E-Tailer Encourages Customers To Bring Prices Down By Negotiating
Nyopoly lets members shop for women's clothes and accessories on their own terms.
Shawn Harris’ newly established Nyopoly brings some of the thrill of haggling for bargain prices — a scene often limited to small-town market stalls in foreign places — to the online retail market for anyone with some patience and a credit card. It’s “fashion on your terms,” the site proclaims.
Members can make up to three offers on an item, receiving a response in seconds. If the offer is accepted on first try, they’re rewarded with a 20% cash-back credit to use on a future purchase; if an offer is accepted on second try, the reward is a 10% cash-back credit. If a member’s offer isn’t accepted until the third round, they receive the item without any bonuses — but quite possibly at a better price. After three rounds of rejected offers, however, a member must either pay full price or wait 48 hours to start the process over. Or simply move onto another item.
Harris owned a menswear business several years ago. He says online discount retailers such as Gilt City and BuyWithMe approached him with offers to promote his clothes, but at drastically reduced prices and with shared profits.
I felt there had to be a better way. I thought, ‘What if I let the consumer tell me what they’re willing to pay, and I give them a reward?’
And so Nyopoly — an acronym for negotiate-your-own-price-oly — was born. The site features current-season clothes and accessories for women, which Harris buys directly from designers, showrooms, and distributors, as many large department store chains do, allowing him to compete.
Images via Nyopoly.