Former New Look boss Phil Wrigley has invested a “six figure sum” into a new online retail venture that claims to “turn retail logic on its head”.
Ortso, which is backing the website launch next month with a £2m marketing campaign, allows shoppers to enter details of products they want to buy on the site. Retailers then bid for their custom by offering the best price, while customers “sit back and watch the offers roll in”.
Ortso is calling it a “first in e-tailing” adding that “this unique approach results in shoppers being offered attractive, competitive deals across a range of product areas”.
Phil Wrigley, chairman of Habitat, and Majestic Wines, said: “Ortso is a very interesting start-up with a great product, excellent team and perfect timing. Retailers are having to be ever more inventive with their offering, looking for new ways to deliver value to the consumer Ortso gives retailers this opportunity and I’m delighted to be involved both as an investor and a mentor. Watch this space.”
The site is currently operating under its beta name of Biduhappy, but will change over to the Ortso brand at the start of December.
It spans eleven different categories including electronics, baby products, home and garden, sports equipment, travel accessories and wine.
Steve Jones, chief executive of Ortso, said: ”We’ve turned retail logic on its head by inviting retailers to compete for the customer’s business, rather than the traditional method of the consumer doing all the searching and arriving at the retailers’ product and price.
“Ortso has major commercial aspirations and it’s only fitting that we have a big hitter of Phil’s magnitude involved with the business. His track record in retailing over the last twenty five years speaks for itself and his counsel will be very much valued by the management team. The fact that he’s invested personally in the business speaks volumes.”