Unlike EBay where a seller lists an item starting the price with the lowest they are willing to accept, and buyers bid on the item raising the price higher and higher, at Pricefalls.com, the seller lists the highest price they would like and watches the price fall until it reaches a price the buyer is willing to pay.
This brand new site was designed by college students and has virtually no traffic right now, but neither did EBay when it began. Their goal, according to CEO Elliot Moskow is to “to provide the public with the most affordable and efficient auction platform on the internet”. The idea is at least interesting and has some potential.
By perusing the site, I could see that most auctions were for large lots such as 72 pairs of legwarmers, and multiple cases of panties. This site is positioned to be a pre-Ebay market with buyers reselling items on Ebay. Still this could change as the site becomes more popular.
Here is how the auctions work according to Pricefalls.com:
The auction initiates at the merchant’s predetermined price ceiling. Consumers may purchase the item during a “Catch it Before it Falls” period, in which the price remains at the ceiling. When utilizing this feature, the consumer decreases the risk of losing the item to a fellow shopper, and the merchant benefits from the most profitable sale. Once this period ends the item price begins to fall until the first—and winning—bid is placed, or the predetermined price floor is reached.
While the less frugal person is more likely to win the prize, anyone with patience and determination can still land some good items at rock bottom prices. This is definitely a site for the frugal consumer to watch.
Andrea Hermitt writes for parenting (specifically teens), the home blog, and also the frugal blog, and homeschooling at families.com.
Also read:
EBay makes online auctions worthwhile again
Frugalista Fashions: Buying Clothes on EBay
Check out Free coupons on food and clothing items