ShadowBid takes the concept of a limit-order from equities trading markets and applies it to any online retail market. We offer our users the ability to set a bid price for any online retail product, ShadowBid takes the concept of a limit-order from equities trading markets and applies it to any online retail market. We offer our users the ability to set a bid price for any online retail product, and when the price of the product drops, we automatically execute the purchase for the user on the retail website (launching with a focus on Amazon). In time, our system will allow users to place their bids across multiple retailers. We offer our users price histories up to one year, as well as indicate the likelihood of execution as the order is created. We are building in a feature that will allow the user to place a single bid on multiple products, and if one of those products drops in price below the bid level, that item will execute and the rest will cancel. We will offer users the ability to set thresholds on their bids, allowing them to receive a notification should their bid be within a certain dollar amount away from the current price.Through this process, ShadowBid will collect a large amount of data on exactly how customers are valuing specific products. And that, in part, is how ShadowBid will be able to deliver tremendous value to retailers as well. This data will help retailers to understand more about consumer demand because the consumer is actually putting their money on the line and saying that "at this price, I will buy". In addition to the meta data from ShadowBid, retailers will also find value in being able to maximize their yield curve. Instead of simply marking products down somewhat randomly, a retailer can slowly discount an item and watch bids execute as they change their prices. Lastly, retailers can subscribe to ShadowBid in order to view bids in the system and potentially to execute private transactions with consumers while maintaining the public price for an item.
The engine that we are creating will benefit both retailers and consumers, which is the goal. ShadowBid is aiming to increase efficiency in a market that is currently inefficient. Spreads are too high and information is sparse across different sides of the transaction. The result will be a better shopping experience for everyone. more