MyShoppingGenie haven’t paid members for 6 months?
Reports of MyShoppingGenie not paying its members started appearing on my radar shortly after I wrote about PreLaunch Australia and its connections to MyShoppingGenie.
From what I could gather, due to whatever reason, MyShoppingGenie company hadn’t been paying out its leaders for a while now. The worst of these accounts cited six months with others citing a few months or unspecified amount of time.
Hitting the internet in search of answers I wasn’t able to verify anything so I held off on publishing. MyShoppingGenie itself still seems to be operating as normal and company wise certainly aren’t letting slip any news payments being suspended to its members.
All that changed however when I was forwarded some revealing emails, not only confirming that MyShoppingGenie had stopped paying members, but also citing the reason why.
It doesn’t take a genius to realise that in order for a company to pay out (MLM or otherwise) they must have money coming in. Whatever the reason, for at least the last six months (possibly earlier) MyShoppingGenie seem to have been having some major revenue problems.
Referring to the ‘outstanding payments’ currently owed to members by MyShoppingGenie, the reason cited for not paying out is that
it seems that the company grew so quickly that not everything was in place and then they had to redesign the Genie to fit in with other markets and used up a lot of the available finances which put hem in a rather sticky position……….this is why people have not been getting paid properly.
What ‘growing so quickly’ has to do with making MyShoppingGenie ‘fit in with other markets‘ is beyond me. And what does making MyShoppingGenie fit in with other markets even mean anyways?
Obviously these are bullshit marketing reasons and whilst the real reason remains unknown, the end result we can ascertain is that whatever business model MyShoppingGenie are using, it is not turning over a sufficient profit margin to pay its own members out.
I reviewed the MyShoppingGenie opportunity recently and concluded that the biggest flaw in the model is that primarily the only people using the software are those attached to the compensation plan.
There’s virtually no retail market for it and how can there be, the software is given away for free and the only thing you pay for is membership!
Given this and the revenue problems the company faced, the smart thing to do would have been to sit down with some experts and work through some of the existing flaws that exist in the business model.
And don’t say there aren’t any, because if that was true they wouldn’t be having revenue problems now would they.
Instead, it seems MyShoppingGenie have ‘secured a new investor and everyone should get paid within the next week or so‘.
So who is this new mystery investor?
The new investor is a lady who i’m told will be a great asset to the company……….she has her own company and does presentations for it, so she knows what she is doing.
…but what happens when this investor’s new injection of funds inevitably runs out if it’s applied to the existing MyShoppingGenie business model which obviously isn’t generating enough revenue?
This new investor is going to give the corporate team the kick up the backside that they need and the priority is to pay the distributors…
Pay them with what?? More investment money? Do the people running MyShoppingGenie understand that they actually need to be making money to pay people out?
Looking at the greater picture here, whilst part of the recent investment into MyShoppingGenie will no doubt be prioritized to pay existing members out, some of it is also being put towards an announced, but yet to materialise expansion into Malaysia.
Seriously guys, is this really the best time to announce an expansion?
Don’t get me wrong, a company expanding their market isn’t a bad thing, but if your business model isn’t self-sustaining and you’re relying on a recent investment just to stay afloat, should you really be expanding into a new marketplace?
No doubt in its current form, the larger MyShoppingGenie gets, the more unsustainable the business itself is going to get.
Curious enough, it’s strange that they also seem to be relying on a new and untapped market to inject new funds into the company. New funds of course through…
Could it be the MyShoppingGenie business model is massively failing due to a decline of new recruits in its existing exhausted markets?
In an attempt to reassure members to start paying their monthly subscription fees again (many of whom had apparently stopped), top MyShoppingGenie members are now trying to revive their fractured downlines;
Because of the fact they now have their new investor money secured, I would advise you and all your team to reactivate your monthly subscription as soon as possible.
I know there have been a lot of problems but I believe this is the turning point for the company to move forward and do what they have said they will do and open Malaysia.
One thing I have noticed is that they ALWAYS do what they said they would, they are just very slow at doing it.
They said they will open Malaysia and I believe they will.
With a business model that now has a proven record of not working financially… is a ‘kick up the backside‘ really going to make an iota of difference?
Based on my completely amateur analysis, this is a scam, since the “product” is bogus and available for free. There is no profit margin or otherwise income for the company, and thus, it’s a giant Ponzi scheme.
It may not have STARTED as a scam, but like the Full Tilt Poker case in the US, it ENDED UP as a Ponzi scheme.
This rumored investor may just be a fake kick to entice “true believers” to keep recruiting. It may live on a little longer if this new member drive bring in more members than those who just want their payout and leave, but it’s still doomed.
It was no fake , it was more likely my sister who injected $40000 she has passed away now , the raspberry business manager was another project.
That I have been told is at 80% completion . And she never did presentations , if indeed it was her , I hope no one else was drawn in.
Looks like someone bought up what was left of My Shopping Genie and relaunched it as Shopping Sherlock