Come. Look. LOOT!

I finally got down to trying out LootStreet.com. The portal, launched by AKVenture Info Private Limited, is still in it’s beta-phase but it looks all set to be a player in the online market place. Bazee.com and the Rediff / Indiatimes Shopping portals are there. They’re pretty active. But where LootStreet differs is in it’s ability to get the Indian buyer to bargain – our eighth Fundamental Right. In a dog-eat-dog world, after all, “a penny saved is a penny earned!” πŸ˜‰

Registering is a simple 2-minuite process. The only catch though (which I quite appreciated rather than raised my eyebrows at!) was the fact that you need a valid Mobile Number to register – This is to keep frauds at bay and I think it goes a long way towards creating an environment of trust. — Once that is done, you can both buy as well as sell products using your LootStreet.com login – which is basically your Mobile Number!

The simple (and universal!) concept of Bargaining that the portal uses is as simple as it gets:

In addition, Buyers can bargain for a better deal based on VOLUME.. OR.. (and this is where it gets really interesting!), Buyers can aggregate themselves into virtual pools and “collectively” bargain on the price! It is quite like a “virtual” interactive sabzi-mandi! I can see buyer-seller relationships get established and a win-win situation for both (as well as the folks at LootStreet.com!) πŸ™‚

Why I think this idea is really going to work in the Indian context is because:

  • a) Like I said, we believe it is our birth-right to bargain and steal the “beat deal!” .. and..
  • b) A lot of people who would not end up bargaining for a Sony Handycam in a Shopping Mall can now hide behind an anonymous User ID and bargain like Baniyas of Burra Bazar from the comfort of their bedrooms!

I’m getting ready for a bit of haggling! :mrgreen:

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16 thoughts on “Come. Look. LOOT!

  1. Is this more of giving brick and mortar companys the online presence they require? Its a good idea. One thing I wanted to ask was how comfortable are indians using credit card online??
    Its good to see a dbpc ex startup. πŸ™‚

  2. Great idea…perhaps some kinda better search application will help improve the site…something on the lines of what ebay/sify/amazon have…..but all in all great site…4 stars out of 5 πŸ™‚

  3. @ Ujjwal,

    Thanks for your comment!

    I do not intend to be rude. Neither, I do not wish to divert the the discussions on this post, but if you are SO deeply concerned about Nandigram and the country, then dare I ask, what YOU are doing from a different continent?

    @ honestyfinally,

    I don’t knwo how comfortable Indians are with Credit Cards.. but one thing that is here for all to see, is that we are changing. The mindset is changing and the apprehensions about little things like internet buying and using credit cards online are slowly are a lot lesser now.

    @ Amit

    Very valid point! .. What if a person changes his Mobiel Number? .. All his ‘customisations’ are lost… Don’t know. Maybe people at LootStreet need to think of a way around this!

  4. Amit,

    You missed the point – but never mind, this is not the forum to discuss a topic like that. I guess I am a little amazed (read disappointed) at how a lot of us young folks choose to ignore a blatant reality in our country – poverty. This is not directed towards the post or whoever started that website – but I’d like you to present certain painful realities around you too (as you claim “whatever occupies your mind” and as you have done with your NGO effort in the past). Certainly an active person like you sees more wrong that is mentioned on this space. If you don’t want it here, its understandable but then please say so. I’d still stick to what I said about the Commies though..

    As for what I am doing outside the country, its the same as what Gandhi and Nehru did before they “came back” to change the country. Whether or not the magnitude of my contribution would be (or currently is) the same as theirs is yet to be told- but I am sure it would be one man’s best effort towards what he thinks is the best way for the country.

    And as you mentioned, please don’t take this personally!

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