Nibble - the negotiation chatbot
by Startacus Admin
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If you like haggling, you'll like this - London-based startup Nibble has created an AI-powered eCommerce chatbot to enable customers to negotiate a personalised price.
We recently wrote about Starter Barter, a startup with a platform to allow people to bring back the old-fashioned system of bartering, providing a service for a service. But another integral part of many transactions, which is not available in online shopping for the most part, is negotiation.
If you have ever sold anything through eBay, Facebook Marketplace, or any of the numerous platforms, you will likely have encountered potential buyers following up the inevitable ‘Is this still available?’ with ‘Would you take [insert 40% discount]?’ Then follows a brief negotiation in which you remind them that you have actually spent hundreds on it since you bought it, Kevin, and then you settle on a price beneficial to the buyer because you’ll never get your money back anyway and you should never have been so frivolous in the first place… Anyway, what if that style of negotiation could easily be brought to retail pages even when there’s no human to negotiate back?
London-based startup Nibble has created an e-commerce negotiation chatbot, which can take on these negotiations to come to a deal that is good for both parties. The process is very simple - the smart AI will ask you how much you would like to pay for the item you’re looking at, you hilariously put a very low price, the bot says something sarcastic and suggests a price, and eventually you come to a deal.
There are plenty of features to tweak Nibble to your liking, as the retailer, including when to display it - for example, after a certain time spent on the page or as the potential customer is about to leave the page, losing you a sale. All you need to do to get started is set the lowest price at which you are willing to sell your product, as well as the display price, and the chatbot will do the rest, including more in-depth negotiating, such as giving additional discounts if the customer purchases a second item, or purchases in bulk.
We have all had that experience of seeing a product we want, but it’s just a little more than we’d like to spend, and so we click away - how many sales are lost in this way? How many customers can be prevented from leaving if only they had a way to negotiate the price down a little? Nibble opens up the possibilities in a fun and exciting way, and we look forward to seeing more of its implementation.
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Published on: 6th May 2022
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