Internet - Melbourne, Victoria, Australia
Akagu is an auction marketplace that aims to liberate price by empowering customers and suppliers to find true value. Akagu achieves this using the dutch auction model, which starts prices at its highest before dropping as time goes by. In a dutch auction, the first bidder wins and the auction ends or until everything sells out. Akagu is focusing on the fashion industry as it has seen intense price pressure through a highly cyclical sales cycle, fierce competition, and customers that have been conditioned to wait for heavy discounts. Customers expect discounts but will sacrifice time for the privilege and many do not enjoy the stress of participating in sales. Akagu's mission is to provide the most fun and exciting shopping experience, where customers are empowered to decide the price that they are happy to pay, a price that also enables amazing businesses to continue to do what they love.
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