|Description||Gamifying Window Shopping|
Business summary: SKINNYprice is a SaaS plug-in that gives ecommerce companies an unfair competitive pricing advantage. The technology gamifies window shopping and allows e-tailers to use dynamic pricing to capture a wider range of price sensitive customers.
Customer problem: How do you sell to price sensitive customers without ruining the opportunity to charge full price to non-price sensitive customers? If you look at a price sensitivity graph you can see if you to charge zero dollars then you have a 100% demand and as you charge more and more demand shrinks. Sellers have to choose where they want to be on this graph and sell either high volume but lower margins like Walmart or low volume high margins like Nordstrom’s. But what if there was a way for a seller to have their cake and eat it too?
Solution/product offering: We simply put our “SKINNYprice” button on each product page of an e-tailer’s website. A customer clicks our button and a video player opens that plays a 30 second television commercial. Then the customer is shown a random discount and has 60 seconds to decide to buy or pass at that price. That’s it. It’s that simple. In essence a shopper is trading 30 seconds of their time for a pull on a slot machine to see what the price will be, gamifying window shopping. The task of having to watch a commercial is the inconvenience one must tolerate to get a great deal. Just like having to clip coupons or fill out a rebate form or even go through the process of “name your own price” like on Priceline. This task and how many times a customer is willing to do it will separate out the price sensitivity of each customer.
Explainer Video on ConceptAdded: 3/26/13
Logo AnimationAdded: 3/26/13