Ever heard of "Name Your Price" business model?

[Kross]

I just read somewhere about a business model called "Name Your Price" business model. Here, the customer is allowed to buy the product at the price he or she feels is reasonable.

Has anyone heard about this kind of business model? How does it work in principle?

 

[King Belieal]

I have heard about this method of pricing a few times. There is always a minimum price that one can't go below. It is used for clearance sales most times.

 

[eLdavis]

I have not heard about this before, it sounds nice for the customers, but will the seller actually make much profit?

 

[Augusta]

I'm just knowing about this. it sounds cool but I doubt you would buy below the normal selling price

 

[Suba]

Name Your Price refers to the pricing strategy where the buyer can participate in determining prices on products or services according to their financial capabilities. Name your price is also known as an inverse auction,

 

[Augusta]

This strategy, the transaction occurs only if a seller accepts this quoted price. I know they will still make profit

 

[Springtime]

I've never heard of this. It may apply to companies having clearance sale.

 

[Trush Jodie]

I think this sounds more like a model that would work for an organization that is doing an auction sales.

 

[gwolf666]

Yes, the "Name Your Price" model lets customers choose how much to pay. It builds trust and can boost engagement, especially if buyers feel they're getting value. Businesses often set a minimum price to avoid losses. It works best with digital goods or low-overhead products.