PRN: Unique Virtual Store BagThat Officially Launches
Â As more people get involved and bid on an item via social networking, the lower the price a product can sell for, and the better the discount.
Unique Virtual Store BagThat Officially Launches
LONDON, May 1, 2012 /PRNewswire/ --
BagThat harnesses social network buying power to offer unbelievable deals to consumers
BagThat officially launches today, backed by high-street brand names Samsung, Halfords, mydeco.com, Rush Hair & Beauty, TheGadget4U, Brook Taverner, Stewart Golf, and the Real Wine Company - fronted by model Jodie Kidd.
BagThat is a virtual store that uses the power of social networking to benefit consumers and suppliers. Instead of being given a firm price, people can choose what they're willing to pay - bid and then share. Â As more people get involved and bid on an item via social networking, the lower the price a product can sell for, and the better the discount.
The BagThat vision - in effect a simple volume/discount principle - is a cross between an 'auction' and a 'group buying' model, bringing a mainstream retail channel to market offering consumers and suppliers the opportunity to take advantage of social network buying power.
In a survey, BagThat found that 23% of Brits do more than half of their shopping online. Â On average, UK shoppers do 32 per cent of their shopping online - increasing to 45% when asked how much they believe they will do in future.
Two-thirds of Brits also say they like to haggle and get a deal, with Alan Sugar named top haggler.
Jodie Kidd said, "Everyone loves the thrill of getting a great deal, especially during these tough times. And being able to share the deal with your friends on social networks makes BagThat even more appealing. Â Shopping is already a sociable activity and BagThat has brought that sociability to online shopping. It's the way forward."
Andy Sutton, founder and CEO, said, "BagThat started because we believe that social shopping is the future. We all take advantage of volume purchases - whether it's 3 for 2 offers or bulk buying - but rarely do we, as individual consumers, benefit from volume purchases on quality, branded goods. In the context of the economic climate and our socially connected world, it makes sense for people to get together and collectively buy products if it means getting a much better deal. It's definitely the smarter way to shop."
PayPal handles all transactions.
BagThat is committed to giving 5% of its net profits to charity.Â Charities for 2012 include Malaria No More, The ForceSelect Foundation, and The Phoenix Foundation.