Ever bought something online, only for its price to drop a week later? If you’re a fan of e-commerce and online shopping, you will most likely be familiar with this situation. The most obvious solution, tracking prices manually, is both laborious and time-consuming, and Murphy’s Law dictates that sales will always happen while you’re busy and forget to keep an eye on prices.
Now Pricify, an Australian startup that won both, Most Promising Startup and People’s Choice at Echelon 2014 Australia Satellite, aims to change this by letting consumers build their own tracking lists. By downloading its Google Chrome extension, users can add the products they like into a watchlist, and be notified via email or Facebook message whenever the prices of the products fall.
According to Co-founder Kiran Kumar, Pricify was started as a solution for shoppers to monitor prices in e-commerce stores. “Pricify was born out of a simple problem that we faced, how do we keep track of prices of products on various online sites?” he said, “Pricify lets users track prices of products on any online store, and is agnostic to any store, currency and locations. We currently support over 1000 online stores.”
In addition to the consumer app, Pricify also offers the PricifyPRO service, which is a re-marketing platform for e-commerce retailers. With PricifyPRO, e-commerce stores can market to and recapture shoppers who’ve shown an interest in a product and even followed through with the purchasing process, only to abandon it at the last moment due to various objections.
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Kumar noted that PricifyPRO incorporates analytics to better identify shoppers and determine how best to target them. “We’ve developed rules that analyse user behaviour on the site to identify and segment users in real-time,” he said, “For example, we are able to identify a price-savvy consumer and offer incentives to turn them from visitors to customers. Our vision for the product is to help retailers significantly increase sales and leads for retailers.”
Of the Echelon Australia Satellite win, Kumar believes that it will contribute to Pricify’s future development by giving them the opportunity to learn from mentors as well as build relationships and networks. “It was an incredible experience to win both, the judges’ and People’s Choice award and being awarded the Australian finalist at Echelon,” he enthused, “We enjoyed receiving great feedback from the judges and audience and had the chance to build our network of connections.”
Lastly, Kumar noted that Echelon lets startups present their products to global audience. “Echelon provides early-stage startups like Pricify a platform to showcase our work to the world. It is an excellent event for us to network with potential clients and investors,” he said, “Most importantly, Echelon helps startups like us to get further feedback from the visitors, judges and mentors, which can all be really valuable.”
Echelon 2014 is a two-day Startup, Technology and Business event where Asia’s most innovative startups, early-stage investors and tech industry leaders as well as tech media, gather to celebrate and build Asia’s growing tech industry, as well as make valuable relationships.