Over the past few days we've noticed marketing for www.pricedrop.co.nz around the internet. The site hasn't launched yet but its looking like another daily deals type site.
A quick look on their facebook page reveals:
"Pricedrop.co.nz is a new revolutionary website launching SOON in New Zealand where you can BUY and SELL just like a bazaar. What is so special about this website is that PRICES DROP continuously before your eyes. SIGN UP TO MAILING LIST TODAY to keep informed."
So perhaps its not a daily deals site, more of an auction site. Still it will be interesting to watch the launch. This concept hasn't been successful here yet (dutch auctions). This site has recently changed its name from PriceFalls.co.nz to PriceDrop.co.nz.
I seem to remember something about how this concept works: Say a business has 20 identical items to sell. They set up a dutch auction loading 20 units. First you set your absolute minimum price that you will accept for one of the products. Next you set your auction starting price. Generally you'd set this quite high.
Now you start the auction live on the site and wait for buyers to view it. As time goes on the price of the product falls. Buyers can click buy now at any time. the longer you wait, the cheaper the price gets. But there is a catch...you can't see the quantity left. The product can sell out at ANY TIME and ANY PRICE.
So while you are waiting for the product to get cheaper there is the real possibility someone will buy the last available unit.
I think this type of auction selling could be very popular. I'm not sure why it hasn't been tried here successfully yet. Anyway this site will be interesting to watch...and while not a daily deals site there should be some great bargains to be had!
You can check out the site here:
www.pricedrop.co.nz
