It is indeed interesting to trace how marketplaces evolved over the centuries.
Many eons ago, even before the advent of any form of money or currency, people traded with goods, through what we all know as the barter system. These were localized marketplaces, in and around where one lived. With the invention of the early form of money – coins, and then much, much later paper currency, these marketplaces expanded in size, both in terms of consumers and the geographical footprint covered. But it was still restrictive in nature, largely due to the primitive forms of transportation methods available at the time.
Beginning with the industrial revolution and the important scientific inventions across sectors, things changed dramatically. But it was perhaps the retail and technology boom towards the latter decades of the 20th century that witnessed consumerism on a global scale.
Today, we live in an era that is largely technology driven and controlled, mainly by the Internet, to the extent that it has invaded and taken over our very lives. The proliferation of smart phones, coupled with the overwhelming presence of the so called social media, has enslaved us into robotic beings.
Online shopping has caught the fancy of the Indian consumer. The sheer convenience of buying products and services at a click, at reasonably discounted prices, has endeared consumers to the online retail experience.
There is however, a new phenomenon that has captured the imagination of online consumers and that is to ‘Buy by Bidding’. While this concept is still in its infancy, the young and savvy netizen has jumped on to the Bidding bandwagon and rather enjoys the format, for it brings to the fore, a competitive element in acquiring a product, something that pure online shopping doesn’t offer.
LuckyStars, a free-to-download mobile app, with over 1 million app downloads, offers numerous opportunities to Win Gifts Daily through Draws. Recently, this brand launched Bids, empowering their users to buy high value, aspirational products, at ridiculously low prices.
LuckyStars offers 3 types of Bidding: Lowest Unique Bid, Highest Unique Bid and Hyper Bid. Contrary to expectation, the response to the first type of Bidding offered, namely Lowest Unique Bid, has been extremely gratifying, with thousands of bidders, actively participating. To give you an idea, a Royal Enfield Bullet 350cc bike was sold at Rs. 111.87; an iPhone 8 at just Rs. 227.00; an Apple Watch Series3 at Rs. 96.44 and a Sanyo HD LED 49” TV at only Rs. 62.97.
There is little doubt that LuckyStars is creating a new marketplace through Bids and is attracting a new breed of consumers too. Encouraged by the initial response, the other 2 types of bidding will soon be rolled out. It’s only a question of time, when the whole concept of Bids becomes popular and pulls in lakhs of consumers, seeking to buy products, at extremely happy prices.