“Make your own price”
myZingo eCommerce Service promises to bring shopping in India into a new age with unheard of offers and discounts. Unlike standard site which peddle suspicious wares they sell real brands which we would buy anyway, discount or not. Launched by the entrepreneurial spirit of Ranjith Boyanapalli, CEO and founder of myZingo, BuyThePrice.com is being hailed as an ecommerce 2.0 site. Harnessing the power of the internet and online shoppers BuyThePrice.com aims to utilize an unheard of system. The site will track the real time demand for a product and map it with supply to offer better savings for the buyer. Just like in basic economics the theory here is that the higher the demand for a product, the lesser the price will become. The advantage of this system is that an individual consumer will benefit from many others who intend to make the same purchase.
Ranjith Boyanapalli clarifies the concepts behind BuyThePrice.com saying, “Web 2.0 has been around for sometime, where the community contributes to the content. In simple words, an internet user benefits from the contribution of some other user whom he may or may not know. Until now, web 2.0 was used in ecommerce to the extent of product reviews and ratings. It has not been used truly in the sense of one user benefiting from the transaction of another user. BuyThePrice.com does this through what we term as ecommerce 2.0.”
Cutting through all the technical jargon, we can mainly deduce that the site utilizes the inputs of a differential pricing slab. The other factors that decide how much you really save are based on the quantity of product sold within a given time frame. Like any shopping site the buyer pays the current listed price for a product however here the price varies with time and the increase in the number of sales. On the currently listed products one can get around 10-15% discount for 5-10 existing buyers but as more shoppers use the site prices will drop even further.
Their primary focus is on those consumers who regularly traverse the internet. However we believe that their offers may just create some new converts to online shopping. Ranjith says “The objective of our company is to penetrate the non-travel online shopping space in India, which has a very huge potential and few well established players. Even though, the internet population in India is rapidly increasing with deep penetration into tier-II cities, the percentage of the users who indulge in online shopping is low and we plan to convert them as our regular shoppers,”.
One feature that stands out on the site itself is the shopping assistant which mails or smses you the prices of products that you put on your wish list. The site is very user friendly and transparent especially concerning how much of a price cut they are offering. The major factor why the site could really take off is that the concept is pretty simple, the more friends or people you have shopping for the same product the cheaper it gets. The ideas behind it are sound and it seems that Ranjith Boyanapalli has a winner on his hands. Yourstory believes that BuyThePrice.com has all the features it needs to become the next big thing and wishes it creators luck in cornering the online market.