Give a man a fish and you feed him for a day. Teach him to gamble and you’ll get him shop online for lifetime. We recently studied how the online gambling market is shaped up in India, and what it can do if established with an idea of developing e-commerce. Recently in news, an e-commerce company MyZingo have announced the soon to be launch of BuyThePrice.com. This portal is aimed at making more common commodities available and penetrate the non-travel online shopping space in India, which has a very huge potential and few well established players. Question is will Indians buy anything from apparels, personal accessories, gadgets- gizmo to furnishings for home & office and a lot more online??
Currently the website is in private beta and The parent company MyZingo will be competing the likes of eBay, shopping.rediff.com, Naaptol.com and others once launched.
At WATBlog we wrote about the Visa study where only one in three respondents reported were very confident when using their payment cards online. Whereas if they do, they shop on websites overseas moreover for music downloads, online travel information and ticket booking. The RBI 3rd factor verification was in arguments for being a barrier between people who trust shopping sites to use their cards and the nascent e-commerce industry.
With a bid to reinstate that online shopping portals are meant to be low priced platforms MyZingo in its blogpost titled game of perceived value‘ has written about how a well thought pricing strategy is very important to penetrate and increase the conversions for online shopping. Only time will tell how their prime numbers trickle down the barrel and strive to make it big!