27 December 2017

EMERGE - Tophatter Produces Addictive Online Auctions

Tophatter Claims 90 Second Auctions are an Entertaining Way to Buy Online 

Imagine 16 million online shoppers (TOPHATTER'S number) focused on over ninety items each one in an individual auction window showing the retail price, the number of bidders, the current bid, the cost to ship and a countdown bar that displays the bidding process (Accepting Bids, Going Once, Going Twice) until SOLD.

The entertainment value of watching things go at prices that are unexpected, eventually draws buyers and sellers to participate, according to some observers. Over the holidays, we observed several sessions and experienced the addictive nature of this auction medium. Although not registered as a buyer, one could easily imagine how setting aside $50 for a few hours of fun and entertainment with surprising results (purchases) could be fun.

Online auctions aren't new, as those who follow this sort of thing know. Platforms such as eBayInvaluable (France) and Auction King (Sacramento, California) provide a price discovery service and logistics for sellers as well as some level of vendor trust indication for buyers. Platforms like Kijiji and Craigslist compete with print media classified advertising to bring together buyers and sellers for price discovery. Platforms like Amazon, Alibaba and Walmart try to replicate the whole shopping experience for the online customer with huge investments in logistics and inventory to secure customer satisfaction for their own brands and those they serve.

However, what seems novel about the Tophatter platform is the way this service adds a measure of gamble and entertainment to the process. TOPHATTER promises vendors, the fastest growing mobile shopping app for professional sellers, businesses, and brands.

This platform provides another low cost path to the consumer with a novel client experience factor. Since streaming video is influencing the consumer to stay out of the marketplace faster than anyone anticipated, adding a window to the entertainment screen so consumers can play in an online auction may have surprising results. Watch for platform competitors, for brands using the service to introduce new products and for the impact on liquidators like the 'Dollar Store' etc.

No comments:

Post a Comment