For the First Time, Consumers Can Use the Power of the Internet to Name Their Own Price for Major Purchases.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--Feb. 11, 1998-- Priceline.com (priceline.com Incorporated, Norwalk, CT, www.priceline.com) A Web-based travel shopping site launched in 1998 where buyers submit the price they are willing to pay for airline tickets, hotel rooms, vacation packages and rental cars. , a New Buyer-Driven Commerce System Launching in April, Enables Consumers to Name Their Price...And Lets Sellers Decide Consumers soon will be able to name the price they're they're Contraction of they are. they're be ready to pay for a wide range of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. through priceline.com (www.priceline.com), a Website offering a revolutionary new commerce system: buyer-driven commerce. Priceline.com enables buyers to name the price they're ready to pay, and then presents that price electronically to sellers, who decide whether or not to fill the buyers' requests. In 1998, priceline.com will introduce three "name-your-own-price" applications. The first, launching in April at www.priceline.com, will enable leisure travelers to name their own price for airline tickets on major full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. U.S. and international airlines. This summer, priceline.com will expand to include new car sales, and in late-fall, priceline.com will roll out its third application, home mortgages. To name their own price, consumers simply go to priceline.com's Web site to fill out a price request to name their price, and priceline.com does the rest. Buyers who have Internet access See how to access the Internet. will be notified electronically whether or not any eligible sellers agreed to their price. Those who don't have direct access to the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the can have friends or family complete an electronic price request on their behalf, and then call an 800 number to check on the outcome. "1998 will be a breakthrough year for Internet commerce. We expect consumers to spend about $5.8 billion shopping online," said Nicole Vanderbilt, director of digital commerce at New York-based Jupiter Communications. "We believe that a buyer-driven commerce model will be very attractive to consumers who want more control over their purchases and to sellers as they continue to look for alternative means to sell their inventory." "Nowadays, almost everyone can get to a Web site, either by themselves or through a friend or family member. Priceline.com's order form is on the Internet, but it's designed for people who are not Internet-savvy," said Jay Walker, chairman of priceline.com. "Priceline.com lets consumers communicate the price they want with potential sellers in a quick and powerful way." About Priceline.com Based in Stamford, Conn., priceline.com LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that has created the world's first buyer-driven commerce system. Priceline.com develops proprietary electronic relationships with companies that enable it to offer buyers an entirely new way to buy the things they want. With priceline.com, buyers name the price they're ready to pay and sellers decide whether or not to fill the buyers' requests. The first application of this new commerce system, available in April, is for leisure airline tickets; future applications include new cars (summer 1998) and home mortgages (late-fall 1998). This true model of buyer-driven commerce was invented by Walker Digital, a high-tech marketing laboratory where Jay Walker serves as chairman. Priceline.com was founded in March 1996, has 60 employees and is funded by a group of private investors. CONTACT: Jennifer Kohn Connors Communications 212-807-7500 jennifer@connors.com |
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