Last Updated on February 12, 2013 by New-Startups Team
As we live in the middle of winter and start dreaming about warm weather that will creep in around the corner, it’ll be the time to open the bank account and start planning for summer time adventures. But did you just spend a boatload of funds on a snowboard or ski gear? If you’re like many of us, then you’ll begin scouring the net in the next few weeks for pre-sales on new mountain bikes, helmets, outdoor running gear, and more. Even then you’ll probably end up paying more than you ever wanted to.
Photo Credit: Let Ideas Compete
Buystand is an online marketplace for outdoor, fitness and active enthusiasts to get the gear they love at the price they want to pay – say, 25% less than retail. Sort of like a Priceline for adventure apparel seekers, the platform lets shoppers set their preferred price matches retailers willing to sell in that price range.
Currently in private beta, the Durham-based startup lets you browse some of the leading brands in the active lifestyle vertical letting customers set the terms on sales instead of dealing with wholesale markdowns. CEO Joe Davy says: “It is the world’s first completely buyer-driven marketplace for active lifestyle clothing, equipment and footwear. There has never been a company before that let buyers come in and say what they’re willing to pay for a physical product, although it does happen in the hotel and travel markets. We’re inventing that model for products.”
Paying a price that you want to pay just makes sense, but Buystand is also hoping it will appeal to retailers as well. The platform lets retailers analyze demand in real-time and be able to sell more at a quicker rate allowing for the clearance of inventory at the same time.
You start by scouring for a product you want to purchase, offer a bid, and Buystand goes to work to find a retailer willing to sell at that price point or reject the offer all together. Offers can be made only within 48-hour periods to prevent unfair usage and trolls while encouraging reasonable price-point shopping.
It’s certain that pay-what-you-want is the best consumer solution when shopping, but few have been successful at building this billion-dollar industry opportunity into a success. Hopefully Buystand takes the first step in creating a platform that can be a gateway for numerous more niches to pop up.