Now, with the help of this shopping app, you can decide your own price for the goods you want to buy. The new app, called Compelation, allows shoppers to bid on products displayed with their approximate retail price, using an in-app slider and setting a date on the expiration of their bid offer, pymnts.com reported.
If the shopper's bid offer gets accepted, the app charges the credit card associated with the user account.
As a product gets more bids, the app plots the offers into a demand curve and lets the seller decide the lowest bid it is willing to accept.
For instance, a user could bid $100 for a $150 pair of shoes. The app would aggregate all bids ranging from the lowest amount that shoppers are willing to pay to the highest bid. Upon receiving the data, the merchant can choose to accept all bids over a designated threshold.
Using the demand curve plotted by 'Compelation', merchants can gain flexibility in applying the data metrics for their own sales target and regulate warehouse supply-demand balance.
To build a more customised experience, the app also allows users to follow other shoppers and buy products they have shared. The iOS app is currently in private beta stage.