This is one of those ideas that is so brilliant, we’re kind of annoyed we didn’t think of it first.
Akagu is the online platform allowing buyers to choose how much they wish to pay for an item.
Think of it as eBay in reverse, where items start at their retail price and drop as time ticks by.
Basically, items go on acution, with one big catch. The price gets lower instead of higher. Gradually, prices drop over time before they hit a reserve, giving buyers the opportunity to bid at any point.
The risk? The longer you wait, the greater the chance of losing the item to another bidder.
If you possess nerves of steel you may snag an item at up to 90 per cent off, if you can hold off that long.
“We were often frustrated shoppers because there would be clothes we’d buy in an instant if only a little cheaper, or we’d pay more somewhere else because we’d missed out on the sale,” explained co-founder Jimmy Zhong.
“These are frustrating and potentially disastrous scenarios for the designer label too, as there are no resultant sales for them.”
To kick start proceedings, Akagu are about to hold a huge sale for Australian labels Khalo, Watson x Watson, Rachel Alex and more on February 23.