[Article published by Michael Watkins for technation on Oct 17th 2008]
OurSwaps, the first project to come out of Geekdom, has announced a new feature that allows people to combine cash offers with the products they want to swap. This means users can effectively swap products that are not of equal value by adding a cash sweetener to the deal.
OurSwaps isn’t the only player in the swap-site game - there’s even another great Aussie swap site - SwapAce - but the ability to combine things and cash gives them a unique position in the market
Revenue is created by taking 5 credits (1 credit = USD20 cents) each time a swap is completed.
To date, the figures look good for OurSwaps. The site was soft launched in early April and they recently opened their doors to the public in early August. During this time they have built a base of over 3000 members, with between 50-100 new users signing up every day.
The interface is clean and well designed, with very similar architecture to that of most other online trading sites. The company is looking to ramp up its activities over summer with a global view in mind.
It seems OurSwaps is tapping into a part of aussie culture that has existed for decades, that being the fact that users have the option to barter a cash incentive over the top of the product being offered instead of just swapping the product at face value.
An Ebay killer? Time will tell.
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