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Buytheprice not only uses innovative technology so that consumers have a fast and easy transaction but introduces the concept of ecommerce 2.0

A common practice we observed is that a lot of people talk to friends / family / neighbours to know if they want to make the same purchase and demand a better price from the retailer, thus aggregating the demand for better deals / discounts. This is also observed in company intranet & bulletin boards. In the online shopping scenario there is convenience and speed but the downside of this is that you do not get the benefits of a bulk purchase. In the traditional online shopping scenario we had a cluster of individual online customers who do not get any benefit of the aggregation of demand."|Wikipedia.org}}

At buytheprice, we have introduced an online social shopping concept where every individual benefits from each purchase made. From the technology aspect of it, online shopping was a one way communication medium previously. We have opened up a complete new medium of communication using E-Commerce 2.0, where one individual consumer can help other shoppers.

With this technology we will be able to map real time demand against our supply prices to offer consumers better discounts. So the more number of purchases for a product the lesser the price becomes. We have introduced the concept of aggregation of demand in our shopping portal. And the best bit about this is that you do not even have to bring in other shoppers to get better deals. In simple words, "You get the product at the lowest price, thanks to many others who buy the same product"

For an even more clear description, let's assume there is a consumer from Bangalore who wants to purchase an Air Conditioner. There are two ways that he can go about the transaction. He may ask his friends or colleagues and they all join in to make a bulk purchase which reduces the cost of the AC by around two thousand approximately from its initial MRP.

Acronyms And Other Industry Lingo

The consumer's second option is the traditional online scenario, where we have the same consumer making the purchase for the fixed amount. Over here there is no benefit other than convenience. When you look at both the cases, there is definitely a drawback with each of the scenarios.

Turning Struggle Into Fun

At buytheprice, we have combined both the scenarios. We have the consumer from Bangalore who wants to purchase an AC. But when he shops at buytheprice, he neither has to have his friends and family's purchase list nor does he have to pay the fixed sum.

At buytheprice, there may be other consumers wanting the same AC but from Bombay, Delhi or Hyderabad. If they purchase the product, the consumer from Bangalore would get the product as a discounted price thanks to the consumers in the other cities. So every individual who comes to buytheprice leaves a winner.