It’s happened to all of us. After buying something—wireless headphones, a leather jacket or maybe a wine rack—you see that the price goes down a week later. Undoubtedly, it’s a big bummer. Price fluctuations are inevitable and also totally unpredictable. And while some stores have implemented price adjustment policies, the fact is that a lot of times you just don’t notice when an item you bought goes on sale. If you're wondering how to save money, it goes without saying that getting a few bucks back here and there can really add up. But that’s where Paribus comes in: The new app automatically makes sure you're refunded the difference when the price drops on something you bought.
The beauty of Paribus is that it truly does all the work for you. Sign up once by linking your email and you’re all set. Seriously, that’s it. From there on out, Paribus continually scans your inbox for receipts while simultaneously monitoring for opportunities to get you some cash back. And whenever you’re eligible for a refund, Paribus immediately files price adjustment claims on your behalf.
Cofounders Eric Glyman and Karim Atiyeh came up with the idea while attending Harvard University. Glyman, who worked in retail, would frequently witness shoppers come in and take advantage of “today only” sales, then leave thinking they got a great deal. And very often, the items they bought were marked down even further the next day. A few people would make the trek back to the store for a price adjustment, but the majority of people either didn’t notice or didn’t want to make the effort. Meanwhile, Atiyeh was working closely with credit card companies, helping them build and assess the effectiveness of their rewards, including the price protections they offer. Then the duo began discussing the obvious opportunity to help everyday shoppers by automating the process of claiming the price adjustments they're owed. After moving to New York to pursue opportunities in consulting and financial services, they simultaneously began working on Paribus.
Paribus just launched to the public May 5, and recently was the No. 1 most upvoted product on Product Hunt. They’ve also brought on a local advisor: Jennifer Xia, a private equity associate for Bain Capital. The cofounders say they’re planning to grow out the five-person team—and as they expand, they are planning a trip back to Boston this fall to meet prospective Paribus candidates.
But right now, Atiyeh emphasized that the main focus is saving more shoppers more money.
“This means we will keep enhancing the current offering to keep detecting more price changes, missed sales and missed coupons,” he told me in an email. “Longer term we hope to keep supporting more stores and eventually even support in-store purchases.”
Keep a lookout for the Paribus iPhone app, too, which is slated to release early this summer.
All images courtesy of Paribus.
