By George Pappas – Marketing Specialist
Monoprice has been quietly leading an e-commerce pricing revolution for more than a decade, thriving mostly through the word of mouth of its devoted customers. Now, the Rancho Cucamonga, Calif.-based company is poised to capitalize on its recent rapid growth, as evidenced by its appearance in this year’s Inc. 5000 list of America’s fastest growing companies. Monoprice (www.monoprice.com ) is expanding into new product markets and will have an increased presence at industry trade shows in the coming year, including INTEROP East in New York this coming October.
Revenue has surged 141 percent in the past three years at the e-commerce company, which specializes in IT gear and electronics such as a wide variety of high quality cables, networking equipment, computer components, and other tech and mobile accessories. Monoprice offers more than 4,300 branded products on its website www.monoprice.com.
What sets Monoprice apart? Think of it as your favorite e-commerce site but free of confusion and without the high prices.
“We are in the right place at the right time with our business model,” said Monoprice CEO Ajay Kumar, who joined the company in July 2011. “We offer the same cable or accessory as national retail brands, but for much less cost. However, we are not cutting corners as we employ high-quality manufacturers who work with our specs. Monoprice brings our customers a value proposition they can’t find anywhere else. That’s what makes our business work.”
In response to its continuing growth potential, Monoprice has recently made a number of significant business moves including:
• Putting a new management team in place, including an expanded marketing team
• Upgrading its 173,000 square-foot centralized office and warehouse facility in Rancho Cucamonga with a state-of-the-art warehouse robotic conveyor belt system to streamline its operations
• Expanding its work force to more than 150 full and part time employees
Other key factors in Monoprice’s business advantage include, its knowledgeable product managers and procurement strategy, maintaining control of its own selling channel and pricing, and not having the overhead of a brick and mortar business.
Kumar also pointed to Monoprice’s primary focus on customer service as another cornerstone in its successful business formula. Despite never losing its modest approach of keeping their customers’ pricing needs the main focus of its business model, the company remains ambitious.
Monoprice is debt free, said Kumar, and is constantly looking to explore other profitable product lines and markets. Due to its success with pro audio cables and DJ headphones, the company is expanding its pro audio product line to cover all popular pro audio categories. Other areas Monoprice recently expanded into include 5.1 sound systems, carrying cases, backpacks, camera bags and cases, and high-end gaming keyboards and mice.
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