MyPrice, the localised version of US ecommerce company Priceline.com, expects to be selling products to Australian and New Zealand customers within three months.
Peter Shore, CEO of MyPrice and former group managing director of Telstra's commercial and consumer operations, said Priceline.com's US products, such as US hotel deals and airline flights in the US, will be available locally in 90 days.
Shore said the Australian and New Zealand websites (www.myprice.com.au and www.myprice.co.nz) will be live by then.
Although no local partnerships are in place yet, Shore said: "We will quickly add Australia content. No partners are lined up yet, but in the US, Priceline.com has teamed with big hotel chains, airlines and grocery manufacturers. I really would like to take advantage of those relations."
Shore said MyPrice will initially offer airline tickets, with the intention of expanding into financial service, hospitality, telecommunications and automotive sales.
Using Priceline.com's "name-your-own-price" business model, MyPrice offers customers the opportunity to purchase services at their own price. Via the website, customers nominate the price they would like to pay for a particular service such as an airline ticket and are notified of the successful transaction once an appropriate seller is found. Shore said customers can expect to receive a response via email within several hours.
"The success has been based on a model of matching buyers and sellers . . . for buyers it's an unbranded way of getting rid of excess stock."
According to Shore, in most circumstances MyPrice will take a small percentage of the sale. "It's not a consistent amount. It some cases it won't be any," he said, adding, however, that the company ultimately wants to be profitable.
"Priceline.com in the US is moving towards profitability as fast as any ecommerce company," he said.