If there ever would be an eBay 2.0 (or an eBay for the Web 2.0 generation), here it is. Wigix, which stands for “WantItGotItExchange,” is a newly launched service based around the idea of a community-driven marketplace. The site takes the idea of eBay — a community-powered auctions market — a step further, by adding a stock market-esque element of being able to “buy” and “sell” the product at a price determined by the market.
Here’s how it works. Like eBay or any other community shopping market sites, users can buy and sell products. The kicker is: the price, rather than being determined by the seller itself, is determined by a standardized market at Wigix. The service lists market products and has standardized pages for each (saving time and avoiding the seller having to create it for each listing). Then, following the concepts of demand and supply, the price is determined by the number of buyers or the number of sellers a product has. The more the people buy a product, the lower the price gets, and vice-versa.
So in concept, the market decides an equillibrium price for both the buyer and seller, and depending on the particular situation and the price of the product elsewhere, they can decide whether the offer from Wigix is worthy enough. Like most stock markets, the price will more often than not be beneficial to both parties with the equation of time in place (should I sell now or anticipate a higher price and sell later?), which is what makes it work.
The idea, in concept, is needless to say nothing less than brilliant. There’s a value proposition for everybody: sellers don’t have to spend the time and effort creating product listings and deciding prices, and buyers don’t have to look through 10,000 listings and decide which one to bid on and scan through seller ratings. Additionally, the service boasts no listing fees and no fees for items under $25. If you’re looking for an alternative to eBay or Amazon, Wigix is a definite contender.