Treatail: Make the internet your personalized marketplace
[This post was written by Adam Selsby, CEO and Founder of Treatail. It originally appeared on LinkedIn Pulse ]
When John Wanamaker, owner of one of the first department stores in the United States, hung the first price tag in the 1870’s, he introduced what was then an efficient method of shopping with a fixed price. Since then, stores have realized that there’s usually someone willing to pay more than the fixed price, but many more who want to pay less.
This is an exciting week for me because Treatail, the company we’ve been working on for the better part of a year, just launched. In doing so, we’re delivering cutting edge technology to solve where Wanamaker’s fixed pricing model falls short with online shopping
As a former ecommerce retailer, I know that a seller’s goal as a business is to set a price that brings the right balance of profit and sales volume. As online shopping has evolved, an entire industry has emerged to force-fit a pricing method designed for brick and mortar retail. How’s that going? Well, three out four carts are abandoned, and price is the top reason why. If 25% was a test grade, you wouldn’t be bragging. Of course, when you apply a “curve,” that level of abandonment looks great! In a way, Treatail introduces the open book test and lets the customer give the retailer the answer to the shopping equation.
Treatail brings a simple solution — let the customer ask for what they want when they feel the price is wrong for them. When designing Treatail, we kept the interests of both parties in mind and built a tool that lets the buyers buy and the sellers sell.
What we set out to do:
1. Make Treatail work anywhere: Using a browser plugin allows a buyer to Treatail any website that has a shopping cart. This way consumers can engage with the sellers they want to buy from without the seller having to do anything first.
2. Be fast and efficient: The buyer can request their discount in less than thirty seconds. And the seller can respond equally fast.
3. Communicate clearly: Each Treatail discount request includes a screenshot of the shopping cart to document exactly what the customer is requesting, in a format the seller will understand.
4. Provide new dimensions for the buyer and seller to make a deal they’re both happy with: When a seller receives a request, they know exactly what the buyer wants and what price point they have in mind. The seller can assess their inventory (quantity on hand, aging, open box, etc…), planned promotions, sales goals, product seasonality, MOQ or MAPP. And with these in mind, the seller can accept a customer’s request and strike a deal or respond with a personalized offer.
With Treatail, we’ve created a new way of shopping: No coupon codes or rebates and yet always personalized. The next time you find yourself about to abandon your carefully crafted shopping cart, ask for the deal you want. Treat yourself to a better deal. You can download the Treatail plugin here. We’re excited for the things to come for Treatail, so keep an eye on our LinkedIn, Facebook and/or Twitter accounts and stay tuned for more!