How Bidrax Works

A little like Priceline and a little like eBay ... but lots better.

Sell more stuff. Make more money.

Bidrax can help you do both.

What it is.

Bidrax is a smartphone app, available for both Apple and Android devices, that allows your customers to make you offers on the merchandise you want to sell. It's a polite way to encourage negotiation.

Bidrax is:

  • A new flexible discounting tool
  • A clever, fun way for your customers to buy the stuff you want to sell
  • A great way to increase your conversion rates, and increase your profit margins
  • A flexible price optimizing system

How it works.

  1. You decide which items in your store to put into the Bidrax system.
  2. Determine the lowest price you're willing to accept, which can easily be adjusted in real time.
  3. Put a Bidrax label on the product to let your customers know it's a special Bidrax item. Encourage them to download the app if they don't already have it.
  4. Stand back and watch merchandise move out the door with happy shoppers.

Why it works.

We use trusted technology, proven psychology and established economic models. We expect no significant new behavior from your shoppers. 80% already have their smartphones on, 70% say they would gladly interact with a product (scan a QR code) if it resulted in a meaningful discount. 75% want a personalized experience. Well over 100 million shoppers use eBay and are already comfortable with the bidding process. 

Bidrax simply helps match up and maximize the profitability of your customer's desire for a particular item and your desire to sell it.

Why you should have it in your store.

Simple answer: Sales. Increased revenue through higher profits.

We know that sometimes you have merchandise that you need to move. Maybe it's about to be out of season or styles have changed. Maybe it's a color that, umm, isn't quite what you expected. Whatever the reason, Bidrax will help you move that merchandise to the right person at the right time for a price that's good for both of you, creating great shopping experiences and generating brand loyalty along the way.

The cost to you.

Bidrax requires:

  • No financial investment…so, ROI doesn’t even apply here
  • No upgrade to your existing POS; no special software needed
  • No long-term commitment; in fact, no commitment at all
  • No special equipment. Well…you do need a tablet, but we’ve got that covered for you.

What we pay:

  • Bidrax pays all credit card processing fees.
  • Bidrax pays the per transaction fee charged by Stripe.
  • Bidrax provides the Admin Tablet, the only piece of equipment you will need.

What you pay:

  • $1 per transaction, regardless of price. So, if you sell an item for your minimally accepted price, that’s all you pay. No processing fee, no Stripe fee. Just $1.
  • If you sell an item for more than your minimally accepted price, Bidrax keeps 30% of the “lift.” 

In other words, we only make money if Bidrax generates unexpected revenue for you.

But, do shoppers like Bidrax?

Shoppers LOVE Bidrax! So far, 96% of buyers loved the process and the deal. Our value proposition to consumers is straightforward: Great prices, positive feelings, and a fun shopping experience.

Bidrax is a doorway leading to great deals and a consistently positive shopping and purchasing experience. Through the proven psychological structures that work for gaming, Bidrax produces feelings of empowerment and winning, replacing any potential feelings of after-purchase guilt with the satisfaction of a successful negotiation.

 

 

 

Consumer Psychology

“Purchasing should be Awesome” – Jack Dorsey, Square and Twitter

The number one negative attribute of in-store shopping is the actual purchase process and related guilt (Forrester). This is the point where that pretty new sweater turns into:

  • a decision regarding form of payment, which brings consumers’ minds to their personal finances
  • a number/price displayed on a screen and usually repeated by the cashier
  • the possibility of card decline, insufficient cash, etc.
  • a receipt reminding you of this number
  • a bag

Bidrax turns that price/number into a positive. To the consumer, this is the number they chose; the price they demanded and successfully negotiated. It is a badge of honor and hearing/seeing it produces a positive response (Priceline). Any negative feelings are quickly trumped by the adrenaline, endorphins, and resulting emotional drivers produced by the gamification of the process (eBay).

Allowing the shopper to choose the number (price) associated with the item they are looking at significantly changes the consideration process for the good. They see the item first, touch it, evaluate its worth, perhaps fall in love with it, and then select and assign a number they are comfortable with. In the current retail environment, many items never receive customer consideration because the number (price) associated with it is considered first and that causes the shopper to think of the item as “out of reach” and move on...

Emotional Drivers

Empowerment. That powerful question, “What would you like to pay?” turns the process on its head. Instead of a set price, which sends the message, “take it or leave it”, consumers are invited to assert themselves and define the parameters of the transaction.

Control. Whether consciously or subconsciously, most shoppers enter a purchasing environment with some sort of budget in mind. Bidrax lets consumers feel comfortable by inviting them to draw that line in the sand exactly where they need to.

Success. Bidrax creates a positive experience that combines the competitive rush of negotiation with the emotional rush of gaming, resulting in the consumer consistently feeling like they won. They feel inherently pleased with the end result and any feelings of guilt are quickly replaced with the satisfaction of a successful negotiation.

Gamification. Beyond the basic competitive element of trying to get a better price than their neighbor or Facebook friend did, the Bidrax experience employs multiple methods to ensure continued consumer engagement. Future updates include the translating of dollars saved vs “reference prices” into Bidrax Points, earning the users rewards.  

“…just find the fun and snap!, the job’s a game…”-Mary Poppins