A Q&A with Dealatize founder Vincent Smith. The Miami–based company was founded in June of this year and officially launched last month.
SUB: Please describe Dealatize, and the value proposition you bring to the daily deals market.
Smith: Dealatize will offer products and services for at least 50 percent off retail prices. But you will see discounts of 70-to-90 percent off as well. I will always look for deep discounts to offer our members.
SUB: What is your target market?
Smith: Our target market is females and males 25-years plus. It may skew more female but men will find great deals as well.
SUB: Who do you consider to be your competition?
Smith: Our competitors will be Fab.com, Zulily and Living Social.
SUB: What differentiates Dealatize from the competition?
Smith: Each week on Dealatize.com we will spotlight designers on their deal so you can learn a little about them and their products. These can be small and established designers. These deals will be offered nationally but you will be able to visit some local deals in your city, as well under “My Local Deals” on the site. These deals could be food, spa, entertainment, etc. related. Dealatize will bring both aspects of deals to our members.
SUB: How big of a market opportunity do you see in the coupon and deals space?
Smith: The deal coupon market is very large and growing and becoming a new way for consumers to purchase goods and services. Right now, less than five percent of purchases are made online, so when that grows to 10-to-15 percent the market really catches fire. This business model helps merchants get an audience for their products they would not normally have, so it’s a win-win.
SUB: When was the company founded and what were the first steps you took to establishing it?
Smith: The company was founded in June 2011. The first thing I did was come up with a name then sketch out the site’s functionality and find programmers to bring it to life.
SUB: What was the inspiration behind the idea for Dealatize?
Smith: Dealatize’s origins began with me wanting to purchase a gift for a girlfriend which led to how to purchase it and how cool it would be to have designer products in a daily deal model—designers of furniture, jewelry, accessories, home decor, fashion and unusual cool finds.
SUB: What have the most significant obstacles been so far to building the company?
Smith: The most significant obstacles have been programming issues and the crash we had that put us two months back.
SUB: Your official product launch just happened last month. Why was this a particularly good time to launch?
Smith: Launching at this time of year is great due to the holiday season and consumers’ willingness to spend more than normally—with the hope of building a name quickly.
SUB: Do you plan to raise outside funding in the near future?
Smith: Once I am growing I plan to raise outside funding to accelerate growth not only in the U.S. but Canada, Europe and Asia.
SUB: What are your goals for Dealatize over the next year or so?
Smith: Within a year I want to have a couple of million members and sales in the U.S. and Canada.
Dealatize – www.dealatize.com
