It’s described as “a revolutionary new website”.
Wyngle founder Sebastian Langton says the site will enable brands to group sell items at the same time as giving Australians the opportunity to “have a punt” and bag “some of the world’s greatest lifestyle products and services” for just $1.
Langton said in a statement the site is based on a new buying concept called ‘ratio shopping’, an “exciting gaming incentive” which developed by Sydney start-up Wyn Factory.
With over 350 products and services available across a number of lifestyle categories, each item has an assigned ratio (eg; one in three or one in six) that determines which customers pay $1 and which customers pay the advertised price.
“For example a high performance bike such as the Cell Team Shimano 105 Road Bike is featured on the site for $1199 with a ratio of one in three, so a customer wanting to purchase it will commit to paying that price, but may be the lucky one in three and come up as a winner – reducing the overall price for that customer to just $1 (plus delivery).”
“Wyngle gives Aussie’s the opportunity to get a great product at a fair market price and try their luck to get it for $1. Let’s face it, who wouldn’t buy a product they had already intended to purchase if the price was fair and there was a chance it would be almost free? You can’t lose.”
The site and concept have been registered as a lottery with the NSW Office of Liquor, Gaming & Racing.
Langton says there is great benefit for the brands involved and Wyngle has the potential to impact positively on the online retail sector by re-introducing elements of sustainability.
“The enormous success of group buying and daily deal sites is well documented, but so is the damage this has done to the industry. Consumers have come to expect heavy discounts and are increasingly willing to switch brands for the next deal. Wyngle provides an incentive for shoppers to buy products at the fair market price, encouraging brand equity and loyalty again. It’s a real win-win situation.”
Wyngle.com.au will offer consumers items from brands including Apple, Canon, Hugo Boss, Asics, GHD and Dyson as well as local brands such as ModelCo, aussieBum and Ugg Australia. New products will be featured every few days across a range of categories such as accessories, beauty, electronics and sporting goods.
An iPad2 16 gig with wifi bundle was on sale today at $742.90 plus $20 shipping, with one in 10 buyers receiving the product for just $1. On Apple’s Australian website an iPad2 16 gig wifi was selling for $579 with free shipping. The Wyngle deal includes a case and keyboard dock.
Founder and CEO of aussieBum Sean Ashby said his company loved the concept as it provides an exciting way to capture a new market and to create additional sales without discounting.
He was one of the first suppliers to get on board with the concept, despite aussieBum not having its products listed on any other website in Australia.
One way the deal can work for guaranteed benefit is if customers group together. For example, if a product is promoted with a ratio of one to three, then if shoppers group together with friends, they can split the total price of two products three ways so all three receive the benefit.
“If you’ve got a group of friends wanting the same product – even better, buy three and be guaranteed that one of you will only pay $1,” says Langton.
Wyngle says winning purchases are allocated sequentially, not randomly, so if it’s one in three, then every third purchase is the winning purchase, hence the group buying approach is guaranteed to work if ordered at the same time.
