@nzBen was interviewed on 95bfm and gave a compelling view as to why Ferrit was destined to fail.
You can listen to the interview here.
A quick search on google reveals that Ferrit’s demise was predicted for a long time. IMHO, they did not invest in creating a compelling user experience. Instead they chose to invest in
And finally the a definitive analysis from Alistair Helm (CEO of realestate.co.nz). In particular I liked the graph based analysis of traffic on the website and the condemnation of poor user experience.
In reading the assessments from all bloggers, it is clear that the issues were well understood. The question has to be asked, why was it so hard to transform the user experience?
Suspect that the retailers were not ready for the honesty from consumers.