The advent of eCommerce marketplaces has rapidly evolved consumer preferences and the way consumers purchase products. In fact, out of the expected 7 billion global population, more than 27% of them shop online. Furthermore, in this year, eCommerce sales accounted for around 18.1% of retail sales worldwide. And many expect to make a whopping 22.0% by 2023.
While the numbers seem promising, there is one thing that hasn’t changed. People browse the products on the most popular online shopping sites, compare the prices, submit a discount code (if they have any), and purchase their favorite item.
But the eCommerce space is up for a significant change. Many believe that it will change the horizon for eCommerce. And with many retailers achieving massive sales growth, this will soon become a norm in the online shopping space.
Are you wondering what it is? Keep reading, and you’ll learn more!
Unleashing an eCommerce site that’s giving consumers the power to negotiate prices
Bargaining has already been a part of the buying and selling culture even before online marketplaces came into the limelight. It helps retailers bridge the gap between online and physical interactions. But that’s the only benefit. It empowers consumers to have an active role in transactions.
And whenever consumers think they are at the center of any marketplace, they become more intrigued and buy from the site. Thus, it benefits the provider with better sales and revenue.
We are talking about one pioneer in this space, Buyr. The founders of Buyr.com understood this buyer’s psychology and introduced the price negotiation concept. The idea allows consumers to go beyond the “see ,add to cart, and buy” ideology.
Let’s not forget that many consumers always feel, “I wasn’t willing to pay so much for this, but I have to buy it anyhow.” This was an unthinkable attempt that was otherwise not so popular amongst online consumers.
You might already be familiar with marketplaces like Priceline or vacation websites where you can name your price. This company does the same but in an online retail space. In fact, if you quote your price right, you can even save more than what you get on some of the best online shopping websites like Amazon, Flipkart, and other known sites.
What do you need to do?
On this site, you can set your price. Just submit it, and if the retailer accepts your offer, you get a great deal for yourself. However, make sure your price is reasonable. For instance, you can’t quote $10 for a product with a price tag of around $100.
And since this site has delivery policies similar to other online marketplaces, rest assured, you will get high-quality products. Thus, you can now get maximum deals in:
- Baby products
- Personal care
- Home & Kitchen
And so many other categories.
So, this is what you will get from Buyr:
- Set your price.
- Find weekly deals.
- Get free shipping and a return policy.
- Get a 100% money-back guarantee.
Did you know that many leading companies in Europe, like Sears, are already using this method to maximize their profits? But, for the American population, this is a relatively new concept.
So, how is this different?
From the customer’s perspective:
- Customers find it a personalized interaction. Since it allows them to overcome the “cultural taboo,” they engage even more promptly.
- Customers are more motivated when they feel they can pursue gains over a deal. Plus, consumers can place higher offers to secure the discount. In short, they can bid on items at the top of the retailers’ websites.
Making an offer on the product page online is less awkward than having the same conversation with a salesperson. Let’s be honest here. No one wants to feel the embarrassment when the salesperson turns down the counteroffer. Online negotiation is much more efficient. And the company, Buyr, is using the same formula to attract more customers.
From the retailer’s perspective:
- This option allows them to revisit the discount concept, which hasn’t changed since the world-renowned brand Coca-Cola rolled out its first coupon in 1887. A tailored discount offered will enable the merchants to make adjustments accordingly.
- It gives retailers the ability to achieve around a 30% increase in sales, further improving overall revenue.
In other words, it won’t be wrong to say that it enables retailers to maintain profit margins along with higher conversion rates.
But why is there a need for negotiation in the retail eCommerce space?
The internet rapidly led to digital transformation in all industries. Consequently, the control shifted back to consumers. With so many options available, shopping was now open 24 hours a day. But a seller can use the same internet to their advantage to lure consumers to their site.
That’s how marketplaces like Amazon became the major shareholder in this space. While they were remarkably efficient, many SMB sellers with better deals often went unnoticed. And customers could never reach them because eCommerce is a scary place. At the same time, it is an inefficient market.
And negotiation restores the balance to the force.
In short, the power frequently swings from the retailer to the buyer and back. Let’s not forget that two things are common for online marketplaces.
- Consumers want to save money and time.
- Retailers want to stay ahead of the competition.
The negotiation marketplace addresses both these needs. This grants a perfect discount, which is a win-win for all!
Final Takeaways: It’s Time to Unlock The Power of Bargaining
With countless offline and online retailers suffering from the dynamics of discount pricing, negotiation will surely be an answer to their woes. And if you think negotiation is a part of offline marketplaces, you are highly mistaken. Since it gives retailers and consumers control over transactions, it will soon become a norm in the online shopping world.
And with companies like Buyr already implementing this price model in their transactions, consumers can expect a lot of savings.
At the same time, a seller can engage with a customer who might have earlier lost in an instant comparison shopping. Have you tried this fantastic deal yet?