Pricefalls Dutch Auctions in Las Vegas

It seems like just about every week I’m getting contacted by another Vegas Startup company. This week Josh Weaver from Pricefalls reached out to me. Since the last interview I did was so successful, I decided to do another one with Josh. I hope you enjoy learning more about Pricefalls from Josh Weaver. I love the variety of tech startup companies found in Las Vegas!

Tell us about PriceFalls.com
Pricefalls is a complete online marketplace for consumers and merchants that features both fixed price listings and utilizes the ‘Dutch Auction’ or descending pricing model.

When a merchant opts into using our Dutch Auction, items up for auction on the site start at a predetermined price ceiling and drop throughout the bidding period. In the end, the Dutch Auction helps consumers get the best deals, while also enabling merchants to get more for each item they sell through Pricefalls.

Recently, Pricefalls.com has also expanded into the entertainment space with an independent division called Pricefalls Events.  PFE focuses on using our specialized auctions to provide event hosts with an alternative to the flat price sales model.  We have since worked with Bon Jovi and Peter Murphy selling backstage passes, auctioned off access to the Toronto Int’l Film Festival, and worked with a number of other various talent and organizations.

How big is the Pricefalls.com Team?
Pricefalls.com is currently made up of a core executive team of 6 all located in Las Vegas with a few consultants/advisory board members in NY, CA and FL.  However, whenever we talk about our team we also have to mention the sellers and merchants currently listing on Pricefalls.com located in almost all 50 states, they are an integral part of our team.

How long have you been in Las Vegas? 

The idea for Pricefalls was born in 2008 and after a year of developing and enjoying the brisk Maine weather (mostly winter) the Pricefalls crew migrated west to Las Vegas.

What motivated Pricefalls to move to Las Vegas?
Besides a desire to go tanning,  after growing considerably following our public beta release in 2009, we moved to Las Vegas to be closer to our current investors and other investment opportunities.  Also a large majority of related trade shows are unique to the Las Vegas area making it an opportune place to expand our business.

Also the desert beats the North Pole any day!

Can you give us some numbers on how big Pricefalls.com is?
Currently Pricefalls.com has an Alexa Ranking of 12,504 and it is consistently falling, which to clarify is a positive trend as Google and Facebook are numbers 1 and 2 respectively.  We also currently have approximately 300 merchants, ranging from the Internet 500 companies to “Mom and Pop” stores, utilizing the Pricefalls Marketplace to sell their inventory.  We also recently passed another milestone and now have in excess of 3.5 million products on our marketplace.

Why should someone use Pricefalls.com over all the other e-Commerce options out there?
There are a number of reasons we believe shoppers should use Pricefalls over other e-Commerce options such as: low prices, great daily deals and quick shipping.  However, my personal favorite is our dedicated customer service team.  When we first launched Pricefalls.com we decided to make that a focus of our company, to always have knowledgable service staff that is always willing to help you no matter the issue.

In regards to merchants/sellers, our free listing process (no costs to list or per click), as well as our very low commission structure ensures our sellers can offer visitors the best deals possible.

What’s your biggest challenge today?

One of our biggest long term challenges also happens to be our biggest motivator.  We are constantly working to shake up the current e-Commerce experience and make it less about flash and more about substance and service.

On the short term side of things our biggest challenge is making sure we populate the marketplace with reputable sellers that we would want to buy from personally and eliminate the ‘swindlers’ and fraud.

How is Pricefalls.com funded?
Pricefalls has attracted $600K in funding from institutional investment firms, angel investors and businessmen throughout the United States.

What are some benefits of having your business is Las Vegas?
Besides the business tax incentives, the trade shows are one of the biggest benefits of being located in Las Vegas.  Getting to mingle and work with so many similarly interested individuals at the same time is electrifying and helps us to make sure we are structuring our marketplace in a way that doesn’t discriminate against any category of seller/products.

Also being one of the entertainment capitals of the country has significantly effected our Events program and provided us with countless connections.

How have you seen the Vegas Tech community change since you moved here?
Personally, when I first came to Vegas it was more of a whisper and it normally centered around Tony Hsieh’s vision for downtown.  It then seemingly exploded overnight and now feels like a long established aspect of the city.  While these entrepreneurs were most likely already established in the area the Vegas Tech/Downtown Project, has given them the perfect spotlight to expand.

What’s your best advice for other startup entrepreneurs?
I hate to steal from Chris Hall’s interview but he’s got it right, when you’re in any type of service industry, whether you’re an app or Amazon, listening to the needs of your users should be number 1.

Also the more you communicate with your audience the easier it is to segment the ‘power users’ and help convert them into brand ambassadors.  That’s the best type of marketing.

In what ways can the Vegas Tech community support Pricefalls.com?
By only shopping on Pricefalls.com!  (just kidding…kinda)

In all seriousness, by keeping the lines of communication open throughout the city I believe all of Vegas Tech can support Vegas Tech.  I feel that compared to other cities I’ve experienced we do it particularly well and hope we keep it up.

Any other thoughts?
Pricefalls.com is always hiring!  http://www.pricefalls.com/about/jobs/

Also if you have any insight into the events aspect of Vegas I’d love to hear from you and can always be reached at jweaver@pricefalls.com or @JWeaverPF