to preserve its relationships with online retailers after the Illinois legislature passed a law that requires e-commerce operators with Illinois affiliates to collect 6.25% in sales tax. “We didn’t want to put our merchant relationships in jeopardy,” Fagan says. “We even faxed some of them a copy of our new lease in Indiana. They were very appreciative of our proactive stance on this, as we didn’t want to put ourselves or them in the middle of this debate.”