LetsBuyIt Group AG
LetsBuyIt Group AG: Technical innovation by technological platform AIRLAB
LetsBuyIt Group AG / Key word(s): Miscellaneous 10.04.2012 / 08:30 --------------------------------------------------------------------- Corporate News from April 10, 2012 LetsBuyIt Group AG: Technical innovation by technological platform AIRLAB - Full automation means considerable time savings for customers - Significant reduction of operating costs - Fixed monthly fees replace the Cost per Click revenue model Zurich, April 10, 2012. LetsBuyIt Group AG, parent company of the website LetsBuyIt.com, and operating a fully automated online price comparison portal with Social Shopping Services, announces details about their highly sophisticated technological platform AIRLAB (Artificial Intelligence Robot), a specialized data integration engine providing a high data processing capacity. Thus, AIRLAB can capture very large data volumes, process several million offers on the platform and implement comprehensive updates within a short amount of time. In doing so, the price comparison portal of LetsBuyIt Group AG eliminates the time consuming manual categorization and updating of data on the website. The full automation of these processes means considerable time savings for the customers. By using AIRLAB, LetsBuyIt was further able to reduce the number of the process steps required to run an efficient price comparison website, which thus reduces operating costs significantly and enables the break-away from the previous Cost per Click revenue model, which is associated with high costs for the numerous small merchants. Instead, LetsBuyIt Group AG will charge a fixed monthly fee on their website, which means considerable cost savings especially for small merchants and will thereby generate another competitive advantage. 'With our fully automated system AIRLAB, we are claiming a unique position among our competitors and turn into a technological innovator within the industry. Merchants, who either don't have the time or offer too many items, preventing them from updating their prices on a regular basis and in a timely manner to thus remain competitive, are in particular benefiting from this development. At the end, in a market place where a small difference in price or product variation can affect the result of a sale, it is crucial to be able to offer the very latest and up to the minute deals for your shoppers. The technological possibilities of AIRLAB are decreasing the operating costs significantly and give us the opportunity to become a leading price comparison portal,' said Izzet Guney, chairman of the board of directors of LetsBuyIt Group AG. 'With the relaunch of LetsBuyIt we knew that we needed a clear technological advantage in comparison to our competitors in order to reach a leading position. After a two year research and development period of the system's algorithms and artificial intelligence, we are significantly different from other European price comparison sites. Today, AIRLAB is able to import data volumes of up to one million items within one minute to one individual server. Any changes made by the merchant, for example relating to the price, delivery time or the available inventory, are detected automatically and will have an immediate effect on the corresponding entries on the website. Other price comparison portals usually make these changes either on a daily or weekly basis, have dozens of employees to edit catalogues, categorize products and match data. In contrast, the LBI group is thereby able to avoid these significant staffing and HR costs,' said Emmanuel Noirhomme, managing director of LetsBuyIt.com. About Letsbuyit LetsBuyIt.com is a platform providing online price comparison and social shopping services. LetsBuyIt is currently active in France, Germany and United Kingdom with three different website versions. The Company currently reports in its websites over 50 million products sold by more than 1,500 different merchants. LetsBuyIt makes continuous and live updates of its product database and indexes new merchants with their products on a daily basis. LetsBuyIt allows customers to purchase products at the lowest possible price by providing on its website all the actual best practices of online shopping. The aim of the Company is to become the leading shopping portal and an e-commerce online community meeting point. Indeed, distinctive features of LetsBuyIt are the social tools which give customers the opportunity to exchange opinions on their buying experiences, products etc. For further information please contact: pr@letsbuyit.com LetsBuyIt Group AG Emmanuel Noirhomme, Manager Phone: +33 1 83 64 77 38 Leander (Investor Relations and Media Relations, UK) Christian Taylor-Wilkinson Phone: +44 (0)7795 168 157 End of Corporate News --------------------------------------------------------------------- 10.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 164234 10.04.2012
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