Retail Profit, Payments and Bonuses
MiVeda provides Members with products at Member's Price (MP). This price is heavily discounted below the Recommended Retail Price (RRP) – generally between 20% to 35% cheaper (GST included). Therefore if a Member sells products directly to a customer, the Member can charge RRP and make immediate retail profit from the sale.
However, MiVeda has set up a discount voucher (promotional code) system, to make it easier than selling products personally to customers. As such when a Member first registers with MiVeda, they are allocated a promo code (the Member has a choice of what this could be – eg numeric, alphabet or alpha-numeric). Thus when a Member talks to a friend, relation or acquaintance, they can recommend or refer that person to the MiVeda shopping cart (www.miveda.com) to read about products (and buy them if they want). However, the Member can also pass on their promo (discount) code to their contact and if that person wishes to buy some products then they can use the promo code and get 15% discount off RRP. Clearly this is an attractive offer to purchase fantastic products – so there is a high level of acceptance of this type of referral to the MiVeda Shopping Cart. If a purchase eventuates (and it frequently does) then the Member has a 12% payment allocated to their account which is paid to the Member at the end of the relevant month (provided they satisfy the minimum monthly activity level requirement).
Further, there is a Retail Pooled Bonus paid monthly. If a Member has an accumulated total of 3000 CV (or more) per month of either personal purchases (for personal use or retail sales) and/or total discount code purchases; then there is a 3% pooled bonus (of all MiVeda monthly sales) that is equally shared between qualifying Members (to a maximum of $1000 per month per Member).
MiVeda has also allocated 15% of all online sales volume (ie RRP sales) to a Online RRP Sales Pooled Bonus which is equally shared between senior leaders (Emerald and above). To our knowledge this has never been done before and is obviously a major advantage for Members because effectively they get a share of MiVeda profits without any personal input of their own.