Kynetic Calls Out NextGen E-commerce: Goin’ Digital Baby
E-commerce has gone a long way from buying and selling on scantily created websites, evolving into highly organized auction sites and open markets like eBay and Amazon, and now the fanaticism of daily deals. Innovation is being injected into companies’ online businesses models, with new analysis and targeting methods enabling e-commerce to become more pragmatic and personalized. Looking broadly at the future of internet entrepreneurship, Michael Rubin, former GSI owner, launches Kynetic, a project he calls the e-commerce revolution that focuses on direct-to-consumer business.
A high-profile entrepreneur, Rubin seems really excited about this new venture and how it can change the course of present-day’s e-commerce ecosystem:
“I have been a business builder all of my life and I am thrilled to bring my enthusiasm for business to Kynetic. The energy in the online commerce space is unprecedented. As the Kynetic name connotes, we are tapping into that energy and using it to drive innovation that will keep our companies at the forefront of the industry. I am genuinely excited about the prospects to propel the growth of Kynetic and our industry-leading brands.”
The birth of Kynetic could actually signal a bigger revolution within the industry. This is parallel to what happened in music, entertainment, video and publishing, where everything has been digitized. The idea behind Kynetic is to capitalize on the digital transformation of commerce. It’s already gained the support of three companies that used to be owned by GSI: Fanatics, Rue La La and ShopRunner.
E-commerce has been here for quite some time, and is a product of the extraordinary growth of the amount of trade conducted electronically, in tandem with widespread Internet usage. This makes it all the more exciting as to how digitizing commerce and retailing will change the pace of the competition.
The innovations within online trades are manifestations of the man’s innate love for everything accessible. Driving the e-commerce craze is internet coupon company Groupon, as it extends its arms to the United Kingdom and offers discounts for web products. Groupon is now facing yet another opponent, Amazon Local, which was just released on the market last month.
Earlier this year, Rubin’s GSI was sold for a whopping $2.4 billion to eBay. But, the guy’s passion for consumer internet has not ceased after that. Kynetic is coined by Rubin from his daughter’s name Kylie and Physics’ kinetic energy as a symbol of his dynamic vision of the ecommerce industry. Perhaps the next big step for this company is to penetrate the mobile space.
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