Platform lets buyers choose the price of tech gadgets

Greentoe is an online marketplace that enables consumers to choose their own price for tech gadgets and connects them with retailers willing to fill the request.

Thanks to price comparison sites and daily deals, consumers are always looking for the best possible deal before they buy. We’ve previously seen niche platforms such as Buystand enable retailers with excess stock to sell extreme sports equipment at a price decided by the consumer. Now Greentoe is an online marketplace that enables consumers to choose their own price for tech gadgets and connects them with retailers willing to fill the request.

Users go through a three step process. First they choose a their desired product — whether it’s a camera, TV, kitchen appliance or musical instrument — and fill out a price they feel comfortable with paying. Next, Greentoe notifies their network of retailers with the offer. The first retailer that accepts the consumer’s price makes the sale. If the price is accepted, tetailers take care of the tax and shipping costs and deliver the item. If not, consumers can make a new bid by upping their price. The company also recently launched an iOS app that let users send in offers from their smartphone.

Watch the following video to see an illustrated explanation of the retail service:

Greentoe helps retailers clear out stock they otherwise can’t sell while consumers get to pay a price that suits them. Are there other ways for business to give buyers more influence over the price of products and services?