In the era of consumerism, as the income level of people and household increase so the selling and buying curve of the people also increases simultaneously. This has led to the inception of a whole new market of online goods and services. Various organizations on the basis of different business models are selling products online.
Amazon started this market back in 1994 but it took various years for other developing countries to imitate the same models in their countries. Considering the times of social and interest-driven network, this idea has also been copied by other offline service providers as well. Various organizations now sell products on the idea of interest and community. One of the websites that also work on a similar idea is Massdrop. Massdrop is a renowned start-up based on the idea of supporting hobbies and communities, based on their interests, by providing products in bulk and at lower prices as well. Here are few key pointers about the organization and its community-driven platform of hobbies and interests.
Inception of Massdrop (Drop)
Back in 2012, the founders of the Massdrop while studying at the University of Toronto realized that the prevailing websites and platforms had lots of drawbacks which weren’t able to fulfill the needs of the customers. Steve and Nelson both studied Economics at the University. Just like other kids of their age, they had grown up buying stuff online. As a user of online platforms themselves, they both had faced problems due to unreliable products and various other shortcomings.
However, due to the entrepreneurial vision, they both saw a need to render proper services to the users. This made them realize that this could be an idea that could serve the users online willing to buy products based on their interests that to in bulk. The main idea was to support the interest of the users. In due course of time, the founders also added the feature of making products on the basis of the feedback by the users and consumers.
Business Model and Funding
As a new and innovative idea, Massdrop has made a unique image in the market. Unlike other prevailing forums and online platforms selling products, Massdrop has a different idea of a “massdrop”. This means that people have to bid and poll for the products they wish to buy and higher the number of votes for a specific product, Massdrop shall provide that product in bulk at a discounted rate for everyone who polled for it at the platform. Isn’t interesting!
The organization’s target audience is a large number of people or community which requires the same product. Hence, the name Massdrop means the same. As an online community, it helps various people to come online discuss about their interests, connect with each other, talk about their favorite products and then buy them cumulatively.
In 2014, Massdrop received investment from Mayfield Fund in its Series A round of funding. It also has received investment from its earlier backers like Kleiner Perkins, Cowboy Ventures First Round Capital, and many others.
How does Massdrop (Drop) work?
As a community-driven platform, it not only helps people connect with their like-minded people and but helps them shop together in one place. The organization has people who are passionate about their work and deeply care about the target audience and work accordingly. As an information-sharing portal, it helps the people working at Massdrop as well as people enthusiastic about their passion and interests further driving the company’s main goal.
The platform has various interest-based communities such as Technology, Audiophile, Auto, Baking, Beauty, Blades, Board Games, Cooking, DIY Tech, Everyday Carry, Flashlights, Hobby Shop, Knitting, Massdrop Hub, Mech keys, Men’s accessories, Men’s apparel, Outdoors, PC gaming, Photography, Quilting, Trading card games, Ultralight, Watches, Writing are few among others.
Also known as Massdrop made, wherein the portal makes the products as per the references from the users. However, there are many stories behind the Massdrop made products as they are made on the basis of feedback. But the platform also helps various upcoming artists to showcase their work on the platform wherein their product’s quality and its unique procedure is shared on the platform. It also helps the users to vote for the product by selecting the option of ‘thumb up’and further post the comments on the product as well. There are various stories and information about the products on the platform under the option of Massdrop Made.
The platform also helps small vendors to sell their products online in bulk to the community with similar interests. The basic difference in the business model is that once Massdrop receives a bulk request from the users only when it reaches out to the vendors. For the first timers, the platform adds $10 to your account before you buy an anything if you log in with a specific URL. However, the platform also provides some of the most awesome products at a lower price as compared to other consumer-based platforms.
After login, it gives you the option to choose your own communities on the basis of your interests. It has an option to discover, drops, talk, and polls. The option talk helps you to discuss your favorite product and also connect with other users as well. In the poll section, under a specific product, the platform gives different options of similar products. For example, under Gaming Console, you could vote for Play Station 4 Pro, Xbox One X, Nintendo Switch Play Station 4 Slim, Nintendo New 3DS XL, Sega Genesis Flashback, ROG Gaming Phone, Nvidia Shield are few among others. The product which receives the highest votes is then put up on sale at a discounted price.
Massdrop provides prices at a huge discounted rate which could vary from 20 to 60 to 80 percent.