Reverse Auctions - The Longer You Wait, the Lower the Price

Instead of upping the ante to win an auction, a new site, JellyFish.com, is offering reverse auctions (where the price keeps falling).  Trendhunters note: the site says a group of jellyfish is called a “smack.”

PRESS RELEASE:
Jellyfish.com has introduced a new reverse-auction called the Smack Shopping Deal of the Day that gives shoppers the chance to get the hottest online products at remarkable discounts or even for free. 

Each day, Monday through Friday, at 1pm EST a select product goes on sale on Jellyfish.com’s Smack Shopping Deal page and the product’s price discount increases incrementally every second until it is either sold out or reaches 100% off and is given away for free.

Shoppers have to weigh the potential for the price to continue to drop against the potential for the item to sell out. Jellyfish doesn’t disclose how many units are left to be purchased, which keeps everyone guessing and the action intense.

Jellyfish’s live Smack Shopping Deal forum lets shoppers discuss the product for sale in real time, collude with one another to attempt to drive down the price, or just talk Smack. This makes for an entertaining environment with dynamic community anticipation and interaction.