Adam King
San Jose, CA (USA)
Role(s):
Founder/Owner/Principal
bamwoo!
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Startup
Location:
San Jose
Industry:
Internet
Year Founded:
2006
Number Employees:
1-10 people
Description:
bamwoO! combines outstanding online shopping with the excitement of a game to create an innovative online shopping experience. Like EBay, Amazon and other online merchandisers, bamwoO! Ô connects buyers with a wide, ever-changing variety of products from sellers who offer a single item to stores filled with many types of items.
But here's a crucial, exciting difference: When it's time to complete the checkout process, shoppers use bamwoO!'s patent-pending shopping cube, invented by Founder and CEO Adam King, to see if they can buy the item for a Low Price or Lowest Price. Sellers will have the opportunity to give the item they are selling two price points; a Low Price and Lowest Price.
bamwoO! offers a web-based connection between buyers and sellers that's designed to be as effective and efficient as eBay and a lot more fun.
Like Amazon and eBay, bamwoO! offers a wide range of merchandise options -- often for prices at or below wholesale -- that can be easily searched. In addition, bamwoO! offers a 50/50 chance for the shopper to get the lowest price.
Once a customer keys in personal information (including credit card number) and commits to the purchase, e.g., a PlayStation 3 for $600 [shipping and handling fees are additional charges], he launches the bamwoO!Ô shopping cube.
Note: • The cube has one dot on one side, two dots on a second side, one dot on the third side of the cube and two dots on the remaining side.
• For 3 seconds, the cube spins randomly, alternately showing 1-2 dots. Excitement mounts as the price on the screen [for the Playstation 3] ranges from $600 or $499. The odds favor neither the seller nor the buyer as both have a 50/50 chance for the seller to sell the item for $600 or the shopper to get the item for $499.
• When the spinning stops, the price is set and the purchase is complete. The seller ships the item to the shopper.
Unlike Amazon and eBay, bamwoO! sellers will be able to sell items for a 3% final sales fee. This will increase unique users on the website and attract advertisers.