Consumers May Soon Be Able to "Name Their Price"

A 2013 study from GE Capital identified that customers take 79 days on average to research for major purchases, with 80% of research kicking off on the internet. With this in mind, wouldn’t it be nice if you – the consumer – could identify during this process what price you want to spend on the item you want to buy? This is the goal ofPriceWaiter, an online eCommerce solution that offers a “Name Your Price” button that works on any product page for any website.

A trio of successful entrepreneurs believed that customers and retailers alike were ready for this new way to shop, and together created PriceWaiter in an effort for retailers to sell more and customers to buy more. Among them include Andrew Scarborough, Co-Founder and COO of PriceWaiter, who has a background in SEO, eCommerce and web marketing strategies. His understanding of retail and consumers is based heavily on how the Internet has impacted both, believing that technology clearly has introduced game changing plays on both sides of the fence.

As retailers know, the retailer and consumer relationship is changing. Before the Internet, the rules of retail were largely dictated by the retailers themselves. With the advent of the web and tools allowing friction-less showrooming, coupon sharing and comparison shopping, consumers began writing their own rules. Additionally, after wild power swings in all directions, a new generation of technology is finally leveling the retail playing field for both buyers and sellers,” explains Scarborough.

Scarborough further explains how the innovative “Name Your Price” retail platform works.

The “Name Your Price” platform actually engages customers and converts comparison shoppers, identifying the “perfect price” that retailers and customers want to both offer and spend,” states Scarborough.

But don’t be fooled that customers are in the driving seat here. Despite the opportunity for customers to suggest a price they want to spend, only the merchant themselves can make these concrete decisions.

Retailers have more control than they think. Through emerging retailer-specific technologies, like PriceWaiter’s “Name Your Price” platform, sellers have the power to advertise and convert through multiple channels, strategically change pricing in real time, capture shopper sentiment through actionable data sets, convert shoppers into buyers at a higher rate than ever before and distribute or mitigate seasonal risks, allowing them to be more competitive than ever,” Scarborough further explains.

(Photo credit: Wikipedia)

With online trends consistently impacting consumer decisions, “Name Your Price” stands out as a more personalized way of connecting with customers. Three reasons “Name Your Price” just may become the next big deal in shopping include:

1. Customers want to feel like they are in control. “Name Your Price” offers an emotional connection for the customer to feel as if they are at leastsomewhat in control of the money the are spending on an item they want by identifying a price they are willing to pay.

2. Customers enjoy the idea of getting a deal. History alone tells us that promotions, sales, coupons and other selling incentives work… which is why “Name Your Price” has a strong chance of succeeding in a competitive retail marketplace of apps and other online marketing strategies.

3. Customers love the process of negotiation. Visit any flea market, diamond distributor or car dealership and you’ll be flooded with customers throwing their thoughts around on what they want in terms of a deal. It comes natural for most consumers to want something for less than it’s suggested retail price, therefore items that are connected to “Name Your Price” offer a very natural conversation starter for customers to let their voice be heard.

With technology, the Internet and retail constantly shifting in today’s modern marketplace, the evolution of customers naming their price on select items and retailers responding to their suggestions seems – dare I say it – only natural. It will be an interesting journey to follow and at the very least, many customers smiling along the way.