Discount Bandit is a marketplace with one goal: to give consumers access to the best deals on products. But there’s a catch: the listings are “blind,” which means consumers don’t know which retailers are providing these items.
With this unique model, Steven Hong, Discount Bandit’s CEO, has learned a lot about the behaviors and preferences of consumers, especially when they’re in a marketplace environment. During this episode, he reveals what he’s discovered over the years, including:
- The ever-present role of frugality in the decision-making process;
- How economic volatility has impacted price consciousness, if at all; and
- How brands, retailers and marketplaces can collaborate to maximize values for consumers.