How Jinglebid Can Revolutionize Local Commerce?
You might be accustomed to seeing the hammer go down ‘One,’ ‘Two,’ and ‘Sold!’
Usually, that’s how any auction works – after the seller sets a reserve price (minimum bid amount,) any buyer who makes the highest bid in the stipulated time, secures the bid.
But did you know that there are certain types of auctions that happen using an entirely opposite approach – where the buyer sets a reserve price (this time, it is the maximum bid amount) and the sellers compete amongst themselves to present their product and services at the lowest price? Yes, it is an actual business model.
‘Welcome Reverse Auction!’
Reverse auctions are a proven business model in developed economies, and it has started catching on in India as well, where many start-ups have emerged to tap into the potential opportunities across different sectors.
For example, In the US, the top reverse-auction performer Priceline is listed on the NASDAQ and has an estimated market value of nearly $75 billion. So, no, the reverse auction has nothing fishy or fraudulent about it
What Is It That’s Unique About Reverse Auction?
To put it simply, in a reverse auction, instead of the service provider/seller quoting the price, the end-consumer renders the first move by proposing an amount that she or he is ready to pay. Then, this information is passed down on to the sellers on the platform, who can then compete with other sellers and propose a counter-offer, if required. But is this innovative technique limited to interchanged roles? No, you bet not.
Introducing Jinglebid, a truly Indian reverse-auction, and demand-driven platform that directs demand from consumers, who look at online prices to choose top sellers in their local zones
Jinglebid aims to revolutionize the local commerce sector in India. With all bids taking place in real-time, Jinglebid delivers an interactive shopping experience. Pretty similar to how we partake in shopping activities in our regular day to day life and enables you to make an informed, smart and quick decisions based. Jinglebid is a unique platform that helps you to discover the best prices and connects you to sellers so that you get the best out of your shopping experience.
Mr Sudarsan, Co-Founder of Jinglebid, expressed that the reverse-auction model offers increased flexibility and higher transparency over the conventional aspects of e-commerce. Jinglebid is a platform that provides an edge to the users(consumers) over the sellers, as with Jinglebid, you can get improved value proposition when compared to a direct deal.
Sharing an example, Sudarsan states, ‘Consider a local retailer who sells smartphones. Now, you, as a customer, want to purchase the latest release and are looking for exciting discounts and deals. When you finalize a product and quote a price, the local retailer will try and secure a sell for himself. Adding the metrics of competition, you will have multiple such local retailers who want to make a sale, instead of not selling anything at all.
Does this mean that the sellers miss out on profitable business? Absolutely, no. If the local retailers find that the bid presented by the customer brings no advantage, they enjoy the liberty to not to accept the customer’s bid.’
The Way Ahead For Local Commerce
In India, the supply chain and logistics involved in e-commerce businesses are incredibly complex to manage, where the infrastructure is not developed enough to reach every rural or remote area. Besides, the taxation policies for e-businesses in India are not well-defined, as it mostly depends on diverse business models and varied transaction typesGrowing internet and smartphone penetration, increasing acceptability of online payments and favourable demographics has provided the e-commerce sector in India with the exclusive opportunity to fundamentally change the way businesses connect with their customer base.
Owing to India’s digital revolution, the e-commerce sector in India has grown 4 times its size, from capped at $3.8 billion in 2009 to more than $17 billion in 2014, showing a promising growth at a CAGR of 37%. Consequently, the e-commerce sector is likely to cross the $100 billion mark in the coming five years, contributing more than 4% to India’s GDP.
Unlike giants such as Amazon, Flipkart and Alibaba, who cater to mainstream e-commerce on a global scale, where the consumers have no control of the pricing aspect – Jinglebid prioritizes local commerce and ensures that the customer gets the best of price and shopping experience. Enabling local retailers with sustainable selling opportunities to negotiate and win customers directly, Jinglebid’s objective is to establish a direct commerce eco-system between sellers and buyers.
Jinglebid will be instrumental in addressing the challenges of e-commerce and integrate better enhancements for garnering local commerce. Explore Jinglebid, a company with a genuinely Indian soul and a global attitude.