Dive Summary:

• A new online website is offering consumers the ability to name their own price when purchasing retail items. Consumers suggest a price for the item of interest which is then delivered to dozens of retailers for consideration.
• "So the way it works is the first retailer that accepts that offer makes the sale, and then the retailer actually fulfills the offer," says Greentoe founder and CEO, Joe Marrapodi.
• The site currently operates with 35 retail partners and claims that 93% of the name your own price bids submitted by consumers are accepted. Offers made include tax and shipping costs and must offer a return policy on sold items.

From the article:

The catch is you aren't told what retailers will be bidding for your business. Only if the offer is accepted will the winning retailer be revealed. "The retailers like to keep it kind of quiet that they're part of that lower price because they don't want all their consumers that are already shopping at their site to leave and go to our site," Marrapodi said.