CountSpin is a live auction portal that revolves around (pardon the pun) falling prices. It’s eBay with a twist – at any one time, an item is up for sale and its bid price falls as time goes by. This continues until someone bids for the item, or its price reaches zero. So yes, technically you can get something for free (not inclusive of US$20 shipping and handling). The site is essentially a deep discounter, perfect during a bleak economy when consumers are very price-sensitive and are looking out for bargains.
CountSpin‘s a somewhat unique and entertaining way to shop, and can also be mildly addictive. However, the novelty does wear thin after a while. For starters, only one item is ever up for sale. Also, CountSpin admits that the biggest criticism it has is the lack of variety in the merchandise, with the site predominantly selling only men’s watches as of now and that has restricted its growth. It currently has less than 500 users since its beta introduction over a month ago. Interestingly, many of these users buy on the site to resell on eBay.
Unsurprisingly, CountSpin will be increasing the variety of merchandise over time to attract larger audiences. One key demographic it is targeting are female shoppers, and so will look to add perfumes, cosmetic, accessories, jewellery, and kitchenware in the future.
Started by Suraj Daryanani and Jay Gupta, CountSpin is self-funded and plans to grow organically. Both founders are based in Asia. Jay has a consulting and training background while Suraj is a serial entrepreneur with a background in banking. CountSpin is their first launched venture, and there are others are in the pipeline.