LootStreet : Bargain to your heart’s content

Are you a bargain junkie? The kind who can beat the seller down to death to save that one rupee?

LootStreet might just serve a great platform for your bargaining soul.

Started by two IIM-A alumnis, LootStreet aims at bringing the buyers and sellers together and start the loot, i.e. bargain.

LootStreet is not really an auction service, but instead is a one-to-one bargain. Once you signin, you can set a loot price for a product (loot is actually a misnomer, since you can’t set a ‘drastically low’ price. If you try to setup something way below the selling price, your loot will be marked as spam) and the price is sent to seller.

Depending on the loot, seller can decide to approve/reject the offer.

The idea seems very exciting and tries to capture the intent – but the only thing that is to be watched is the buyer commitment towards the ‘loot’ price. Say, if I get an iPod for 20% cheaper (from lootstreet), I am incentivized to check out more offers and bargain at an offline store as well (i.e. shortcircuit LootStreet).

LootStreet has partnered with gadgets.in, gadgetsguru.com, smsintegra etc.;and is mentored by MakeMyTrip CEO, Deep Kalra.

What’s your take on LootSteet? Will you use their service?

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