Solution: Deliver eCommerce benefits to in-store consumers through their mobile devices, while providing retailers with a tool to ensure this works to their advantage. Through their Bidrax Dashboard, they will be able to keep consumers in the store and close sales through localized price flexibility and the application of precise discounting strategies. At the same time they bring themselves closer than ever to their shoppers by establishing real-time communications through negotiations, offers, and personalized content.
U/X: Customer sees a $50 shirt in the store. They see it is available for $40 plus $5 shipping at Amazon. They offer $40 to the retailer, who was planning on putting that shirt on the 50% off rack the following day. The sale is complete, both parties feel smart and successful. The consumer got the shirt they wanted at the price they wanted. The retailer got $15 more for the shirt than they expected to.
Solution: Using proven positive emotional drivers of the consumer psyche, Bidrax replaces purchase-related guilt with feelings of “winning”, empowerment and success.
U/X: Customer wants a new coat and is trying to stay within a $200 budget. They see a coat they want priced at $239. (Part of the appeal of this item is the basic consumers’ desire to have that which we cannot afford.) Consumer offers $200 and the purchase is complete. They feel good about staying within their budget. Retailer had already decided they were comfortable with up to a 25% discount as new line of coats was scheduled to arrive shortly, so they are fine with the 20% discount.
Solution: Allowing consumers to say what an item is worth to them instead of retailers trying to discount it down to an unknown mutually acceptable price, results in more merchandise sold in-store at better margins. Brand integrity is protected by avoiding the visible devaluation of merchandise and need for unsightly clearance racks, tags, signage, etc.
U/X: Retailer has three skirts left, originally priced at $80. They have been on the 40% off rack for two weeks and are still not moving, and the space is needed for incoming merchandise. Retailer registers the product on Bidrax Dashboard, eliminates the 40% discount sign and hand written discounted price tag, and simply attaches a Q-Tag next to the original $80 price tag. Algorithm is set to reflect the $15 landing cost per item, allowing for any bid over $15 to be accepted.
Customer #1 bids $40, is thrilled by 50% discount
Customer #2 bids $20, is thrilled by 75% discount
Customer #3 bids $10, but then receives a counter-offer of $15, which they gladly accept.
In all three cases, brand loyalty is achieved and the retailer moves the merchandise, making $30 profit as opposed to carrying, liquidating through auction or even donating the skirts and writing off the loss.