I finally got down to trying out LootStreet.com. The portal, launched by AKVenture Info Private Limited, is still in it’s beta-phase but it looks all set to be a player in the online market place. Bazee.com and the Rediff / Indiatimes Shopping portals are there. They’re pretty active. But where LootStreet differs is in it’s ability to get the Indian buyer to bargain – our eighth Fundamental Right. In a dog-eat-dog world, after all, “a penny saved is a penny earned!” 😉
Registering is a simple 2-minuite process. The only catch though (which I quite appreciated rather than raised my eyebrows at!) was the fact that you need a valid Mobile Number to register – This is to keep frauds at bay and I think it goes a long way towards creating an environment of trust. — Once that is done, you can both buy as well as sell products using your LootStreet.com login – which is basically your Mobile Number!
The simple (and universal!) concept of Bargaining that the portal uses is as simple as it gets:
In addition, Buyers can bargain for a better deal based on VOLUME.. OR.. (and this is where it gets really interesting!), Buyers can aggregate themselves into virtual pools and “collectively” bargain on the price! It is quite like a “virtual” interactive sabzi-mandi! I can see buyer-seller relationships get established and a win-win situation for both (as well as the folks at LootStreet.com!) 🙂
Why I think this idea is really going to work in the Indian context is because:
- a) Like I said, we believe it is our birth-right to bargain and steal the “beat deal!” .. and..
- b) A lot of people who would not end up bargaining for a Sony Handycam in a Shopping Mall can now hide behind an anonymous User ID and bargain like Baniyas of Burra Bazar from the comfort of their bedrooms!
I’m getting ready for a bit of haggling!