LootStreet.com allows users to bargain before they buy or sell products
16 June, 2008
by Asfaq Tapia
Hyderabad-based startup AKVenture Info has launched LootStreet.com that allows users to bargain before they actually buy or sell products on the site. According to AKVenture, the website accepts payments in the form of demand drafts, debit cards, bank transfers and PayPal.
Arun Balakrishnan, CEO, LootStreet.com, has said, “The website allows its users to bargain on different parameters such as price and volume. Apart from this, users with same needs can collectively approach a seller to avail a bargain.” Balakrishnan adds that a team of eight people moderate the listings on the site.
The way the bargaining works is, every seller offers his product for a price. The bargaining process starts when a buyer places an offer for the product, which may be lower than the seller’s offered price and the seller responds with a revised price, which is lower than his original price.
During the bargaining process, the website does not allow the seller to increase the price of the product. Similarly, the buyer also can not reduce the price which he has already offered. As the negotiations between the buyer and seller progress, the bargained price of the product reaches a value that is lower than what its original value was. The bargaining ends when the buyer and seller have agreed upon a common price.
LootStreet.com would have three sources of revenue, which it plans to incorporate at a later stage -- commission on final sales, revenue from banner advertisements and listing fee on products after the company has launched its retail services such as car rental, real estate listing etc. According to Arun Balakrishnan, the company may also change its business model to be the sole seller on the site.
AKVenture was founded by Arun Balakrishnan and Kaushik Mukherjee, graduates from IIM Ahmadabad, in May 2008. The startup is being mentored by Deep Kalra, founder and CEO of MakeMyTrip.com.
"
One can’t keep on doing the same stuff over and over again across all kinds of brands. Every brand has a unique feature and this needs to be attributed through innovative marketing initiatives. Unless the people working in this medium can innovate, spends will not grow on internet. "
doesnt seem to be that interesting .. I guess you must have understood about it by now ..
We have come up with a new website called onlinedukan.com. Our aim is to attract people to use our website for buying and selling anything for free no commissions will be chared on anything no hidden charges. So we need support and suggestions from all of you to co-operate with us and help us grow and meet up to your expectations.
So come post your products and adds for free and earn money. its totally free. no commissions , no charges everything is free so stop using websites who charge you for selling your products. Come and join us to make this website successfull and useful.
we have added a new feature of posting your requirements for free. You can post your requirements and we will help you in getting the appropriate. So why to wait?
Come and join us for free and start your online shop.
Onlinedukan.com - Freedom Online
Nice concept, should work in India as Indians are bargain hunters. but it needs to be seen how the pricing are worked out because big players like Indiatimes, Rediff etc. already get the best prices based on the volume they generate, is the final bargained price be lower than the prices offered by these biggies??
Sonia Malhotra
Internetpreneur
www.GhumiChale.com
India's First Hotels Comparison Portal
Post new comment