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Written by: Joe Marrapodi, CEO and Co-Founder Greentoe.
Finding the lowest price online isn’t possible because you can’t negotiate directly with retailers.
We feel there is a fundamental problem with the way consumers shop. When a business wants to buy something, they have sellers compete against each other to sell it to them. Consumer shopping should work the same way, but it doesn’t. We picked this idea because we feel we can revolutionize the way people shop.
Greentoe is a disruptive marketplace that is changing the way people shop by enabling consumers to negotiate online. We are not another daily deal site or deal comparison engine. We are a deal creation engine. We are “priceline for products”. After a person submits an offer, we automatically notify our extensive network of certified retailers and the first one to accept the offer gets the sale. Retailers also have the ability to respond back with counter-offers and our system facilitates a back and forth negotiation as needed.
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We know people need something like this because we have proven it. Thousands of people have used our site to make a purchase and 38% of people that have bought something through our site have already come back and made another purchase. Our customers are our biggest advocates.
A truly savvy shopper could call and negotiate with retailers on a one-by-one basis and get a similar price to the one we are able to get them. However this would take a significant amount of time on their part and it is rare to find people doing this. We have found that many people simply buy the product at a higher price out of convenience. They see all the prices are the same and they don’t know they can get a better deal.
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Additionally, retailers are currently limited by the manufacturer’s Minimum Advertised Price (MAP). The rules dictate to retailer what price they can advertise for a product. Some retailers skirt these rules by requiring people to “add to cart” in order to see the price, but this price is also limited by MAP rules because it is still considered advertising. Our system circumvents all these rules and allows the consumer to get a much better deal.
Last Updated on January 30, 2016
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