Amazon is the benchmark for retail corporations. The company has been the best out there and has dominated the market for many years now. When compared to its peers and competitors, Amazon is way ahead of them as it provides best quality products in comparatively lower prices. After expanding its business into more product categories, the company has put big money into enhancing its Prime service, which, when it first began, simply offered members free two-day shipping on millions of items sold by the online retailer.
However, now it is expected that the biggest store in the world might transform itself into the largest bazaar of the world. The online e-commerce giant AMZN recently announced its new "Make An Offer" functionality which will let the customers and consumers haggle on Amazon. According to Usatoday.com "The dickering button will only appear in storefronts in Amazon's Fine Art, Sport and Entertainment Collectibles and Coin markets. Sellers choose which items they want to open up for haggling."
The items which will be listed in the bazaar will allow the consumers to negotiate. These types of stores are already doing this in the physical world. However the mechanism of this haggling and negotiations is different as that of the auction model of EBay. EBay's items start at a base price and they go up with time whereas Amazon's items will start at base price and would go down.
According to the company, "Currently more than 150,000 items are available with the 'Make An Offer' option. Only things priced over $100 are eligible. We don't want people haggling over a $5 item."
Hence in a nutshell, this seems to be a good opportunity for consumers as well as the company itself because this might see more improvement in sales in the near future.