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."
"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." - JellyFish.com
Implications - Ever since the recent economic downturn, consumers are constantly looking for productive and beneficial ways to cut down on costs. Businesses that provide consumers with low cost products or services and the opportunity to actually save money will fare very well in today's recovering economy. Businesses that behave this way will be perceived as highly approachable in this time of economic uncertainty.
Reverse Auctions
The Longer You Wait, the Lower the Price
Trend Themes
1. Reverse Auctions - An increasing number of businesses will adopt reverse auctions as a cost-saving measure.
2. Smack Shopping Deals - The popularity of JellyFish's Smack Shopping Deal of the Day will encourage the development of similar initiatives by other e-commerce sites.
3. Cost-cutting Measures - Businesses will increasingly adopt cost-cutting measures to provide lower cost products and services to customers.
Industry Implications
1. E-commerce - E-commerce sites will adopt reverse auctions and similar initiatives to remain competitive in a cost-sensitive market.
2. Retail - Retailers will adopt cost-cutting measures to stay profitable in a market where consumers are highly price-sensitive.
3. Consumer Goods - Consumer goods manufacturers will adopt cost-cutting measures to appeal to price-sensitive consumers in a recovering economy.