SEOUL, Korea, Jan 27 (Korea Bizwire) – Interpark, Korea’s major online retailer, has launched on January 23 a new service called “Dynamic Price,” in which customers can bid prices from as low as 0 won for one item a day from 7 am to 12 midnight every day. The service is available both on its mobile app and desktop computer page.
To celebrate the official opening of the site, the company will offer the “Canon EOS 100D” camera up for sale from the beginning price of 810,000 won for a limited volume of 20 cameras. On the following day on the 24th, it will put 3.75-gram gold bars on sale.
Dynamic Price is a service whose prices are determined by customer bids. If there is no bid, the price is automatically adjusted downward to the bottom. For example, an item’s initial bidding price can be set at 100,000 won, with its price change frequency at every 10 minutes by 10,000 won. If there is no bid for 10 minutes, the price would go down to 90,000 won, followed by 80,000 won after another 10 minutes, and so on. If someone bids at 80,000 won, the price would rebound to 90,000 won.
Any Interpark registered member can participate in Dynamic Price bidding. But the daily purchase limit for each member is one item.