Korean online beauty product seller Memebox (pronounced ‘me-me box’) has raised US$66 million to continue expanding its cosmetics business. The company’s confidence stems from its approach to choose and develop products to sell.
“We have tens of millions of data points about what customers want,” Memebox USA president Arnold Hur told Fortune.
The site collects data from customer sales and feedback and can keep up to date with customers and the latest trends.
“The rate of mistakes can be lowered if you have data and technology helping you get there,” said Hur.
A fast product development cycle is said to be what keeps customers coming back for more. A significant amount of the company’s products have been developed in no more than six months and some in as little as two to four months.
Memebox has recently opened its first retail store in Korea, where it makes almost US$1,100 in sales per square foot.