An online marketplace where consumers state the price and vendors have a yes/no option to sell
BOSTON, January 19, 2022--(BUSINESS WIRE)--EcoDemand, LLC, an ecommerce startup, launches its new platform where the prices of products are stipulated by consumers, and vendors on the platform can actively seek out these leads. The platform capitalizes on the economics principles of a consumer’s will and ability to purchase any given product, while turning the script on conventional ecommerce platforms that have predominantly had vendors dictate the prices of products since the decline of online auctions.
The marketplace consolidates consumer requests and each stated price (EcoDemand), availing them simultaneously to multiple vendors who carry the products, thus spearheading competition among these vendors for the potential consumer’s business. The initial consumers are life science professionals in biotech startup and academic labs who are keen to enjoy some of the savings made possible by global value chain (GVC) manufacturing that have hitherto gone mostly to the profit margins of larger and more established vendors. Vendors on the platform are certified and verified to provide high quality research consumables and equipment to spearhead their growth as well as that of their customers.
Rather than increase competition between consumers for a specific product as has been done conventionally on online marketplaces, EcoDemand strives to shift the narrative on supply and demand, showcasing the importance of competition between vendors for customers in the determination of prices at which goods are sold. This is great news for smaller businesses that will otherwise have to spend a fortune to generate actionable leads on customers and ensure that consumers are better positioned to obtain the products they desire within budget.
"Our platform does not completely reinvent the wheel with online marketplaces, but it finds greater applications of current knowledge and understanding of supply and demand theory, the dynamics of fiat currencies, and how to empower consumers to have greater stake in the economy while staunchly supporting small and mid-sized companies gain traction on otherwise predatory larger ones. That is what makes us revolutionary," says Flavio Somanji, Founder and CEO of EcoDemand, LLC.
The company anticipates major growth in the coming weeks and months, while garnering critical user feedback and implementing feature updates as it expands across a variety of life science hubs.
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