There are many metrics that I’ve used to monitor a successful business over the decades, but here is a new one for the new “make an offer” commerce model on Infinite Buyer.
22% Offer Conversion
22% of all incoming offers converted to a sale transaction in our first operating month. This is not a visitor-to-transaction conversion rate, but an offer-to-transaction rate. One of the things I like best about our new Infinite Buyer commerce model is that consumers will make offers when they are near the end of their shopping funnel, that is to say when they have checked out the product, know the features and specs, and price, and just want to get a good deal. So when that consumer is ready to make a purchase, they are more than willing to make an offer on an item they want, and that is where Infinite Buyer is filling this major need in the market.
I think this conversion rate supports this concept that over the last decade or two, shoppers have already become empowered through the vast information available to them through the internet, and simply want a website where they can effectively leverage that power. Infinite Buyer is the place for Power Buyers.
This 22% offer-to-transaction conversion rate is a pretty extraordinary number, especially when you consider that much of our traffic from the first month was from sellers who were checking out the available products themselves, as well as the fact that for the first couple of weeks, the number of seller listings was much lower than now.
Starting our second month of operations now, we have over a thousand listings, with many hundreds more promised after the holiday rush. As our listing inventory grows, more consumers will find items they are shopping for, and they will make offers, and transact at a similar if not greater rate. Sellers and buyers have already been giving us some great feedback.
If you know what you want, find it and make an offer on http://www.InfiniteBuyer.com.