SmartOptions Expands Proprietary E-Commerce Platform to Offer Options on a Broad Array of Consumer Products and Services
20-Sep-2012 | Chicago, Illinois | News-Press Release
CHICAGO - September 19, 2012 - SmartOptions™, a Chicago-based company that pioneered the use of electronic options to reserve tickets for sporting events, today announced an expansion of its platform to offer options across a broad array of consumer goods and services. In the coming months, customers can expect to have the ability to purchase options on online daily deal offerings, airline tickets, restaurant reservations and vacation packages. Smart Options also has plans to apply their patented technology and reservation process to a broad array of business needs, such as allowing businesses to lock in floating costs like monthly energy bills.
Over the past two years, SmartOptions has continually modified and honed their proprietary pricing models and expanded their patent portfolio to meet their customers' needs. SmartOptions' e-commerce platform, Optionit.com®, has continually provided consumers with the ability to reserve access to their favorite events at a minimal upfront cost, while providing them with the flexibility to either:
• Attend that event at a fair value cost • Re-sell that access on OptionIt's secondary platform • Choose to forgo the event completely with no further obligation.
In all instances, SmartOptions' Reserve Now ... Decide Later® platform offers its customer base exclusive first rights access (Reserve Now) with the flexibility and convenience to choose at a later date (Decide Later). To date, the SmartOptions platform has offered fans flexible and convenient access to myriad teams throughout the NFL, NHL, NCAA, as well as on package deals that extend to most major sporting events in the U.S. and abroad.
Merchants who have done business with SmartOptions understand the many benefits. SmartOptions' expertise in finance and disciplined trading principles offers its partners the confidence that experienced professionals control the proprietary pricing and modeling being used to price their inventory. Merchants can choose whether to incorporate SmartOptions technology on to their platform as a white-labeled service or directly to buyers to OptionIt.com.
Partner and 16-year trading veteran Richard Gilsdorf stated that, "Clients understand the importance that options and advanced reservation systems play in the modern financial world. Our platform offers them the necessary access to 21st century concepts such as advanced dynamic pricing and secondary market trading capability. Our unique and patented technology that we have incorporated into our business is reliable and state of the art and offers their consumers a safe, secure, environment that is easy to use for everyone."
"We have seen that our approach has the potential to revolutionize how customers purchase goods and services across many of the world's largest industries," said Mac McNally, managing partner and chief executive officer of SmartOptions. "This patented process makes a broader array of consumer products more accessible to the end user, on terms that benefit both the buyer and seller. Our model offers all merchants, and even aggregators, powerful tools to dynamically price their goods and services.
"Options can lead to greater sales for our partners by converting on-the-fence shoppers into satisfied, paying customers," continued McNally. "Our experience shows that approximately 80 percent of option buyers exercise their option and purchase the underlying item. Along with driving revenue growth, our model also provides a means for our clients to enhance brand identity, strengthen customer loyalty, and reduce customer refunds."
SmartOption's executive leadership and advisory team includes some of the most experienced and respected members of the sports, entertainment, trading and finance communities. The company's commitment is to continue to bring options to all areas that benefit our clients and their customers.
About SmartOptions™ SmartOptions is a Chicago-based technology company that leverages its expertise in algorithmic, quantitative trading and pricing principles, along with its exclusive patent rights, to offer electronic options for consumer goods and services. In 2010, SmartOptions purchased its e-commerce platform OptionIt.com®.
OptionIt.com was created in 1998 and was brought to life by two long-standing members of the Chicago Board of Trade. It is an electronic trading platform for customers to reserve goods or services by purchasing options. It can be found at www.optionit.com.
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