Say you’re a runner, and you need a new pair of shoes. But the prices on footwear have you reeling, no matter which store you go into. You just want to pay a fair price for a quality product, but retailers don’t seem to understand your definition of a fair price.
That’s where BUYSTAND steps in. Rather than consumers having to waste time waiting for markdowns and looking for used or knock-off substitutes online, the Durham-based startup is turning the marketplace on active lifestyle and outdoor sports products from seller-driven to buyer-driven. It empowers people to set their own price on footwear, apparel and equipment from many of the industry’s leading brands.
Here’s how it works:
- Browse buystand.com for your favorite active lifestyle products.
- Make an offer at a price you are willing to pay.
- BUYSTAND’s EDGE Pricing Engine matches your offer to retailers who are willing to sell at that price, and releases offer acceptances and rejections in intervals – midnight, 8am and 4pm. Check back at the nearest interval to find out whether your offer was accepted, or whether you should make a higher offer. After the initial offer, you have two more opportunities to raise your price within 48 hours.
Not only does this unique shopping experience help you out, but it’s more efficient for retailers as well. BUYSTAND provides them with the platform they need to more dynamically and profitably move product from their shelves instead of having to make drastic price reductions in large quantities of inventory during a sale.
“While information technology has upended and improved many basic aspects of our lives, the way we price goods has so far remained untouched,” Joe Davy, CEO of BUYSTAND, said in a press release. “By empowering both retailers and consumers with quicker access to better information, we are drastically changing the way e-commerce goods are priced in a way that benefits everyone and will cause the old way of buying and selling to be forgotten.”
Intrigued? Sign up here for access to the beta product.