Finally, one of the successful site www.tagg…om has shutdown its operations in INDIA.
Following is the message on their site :
We have decided to cease our ecommerce operations effective immediately. We will not be taking any more orders from our users.
We started Taggle in June 2010 with US$1M in funding to build a sustainable and profitable business by getting the best service and product deals for our users. We have always believed in providing superior experience and value to our users. When we realized that service deals were not giving the best value to users, we quickly shifted focus to only products. Our users responded very positively to the shift and it reflected in our revenue numbers too, we grew our revenues 10 times within 3 months of the shift.
However, the current market conditions have many ecommerce players selling products at below cost price to lure users. The only way to sustain the business at this time is to get into a price war and burn a lot of investor money and try to outdo competition in a Last Man Standing game. This practice goes against our philosophy of building a sustainable and profitable company. Hence, weve decided to go back to the drawing board to figure out the best way forward.
We thank all our users who have shown trust in us and supported us with their business.
In case you have any questions or want to reach out to us we can be reached by email at [email protected]…om
PS: We will be refunding Taggle Cash balance to the customers, but Taggle Points are not redeemable in cash, please see http://www.taggle.c…os for details.
I had been a good customer of theirs and got many items from them without fail.
I really feel bad for them.
I know this is not a Deal topic, however this message is for all the users who got the best deal ( 2000/- off from them in past at minimum cost of 8000/- in Sept 2011).
Wish they work with a good strategy this time!