Durham based startup Buystand is aiming to revolutionize the e‑commerce market for active life-style goods by using a clever “name your price” strategy.
Innovation-hungry e‑commerce analysts and e‑commerce managers might want to take note of Buystand’s big idea. Customers visit its website, browse through the outdoor sporting goods on display and then make an offer on whatever takes their fancy. The rest is down to Buystand, which hunts down retailers willing to accept the offers.
A win-win strategy?
The firm’s highly creative 23 year old CEO, Joe Davy, a graduate of the North Carolina School of Science and Mathematics and founder of big data analytics firm EvoApp, promises that customers can get the goods they want at very agreeable prices without having to wait for sales or go scouring the net for flash deal sites. The strategy, he claims, is a win-win for retailers and customers alike.
Retailers who make inventory available on the Buystand platform will definitely benefit. Davy insists, “You sell more sooner, you make more money, it’s better for your bottom line and it clears your inventory faster.”
A team of industry veterans from from the worlds of big data, retail and finance built the startup’s website, which is currently on beta. The brands available to shoppers who visit the site include names like Burton, Merrell, Puma, Salomon and Vans, plus many others. Once a customer has found what they’re looking for, they just offer a price, whereupon Buystand scours its inventory in search of a retailer who will accept it. If a match is found, the deal is done. If it isn’t, the offer is rejected.
Solving the make-an-offer backache
So far, retailers who’ve attempted a “name your price” approach have hit the buffers fast. To manage the offer flow, they’ve found that they either have to hire new staff or take an existing employee away from their regular job. It’s proven too expensive and too time-consuming, frankly. Enter, Buystand, with its unique automated solution.
With its back end platform, which resembles those used in trading financial products, retailers can set highly tailored pricing rules to their goods. Although shoppers get to see the sports merchandise and their prices when they’re browsing, they only find out who the retailer supplying their chosen product is once a successful match is made.
This little venture could go far.