The Bidrax app and supporting system delivers all the same positive emotional drivers of eCommerce by empowering shoppers to name their own price through a bidding portal on their mobile device in the store. Shoppers get great deals and the proven psychological benefits of empowerment and success. Retailers cut carrying costs and increase profits and conversions through personalized price optimization and a unique approach to B2C communication.
From founder and CEO, Michael Erickson:
"The idea came while sitting in a coffee shop the day after Valentines Day, looking at the $20 Valentines Day coffee mugs on the shelf. Lots of them. I wondered what those were worth at that moment, factoring in the trendy color that was sure to be out-of-style by next year and the fact that this coffee shop had about two square feet of storage space. I started chatting with the manager, who could only offer me 20% off because that was "as high as the owner let her go."
The next day, I spoke to the owner, who offered me two mugs for $10 (75% off), but asked me not to tell anyone because she didn't want to advertise those kinds of discounts. It got me thinking. It got me hanging out at shopping malls and researching and typing in the middle of the night. It got me talking to more retailers...and then it got me talking to investors.
Two years later, we have a fantastic product that addresses that same scenario playing out in multiple retail establishments around the world. Its simple and its smart. I think people - both buyers and sellers - will get it right away and see the value.
Humans have been buying and selling things from each other for a very very long time and we’ve gotten really good at it. As we’ve progressed from buying camels to buying cars and from using clams to cash to credit cards, the question of conversion has always down to the same basic economic formula: The value of an item to the seller vs the value of an item to the buyer. Here’s the thing: household budgets, inventory status, state-of-mind, even the weather can cause these numbers to shift one way or the other.
This is why, up until relatively recently, negotiating was just part of the deal; an essential element of the process allowing buyer and seller to size each other up, factor in those fluctuating considerations, and have a conversation. It was only a little over 100 years ago that Woolworth introduced Fixed Standardized Pricing, a “one size fits all” approach which was an extremely effective strategy with the arrival of the Industrial Age.
Well, we are now officially in the Technology Age; The Age of Information, resulting in transparency, easy access to information, and a highly informed shopper with multiple options literally in the palm of their hands. This truly is the Age of the Consumer and, contrary to Steve Jobs' belief that people don’t know what they want until you put it in front of them, today’s consumers really like being asked what they want, making the “take-it-or-leave-it” approach to fixed pricing ineffective, impractical and inappropriate in the modern age.
Shopping should be fun. Buying stuff we want shouldn't be stressful or make us feel guilty. Buying stuff we want should be the good part of the day; the reward for the hard work we do to earn ourselves the ability to buy that stuff. Hopefully Bidrax can help make that happen."
Bidrax simply matches up a customer's need to buy and a merchant's need to sell. Different things have a different value to different people at different times. Bidrax makes all those variables work.
Bidrax adds nothing to the cost of an item for the buyer - not like the shipping/handling fees you pay in an online auction like eBay. The cost to the seller is very small - much less than selling online. Set-Up cost is zero.
Everyone! Both buyers and sellers loved it in the trials. 96% of users were thrilled with their bargains. Sellers loved the average 52% "lift" they received on discount items sold through Bidrax.
The Bidrax Mission
To make retail more profitable, marketing more productive, and shopping more fun by creatively combining elements of trusted technology, established economics and proven psychology to produce innovative products and systems that are Simple, Secure and Smart.
Our Mailing Address
3625 Boardman St
Minneapolis, MN 55417
Incorporated in 2014
CEO: Michael Erickson
President: Ralph L. Bernstein
Development Team: PosseMedia