Bonanza.com Has a New Owner

Starting from March 9, 2023, Bonanza.com has been sold by Alloy and Bonanza CEO, Bill Harding, to Quincy Faison under the newly formed Bonanza Worldwide, LLC.

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Quincy will be fully responsible for the Bonanza business, including product and seller strategy, development priorities, and support.

Bill Harding, who has gradually reduced his involvement in Bonanza’s day-to-day operations, will now shift his focus to his company’s new ventures, Amplenote (tasks and note-taking) and GitClear (developer metrics, git analytics).

This transition in leadership is happening at an opportune time for Bonanza and its community members, including sellers.

Quincy’s vision for Bonanza is to continue developing world-class features for sellers while shifting the company’s focus to marketing. He plans to drive more traffic by utilizing social media platforms such as Instagram and TikTok and helping sellers create more videos to increase their exposure.

Moreover, Quincy plans to provide more tools to help sellers run their businesses both on and off the platform.

He intends to create a DSP (Demand Side Platform) to enable sellers to invest in pinpointing marketing activities at an affordable rate. And he plans to launch a lending marketplace to offer working capital to sellers, with a repayment structure solely based on revenue generated that month.

Before acquiring Bonanza, Quincy began his career more than 20 years ago at IBM, where he specialized in helping small and medium-sized businesses.

At the age of 25, he launched his first business, reselling SAP Business One to companies with less than $10M in sales. Later, he developed his own cloud-based ERP to help ecommerce companies manage their businesses end-to-end.

Quincy sees the same DNA in Bonanza that inspired his previous ventures. Bonanza is dedicated to assisting smaller to mid-sized merchants, is customer-centric, and not afraid to take on larger competitors.

Bonanza

Bonanza was established in 2008, and while the company asserts that it attained profitability rapidly, it did not emerge as a dominant player in the online marketplace space.

According to Crunchbase, Bonanza only raised $1 million in 2010 to fuel its growth. Bonanza says it is an online marketplace that enables entrepreneurs to effortlessly build a sustainable online business.

The platform takes care of the technical aspects of building the ecommerce store, allowing sellers to focus on developing their businesses.

Bonanza believes that consistently improving its product requires listening to its sellers’ feedback. Over the years, the company developed various tools to simplify the online selling process.

Quincy Faison appears to want to bring new life to the marketplace and help it grow beyond what it is today. In terms of monthly visitors, Bonanza significantly lags many newer marketplaces, and it will require a substantial effort to expand the business.

Terms of the acquisition were not disclosed. Despite the corporate name change, the website address will remain the same, bonanza.com.