Young Millionaires - Susan Gregg

Original: Young Millionaires - Susan Gregg

Submitted by Dmitri Davydov on Thu, 2010-08-26 11:10.

Posted in: Statistics And Other Lies

Link of the day - If You Sell Links On Your Site, I Will Buy Them Off You


http://www.modcloth.com/

Susan Gregg was 17 and heading off to Carnegie Mellon University, and she had a problem: a closet overstuffed with one-of-a-kind vintage shoes and dresses. The solution? Open an online boutique.

ModCloth.com was headquartered in her dorm room and run with the help of her high school sweetheart, Eric Koger. The two drove from Pittsburg visitors every month and is on track to surpass $50 million in sales this year. They've raised $20 million in new funding to open up offices in San Francisco and Los Angeles this summer, and employee numbers are close to 150, and rising.

Gregg-Koger says ModCloth's biggest advantage is the fact that she is ModCloth's ideal customer: "Other companies might say, 'We need to get on this social networking stuff,' whereas it was intuitive for us. If I have a Facebook account, and my friends do, my business should."

ModCloth's future is "social commerce," she adds. That is, in developing a site that involves customers even if they're not actually buying. ModCloth recently introduced a "Be the Buyer" program, which lets customers choose which styles go into production, and a "Name It and Win It" contest. The idea is to leverage crowdsourcing and encourage customers to share and comment--and get excited about clothes that will be available in a few months.< qid%3D1248519584%26sr%3D1-3&