San Mateo, CA, December 02, 2009 --(PR.com
)-- Revenzy, www.revenzy.com, announced today the availability of its social auctions marketplace where friends and strangers can join together to bid in groups. Due to the inherent economies of scale, buyers are then able to bid less per-unit and still win an auction with a large group. Sellers also benefit significantly since they can lower their per-unit product costs through increased volume, reduced inventory expenses, and much lower selling fees. An additional benefit to sellers is lower marketing and advertising expenditure as buyers strive to build bigger groups to win at the best possible price – a process that Revenzy makes extremely easy by seamlessly connecting to many of the popular email and social networks including Gmail, Facebook, Hotmail, and MySpace. The company expects the value it creates for both buyers and sellers to eventually make Revenzy.com a destination site for new and used consumer electronics, sporting goods, and accessories, due to these categories’ relatively accelerated retail life-cycle, and pricing models that encourage volume discounts.
While the concept of group buying is not new, the core Revenzy technology is designed to address challenges with previous industry attempts. As a result, key components of Revenzy allow buyers to maintain their independence within groups by enabling them to place or change their own bid, coupled with the ability to leave a group at any time during the auction and, under specific conditions, after the auction closes. Further, each member of the winning group is connected directly to the seller. Buyers and sellers are then able to complete the sale as with any other familiar ecommerce transaction. Specifically, individual buyers directly pay the seller only for their own purchases, select their own product attributes (e.g. size) or purchase attributes (e.g. shipping method), and receive their own shipment, warranty, or support.
“Revenzy is a significant step toward realizing the promise of social commerce because it goes beyond discussions, reviews, recommendations and other similar social shopping elements and gets down to the business of social buying. We transform the awesome power of social networks into a ‘volume purchasing’ force that not only is easy to understand and participate in, but, more importantly, creates tangible value for both buyers and sellers”, said Bob Dourandish, Revenzy’s founder.
Revenzy is an innovator in social commerce. Our social auctions marketplace allows consumers to join with friends and strangers to bid on auctions as a group. In doing so, we take advantage of economies of scale to produce tangible, measurable, and quantifiable value for both buyers and sellers.