Why give a 50% discount to a shopper that would be thrilled with a 40% discount? Bidrax Retailers received an average 52% lift when used on discounted merchandise in early product trials.
Empowerment, reciprocity and reference pricing combine to ensure not just more conversions, but better conversions that leave shoppers feeling great about their experience in your store. Bidrax cuts right to the chase and asks the question you want answered every time you see a customer turn away from a product, which 75% of the time is because of the price. “What would you like to pay?” A study by Parago found that among shoppers in-store debating whether to buy in-store or online, a real-time personalized discount as small as 5% is enough to convince 80% of shoppers to buy on the spot.
Having Bidrax in your store opens the door to the smartphone savvy generation of active shoppers, as well as giving you a tool you can share exclusively with your loyal customers to help them feel appreciated.
So they are not selling at 30% off. Next stop: 50% off. But wait. What about 35% off? Or 38%? Or maybe that shirt would sell with a 42% discount. Currently this approach is not practical. With Bidrax, it is and it works. And if 50% isn’t enough, you can just keep dialing down that price until your shelves are clear for what you want to put there.
Bidrax gives you total control of the negotiation by giving you the flexibility to act before potential conversions are lost. They say that, in negotiations, “He who goes first loses.” By answering the question, “what would you like to pay?” shoppers are going first giving you the baseline you need to optimize your chances of closing the sale.
Bonus: You still have that control even when you're not in the store. Bidrax works when you don't want to.
Bidrax gives your shoppers lots of reasons to post and tweet about their awesome experience and about getting a great deal, which is exactly the kind of thing social media users post with a smartphone. Plus you can easily promote specific Bidrax items you have available through Instagram and other channels. Bidrax opens up lots of channels for marketing and exposure.
Having the ability to dial down prices until the merchandise moves when you need it to move has been compared to how lots of retailers currently use eBay … but without the hassle of listing, taking photos, boxing, shipping, etc. Some brands restrict use of an online site to liquidate merchandise. It is a fact that billions of dollars worth of merchandise are given away or destroyed each year.
Bidrax protects your brand image by minimizing dependency on unsightly clearance racks and publicized disproportionate discounts, while also helping ensure your merchandise doesn’t end up on eBay or Craigslist.
By finding out how much your shoppers are willing to pay, you will be able to more effectively price and discount your merchandise. Example: If you find that 75% of your jeans shoppers are bidding $50, maybe it’s time to bump those $39 jeans to $49.
By being able to “dial down” your prices as the need to move product increases, you can clear those shelves as needed, making your shoppers feel good at the same time. They feel empowered and they feel successful; like they have "won" and earned themselves an amazing deal. Bidrax also lets you be incredibly responsive to changes in the market, the weather, in styles, and in preferences.