Online retailer Ferrit to close later this week

ferrit-closing-bannerOne of New Zealand’s biggest online retail sites is to close on Wednesday. Ferrit, which acted as an aggregator for 80 different suppliers, has posted a message on its site saying its owner, Telecom New Zealand had taken the decision.  

According to Digital Media magazine, millions of dollars of marketing money were spent on the failed venture. The decision leaves Fairfax’s Trade Me site, which runs on a different business model,  as the dominant online retail player in New Zealand.


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