By CoinWeek ……
For the second year in a row, Internet bullion and collector coin retailer American Precious Metals Exchange, known more widely as APMEX, figures high on Internet Retailer’s Top 500 Guide, which ranks the top 500 North American e-commerce sites based on revenue generated in 2015.
According to Internet Retailer’s market analysis, APMEX’s stellar sales performance last year earned the Oklahoma City-based firm the #42 spot, placing it between Bluestem Brands Inc. (owners of Fingerhut) and multi-level marketing firm Amway. At #42, APMEX climbs four spots since its 2015 ranking. In the Specialty Retailer category, APMEX ranked #1 for the second year in a row. Musical instrument retailer Musician’s Friend Inc. ranked #2.
According to the report, APMEX experienced a robust 12.3% increase in year-to-year sales growth. The site attracts over 760,000 unique monthly visitors and offers over 10,000 products for sale online.
Interestingly, APMEX’s shopper profile skews younger than many businesses in the rare coin industry, with an overwhelming majority of its shoppers falling in the 25-to-64 age bracket. The typical APMEX buyer also earns a household income of $30,000 to $100,000.
APMEX CEO Ken Lewis says that this younger age demographic has “more of a stacker mentality gravitating to Silver bullion” than customers whose age approaches 50 and above.
“With this,” Lewis says, “our overall strategy for attracting and maintaining customers is the same regardless of age. We want to be top-of-mind and the main source for any customer interested in purchasing Precious Metals, and we are investing heavily in connecting with our customers.”
Taking a Leadership Role in the Industry
While a regular presence at all of the major national numismatic shows, APMEX is best known as an online source for coins and precious metals. But the online marketplace has grown increasingly competitive in recent years. In today’s marketplace, all one needs is a small inventory of material and an eBay account to be an online numismatic retailer.
APMEX’s continued dominance in this field requires flexibility and innovation.
APMEX Director of Numismatics Mike Garofalo ascribes a large portion of the company’s continued growth to the fact that APMEX has worked hard to constantly improve the online customer experience.
“We continue to make it easier to find just what you are looking for,” he said. “With more than 10,000 different items to choose from, that is no easy feat.”
Whether it’s generic bullion or a sampling of recently-issued precious metals collector coins from around the world, APMEX’s inventory is ever changing. During his tenure with the firm, Garofalo has also sought to increase APMEX’s footprint with traditional numismatic material, including big ticket items such as the 1915-S Panama-Pacific $50 gold slug.
To tabulate its rankings, Internet Retailer conducts an in-depth review of sales and traffic data, using rankings from third-party sites comScore Inc. and Millward Brown Digital. Supplementing these rankings is a matrix of 2015 web sales and the past three years of sales performance.
Companies that Internet Retailer has identified as leaders in e-commerce qualify for inclusion in the ranking survey.
Purchase the complete 2016 Top 500 Guide at www.internetretailer.com.
Coins from APMEX Currently Available on eBay