Yesterday, BeatThat.com, a site focused on finding the absolute lowest price on a selection of products, came out of private beta. The site is “100% Community-driven”, and leverages social networking to find the lowest prices on items.
How It Works As An End-User
Currently BeatThat.com lists items in the following categories:
Let’s say we’re looking to buy a new HD camcorder. I picked the JVC Everio GZ-HD6. Here’s the item page on BeatThat.com:
The page lists the lowest price first, along with a confidence score. Let’s get into the confidence score and where the prices come from.
How The BeatThat Community Works
As a member of BeatThat.com, you can make $2.00 each time you find a lower price than the lowest price listed for the item. So, if I found a merchant with a lower price than the $419.00 listed above, I could submit a link and get $2.
But the problem here is the fact that online merchants aren’t always the most trustworthy. That’s where the confidence scores come in. Looking at the lowest price above, you can see that the merchant has a 0 out of 100 rating. There’s a good chance that you’ll want to stay away from that merchant.
BeatThat categorizes all merchants into color-coded categories:
- Green - these merchants are the best in terms of customer service and delivering what they promise. You should feel very comfortable buying from a Green merchant.
- Yellow - shoppers give these merchants mixed reviews. Generally speaking, the issue with these merchants is poor customer support. There’s rarely any complaints about malicious or fraudulent behavior. And, there are plenty of positive reviews for these merchants as well. Just have your eyes open to what issues you might come across.
- Red - shoppers should be wary about buying from these merchants. There are very few positive reviews of these merchants and many “horror” stories about them. Typical issues involve “bait and switch” tactics, selling incomplete products, rude telephone support, etc. That said, shoppers clearly buy from these stores, and they pay very little. So you need to make your own decision on whether the risk is worth the dollars saved!
Will It Work?
I don’t see why not. BeatThat plays both sides of the same coin: They cater to people looking for the best possible deal on products they want to buy online and they give their users motivation for submitting deals they’ve found. In addition, they’ve leveraged existing reputation scores for merchants to police online scammers, helping to solve the trust issues inherent in online sales.
If you’ve already made the decision to purchase something within the BeatThat categories, I cannot think of a reason to stay away from BeatThat. That is, unless you aren’t interested in saving money.
Bonus: If you missed our podcast yesterday, Sarah and I discussed BeatThat.com. I’ve cut up the segment, and if you want to just hear about BeatThat, just hit the play button below.