“We’ve already seen an uptick in interest based on this Amazon announcement,” Bijan Dhanani, who handles special ops with PriceWaiter, said. “We feel like we are in the big leagues now. It was a huge validator and boost for morale and energy.”
PriceWaiter allows any retailer to add a make an offer/name your price function to an e-commerce site.
Since PriceWaiter got its start in 2012, the local startup has been providing the functions that one of the largest online retailers, Amazon, has just added.
Dhanani said that some retailers don’t want to sell on Amazon because of the cost.
“We are basically at the top of the list for all these people who want this functionality but don’t want to sell on Amazon,” he said.
Tech startup PriceWaiter, which was founded by co-founders of Delegator and Causeway Stephen Culp and Andrew Scarbrough, is an e-commerce price negotiation platform.
For shoppers, it allows them to click “name your price” or “make an offer” and haggle with retailers.
For retailers, it allows them to add the price negotiation tool to their website easily, which PriceWaiter leaders said means more sales revenue.
“Name your price should be an accepted part of all e-commerce,” he said. “Our goal is to make this available for anybody selling on any domain.”
There is a messaging function that allows consumers and retailers to negotiate further.
The core functions-the “name your price” and “make an offer” buttons-are free for businesses to add to a site.
-PriceWaiter has about 50,000 shopper accounts.
-The business supports about 30,000 products.
-It’s saved shoppers about $1 million.
PriceWaiter makes money on its premium model, which includes additional functions for retailers.
For example, one of the features in the premium model that’s aimed at getting more sales for the retailer is an exit offer. If someone is going to click away from the site without buying, the system will provide one more “exit offer” in hopes that consumers will shop more or take the offer.
Other premium tools include the ability to put a time limit on certain offers. Dhanani said that sales increase by as much as 20 percent if there is an expiration date attached to the deal.
The premium model is based on a sliding scale, depending on how much the retailer is putting through the system, and it costs a minimum of $49 a month.
Some clients can also choose the “white label” feature, which means the button isn’t branded with the PriceWaiter look. Instead, it looks like the retailer has created the function themselves.
Dhanani said the other valuable part of what PriceWaiter is doing is the data that’s collected.
Retailers who use the button get insight into how, when and under what other circumstances shoppers make purchases.
“There’s no hiding behind the data,” Dhanani said.
Disclaimer: Nooga.com‘s parent company is Lamp Post Group, which has a business relationship with PriceWaiter. Editorial decisions for this publication are made independently of Lamp Post and PriceWaiter.
Updated @ 9:24 a.m. on 12/17/14 to add more information.