Boom25 is a new ecommerce site (launched in July 2017) offering online shoppers the chance to win a full refund on their purchase with the UK’s top retailers, no matter the value of their shop whether it’s a hotel stay in Paris worth £1400, the latest smartphone valued at £800, or a £20 take away for two. CEO, Giora Mandel, explains more about how Boom25 works and their growth plans for the future.
What does your business do?
Boom25 is a new and innovative marketplace company that brings back the thrill to online shopping by creating high chances of getting back all your purchase money. Not the random penny here and there, no matter the item or the price!
Where did you get the idea from?
I’m an entrepreneur in my soul. I’m the founder of several companies in Israel, including the largest flights app in the country. Through this company I discovered the world of affiliate marketing and the huge potential it has. I’ve always been thinking how to create a disruption in the affiliate world, until the idea came to me. During a drive down south with my kids, I overheard them play a game called “7 Boom”, a game that you need to count up and say the word “Boom” instead of the number seven or its multiples.
How did you know there was a market for it?
We researched the world of affiliate marketing in general and in the UK especially and found a match between the client, the market and our product, Boom25.
How did you raise funding and why?
The seed money was all self-funded. Later we raised an investment from a VC in order to enlarge the company in its different verticals.
Describe your business model in brief
Boom25, as it is called, collects commission from 25 different purchases and gives back 100% of the 25th order to the lucky customer. The revenue comes from the delta between the commissions and the 100% refund. Like any other website with high traffic, Boom25 enjoys other forms of revenue as well.
Your lowest point setting up Boom25 was…
During the first 3 months after launching the site, we were hardly able to reach more than 10 purchases altogether. Finally. we began reconsidering our steps and trying to figure out what we’re doing wrong.
Your highest point was…
Suddenly, in one single day we were able to break through and go viral and jump from 10 orders to 1,000 a day! The rest is history.
What advice would you give to other entrepreneurs?
Before I owned my first successful company, I failed 18 times. Just to show you that you shouldn’t give up, pursue your ambitions.
Where do you want to be in five years’ time?
In a big affiliate e-commerce conference in the UK that presents the most influential companies in this market and see Boom25 on the top, over Quidco and Topcashback.
If you weren’t an entrepreneur, what would you be?
I would run a Club Med resort in the Carribean islands.
If you could go back in time what would you change?
If I could go back, I wouldn’t have begun smoking.