Leveraging the ability of the Web, behavioral economics and an activated annex of adventurous approach alleged bargain theory, Rackup is surfacing today at TechCrunch50 with a adventurous comedy on online bargain platforms and the adventurous ambition to agitate the $100 billion allowance agenda bazaar with it.
Unlike best web casework in this field, Rackup isn’t about alms a barter or resale belvedere for allowance cards but does article unique, basically alms the bargain winners a way to consistently get added amount than they pay for no amount what.
The goal: bringing the ‘Black Friday’ feel into people’s lives online, every day.
How it works: basically bodies bid on the amount of allowance cards in actual fast auctions. The actuality who bids first, gets the advantage of accepting added amount on his or her allowance agenda the added bidders accompany in. As continued as the actuality stays in the top 10 for a allowance card, there’s an added benefit on top of the amount of the allowance card. Rackup offers a dashboard area bodies can administer and see the history of their bargain activity.
The basal line: the money is already actuality spent on these brands, so why not booty a brace of abnormal in our lives to get added amount out of absolute allowance cards of retailers.
Although the aggregation has remained in stealth up until today, it has active up over 20 barter for the beta product, including abounding accustomed brands like American Airlines, Nespresso, Nike Golf and Travelocity.
Rackup’s aggregation is advance by Marc Rochman and is accurate by a lath that includes Stanford Prof. Paul Milgrom, one of the best arresting experts in bargain theory, and Duke Prof. Dan Ariely, columnist of “Predictably Irrational”. The aggregation aloft early-stage allotment from the founders and some clandestine investors, amounting up to $3.5 million.
Expert console Q&A:
Q – Jason Calacanis: is this legal?
A: Yes, because it’s not gambling. You don’t pay to participate, can alone win added value, and you can’t lose money.
Q-Paul Graham: So Bodies don’t accept to pay to bid, not like Swoopoo?
A: The boilerplate abatement is about 18 percent, the abatement for banker is flat. We allegation an bargain fee to the retailer.
Q-Mark Andreessen: What do you anticipate about your marketsize?
A: Last year the figr car bazaar was was $100 billion so this is a growing segment. Sending online allowance cards is a new way to accord and absorb absorb money.
A: We get about 8 percent of anniversary transaction. We are signing affairs with retailers, will get achievement to get a ample allocation of giftcard transactions.
Extra coverage:TC50: RackUp sells allowance cards in fast online auctions VentureBeat.
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