Netotiate Launches Product Feed, Consumers Name Price on Retail Goods
If naming your own price sounds familiar, it's probably due to pitch man William Shatner and Priceline's series of "The Negotiator" commercials. Since Priceline has decided to refresh their marketing, they killed off the Negotiator in a fiery crash in order to align their marketing strategy more closely with what the company actually offers. But as the saying goes, when one door closes, another one opens, and in this case Netotiate, pronounced 'ne-toh-shee-ate', meaning 'negotiate over the net', is the new open window bringing the excitement of the Priceline-negotiating world to the retail space. In an announcement earlier today, Netotiate said they would be launching a new service called Inbound Product Feed, which allows consumers to name their price and make binding offers for products directly to the merchants of their choice.
Netotiate's Inbound Product Feed enables merchants to publish their entire inventories on Netotiate.com on a cost-per-acquisition (CPA) basis, which is only triggered when a sale is made. This is unlike other comparison shopping engines, who mostly operate on a cost-per-click (CPC) basis, and might not be cost-effective for all products. "It's great for businesses that want to offer their inventory on 'netotiation' on a CPA basis, attracting consumers before they buy the product somewhere else, and by thus increasing conversions, revenues, and profit margins. Consumers also benefit because they gain access to a much larger volume of products that can be 'netotiated' for lower than advertised prices." said Keren Zimmerman, co-founder and Chief Revenue Officer at Netotiate.
Wait, did she say "lower than advertised prices"? Aren't their minimum advertised price restrictions dictated by manufacturers? Well according to the announcement, since consumers engage in netotiation, or negotiation over the Internet, it is not considered an 'advertised price'. This allows the merchant flexibility to agree to prices that are lower than the minimum advertised price.
Patent-pending Netotiate was launched as a beta platform earlier this year, and their unique consumer-to-merchant online platform provides multiple benefits to both consumers and merchants.