Letsbuyit.com celebrates double award victory

Letsbuyit.com scooped two cyber-oscars at the annual New Media Age Effectiveness awards.

The consumer bulk buying company, which has had a tough few weeks braving speculation surrounding job and marketing cutbacks, and the cancellation of its IPO, won one award for excellence in retail and the overall winner award.

Peter Jaco, UK & Ireland managing director for Letsbuyit.com, said the company's success sends a strong message to the new media industry. He said: "It proves there's validity in these business models. They're not all fly-by-night. There's a real solid business model case here."

Dylan Schlosberg, founder of consumer Web site Ybag, which received a commendation in the category for best innovation, said Letsbuyit.com deserves the award for its application of the Internet in the retail sector.

But he added that questions should be raised about the company's customer service track record. He said: "Letsbuyit.com's customer service over the Christmas period was poor and there is some research that suggests prices are not as low as it claims - all of the factors here should have been considered in the award decision."

Other award winners on the night, included: First Tuesday for the best use of communities Excite Mobile for the wireless/mobile category and Ace-quote.com for business-to-business services.