Retailers use sites like Woot to either dump excess inventory or introduce new customers to their brand of products.
Consumers, on the other hand, get the thrill of racing other would-be buyers for a sharply discounted item.
Woot launched in 2004 and now has 2.75 million registered users. The site sells all types of items, but mostly electronics. For example, today's Woot item is the Apple iPod Nano 8GB, 5th Generation , selling for $99 USD, a big discount from even Amazon, which has the same item listed at $125.
Amazon was Woot's only outside investor, when they bought a piece in 2006.
The NYTimes explains that Woot is also a wholesale distributor, which distributes to Target, Amazon, and others.
Written by: Andre Yoskowitz @ 30 Jun 2010 22:16
