Pricefalls
| Company type | Private |
|---|---|
| Industry | Online marketplace, e-commerce, SaaS |
| Founded | June 1, 2008 in Lewiston, Maine, United States |
| Founder | Elliot Moskow |
| Headquarters | Paradise, Nevada , United States |
Area served | Primarily small and medium enterprises |
Key people | Elliot Moskow (Founder) |
| Products | Online marketplace platform, PFTech SaaS division (marketplace infrastructure and product information management tools) |
| Parent | Loblaw Companies (since 2019) |
Pricefalls Marketplace was an online marketplace that became part of Loblaw Companies following its acquisition in 2019.
This platform catered primarily to small and medium enterprises aiming to increase their market reach. In 2017, Pricefalls broadened its scope by launching PFTech, a SaaS division providing marketplace infrastructure and product information management tools. Created as a response to dissatisfaction with the eBay framework, Pricefalls prioritized enhanced customer service and robust seller assistance.
Established in June 2008 near Bates College in Lewiston, Maine, the company later moved its operations to Las Vegas, Nevada in January 2009.
Origins & History
Pricefalls originated in 2008 through the efforts of Elliot Moskow, an economics alumnus from Bates College. Moskow initially sold confiscated jewelry from police auctions on eBay but faced issues such as fraud and excessive fees, prompting him to create a new online selling approach. Drawing inspiration from the Dutch Auction format, he collaborated with fellow Bates graduates Peter Schaefer and Chad Casey—who co-founded the web media company Lautus Design—to develop a reverse auction platform.
By early 2019, Pricefalls featured more than 15 million product listings supported by thousands of active vendors. As of April 2018, over 800 businesses had listed upwards of 3 million distinct items on the site.
The public beta version of Pricefalls was introduced in September 2009 after securing $400,000 in seed capital from private investors. Although initially centered on descending price auctions, the platform later added fixed-price listings to expand its sales options.
Prior to its acquisition, the company earned recognition as #96 in The World's 230 Most Exemplary Websites, highlighting its influence and growth within the market.
Selling on Pricefalls
Vendors utilize a six-step procedure to create listings:
- Decide between a Dutch Auction or Fixed Price sale format.
- Pick a primary category along with up to three subcategories.
- Provide listing information including title, brand, condition, and description.
- Set pricing details: for Dutch Auctions, specify price ceiling, price floor, listing length, and optionally enable a “Catch It Before It Falls” interval. Fixed Price sellers assign a single price point. Up to seven photos can be uploaded with optional promotional enhancements.
- Define accepted payment options and return policies.
- Finalize and submit the listing to activate the auction.
In Dutch Auctions, pricing begins at the ceiling value and gradually decreases until an item is bought or reaches the floor price. The “Catch It Before It Falls” feature holds the price at the ceiling early on to maximize seller earnings by encouraging early purchases with less competition.
Buying on Dutch Auctions
Buyers have two choices: placing “If it Hits” bids or selecting “Catch it Now”.
- “If it Hits”: Buyers submit a bid price; if the descending price hits this amount first, the purchase is automatically completed. For listings with multiple quantities, bids are fulfilled starting from highest to lowest.
- “Catch it Now”: Buyers purchase instantly at the current falling price by clicking “Catch it Now,” which decreases available inventory while prices continue dropping for remaining units.
Purchasing via Fixed Price Listings
Fixed price listings offer a set price that remains unchanged, allowing buyers to complete purchases immediately at the stated amount.
Payment Methods on Pricefalls
Transactions occur directly between buyers and sellers through Authorize.net or PayPal. When buyers select “buy,” they are redirected to the seller’s PayPal page to complete payment using either a PayPal account or credit card. Both PayPal and Pricefalls provide confirmation of the purchase.
For auction winners, payments are made through the “Won Items” section, which guides them to the correct payment gateway. Sellers provide their PayPal ID during the listing process to link their payment accounts. While bulk listings utilize a single payment gateway for all items, individual listings permit separate payment options for each product. Accepted payment types are displayed on store policy pages and individual item listings under “Payment Methods.”
In exceptional circumstances where sellers cannot process payments, Pricefalls may assist by managing transactions through dropshipping arrangements.
Fees
Pricefalls earns revenue by charging merchants a commission on completed sales. The commission follows a tiered percentage model, with rates decreasing as the product price increases across three specified brackets. The total commission is calculated by adding the fees applicable within each price range.
Trademarks and Branding
Pricefalls, LLC owns exclusive rights to its company name, logo, and slogans “Where Your Bid Wins” and “Catch It While You Can.” These trademarks are officially registered with the United States Patent and Trademark Office (USPTO) under serial numbers 77609332, 77609341, 77609698, and 77840574. In 2009 and 2010, the USPTO issued Notices of Publication for these logos and slogans, solidifying the company’s brand as a valuable business asset.
See also
Bibliography
- Liu, Wen, ed. 復制互聯網—2010全球最值得模仿的230個網站 劉偉,文. 1st ed. Tsinghua University, 2010. Print.