BuyingIQ is an online shopping advisor,dedicated to help you find the best electronics for you at today’s lowest price. While shopping electronics, consumers usually have several questions in mind, some of which are listed below:
- Which product to buy?
- Is this the best available price?
- Is the seller trustworthy?
- What are my other options other than this product?
- What is the general opinion among people about this product; and so on
BuyingIQ seeks to answer all these question in a data driven manner and thus help its users make an informed buying decision. It help users to compare prices, read reviews, check alternatives, share shopping experiences and get the best deals from all over the Internet.The motivation behind BuyingIQ was to enable people make smarter buying decisions on the Internet and help them avoid regrettable purchases. BuyingIQ was conceptualized on the idea that how often people regret the purchases they have made due to just bad decision making – from overpaying for products to picking up the wrong product for them because of lack of quick accessible information.
BuyingIQ team consist of IIT Delhi-BITS alumni with over 7 years of combined start-up experience. It has been founded by Piyush Taneja & Saumitra Purohit who happened to meet during the initial induction program at PricewaterhouseCoppers. Piyush Taneja has done B.Tech from IIT Delhi and has worked with Zomato & PwC prior to taking a plunge towards entrepreneurship. Saumitra Purohit has done his integrated masters from BITS Pilani and prior to founding BuyingIQ he has worked with PwC and also has worked as freelancer for various IT startups.
Launched in Nov 2012, BuyingIQ attracts over 400,000 visitors in the month of August, growing by ~40% month-on-month. Although the market has similar kind of players, BuyingIQ scores over the competition by focusing on the following aspects:
- Deal Comparison and not Price comparison– This helps the user make a comprehensive deal to deal comparison and not just price comparison which otherwise is quite misleading for a user, hence providing a more rewarding experience.
- Personalized Competition Analysis Tool- This comparison tool recommends the best alternative products available in the market to the user.
- Huge Product Catalogue- It has one of the largest and most in-depth catalogue of electronic products among the existing players, covering over 60 electronic product categories ranging from large sized appliances to small accessories.
- Better Search and Navigation- It boasts of a large no. of smart product filters helping users to browse more effectively across the various electronic products available in the market
- Elegant and Optimized UX- The focus on UX has resulted in large first-time customer retention and a very fast growing user base without having to spend a single penny on any advertisements.
In the next couple of years, BuyingIQ seeks to become the ultimate destination for all the electronic buying decisions on the Internet. Their primary focus till now has been on helping users with deciding which product to buy and from which online store to buy it from. In the next few months they will be rolling out a few community driven features which will further make the process of product research before making a purchase hassle free. At a later stage They’ll be extending this focus to product discovery and get the inventory of physical products online, allowing users to know the availability and price of products in stores from a nearby location.
The revenue model for BuyingIQ is multi-tier, comprising of revenues from the various streams.At present the major revenue streams are in the form of affiliate networks and display ads, with various others streams in the pipeline.
Geekopedia wishes BuyingIQ all the best for future endeavors
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