My son wants a soccer rebounder net, which costs a whopping $320. It would be great if there was a “Wish List” service that allowed me to tell the retailer, “If you are ever willing to sell this net for under $250, I’ll take one.”
Such lists create a win/win relationship between customers and companies. The benefits to customers are obvious: you get to buy stuff you otherwise can’t afford.
Companies benefit because they can discount products without ever having a public sale. They can reduce inventory more easily, and better understand the relationship between pricing and volume. They can create a powerful loyalty tool, by not only remembering a customer’s preferences but also rewarding their willingness to share information with the firm.
Since companies have been slow to adopt Wish Lists and customers crave products offered by many different suppliers, watch for more third party Wish List services to launch. There’s lots of money to be made in this space.