For many consumers, shopping could be characterized as fun. But retail tech platform DropIt infuses the experience with an adrenaline rush.
The Miami-based company “gamifies” the traditional auction system provided by platforms like eBay, turning the bidding model on its head. Instead of seeking to outdo each other with increasing offers, users watch an expensive luxury product’s price drop lower and lower by the second.
The minute-long game ends when someone caves and makes an offer with a quick swipe of their finger. The process is a balancing act between waiting for the price to drop and acting quickly enough to beat out other potential buyers.
Most of the luxury products offered on the DropIt platform are rarely if ever discounted, and retail for $500 or more, Forbes reported. In addition to luxury goods like apparel and handbags, Dropit’s auction platform sells big ticket items like cars and motorcycles. The company reported in March of this year that it had hosted 83,000 auctions so far, with a projected number of 600,000 expected by March of 2020.
DropIt, founded in New Zealand in 2015 by Brendan and Peter Howell, has now embarked on a partnership with Daktronics, the company that operates most of the stadium screens in the U.S.
According to Forbes, Dropit hosts its reverse auctions during breaks in sporting events, allowing fans to engage in adrenaline-boosting competition from their seats. Daktronics told Forbes the interactive programming keeps fans engaged, and provides valuable purchase intent data for brands.
Next, the company plans on moving into travel experiences. DropIt announced a forthcoming partnership with Resorts World Bimini, though details on the arrangement and its start date have not been released.
Former Netflix marketing director Joel Mier announced this week that he would also be joining the company. Mier worked for the streaming giant during its formative years, focusing heavily on the company’s insights and analysis platform.