New shopping site lets you name price for product

A new e-commerce site lets customers name their price on products.

Co-founder of Greentoe.com. Andrew Kurland said that he got the idea for launching a tech company that helps consumers save money, while he was shopping for a TV on Amazon, the New York Daily News reported.

"The retailers were all selling it at the same price," Kurland said. "What if I notified all these guys that I would pay 50 dollars less? I bet someone would make an offer."

Launched in November, thestartup, with offices in New York and LA, lets shoppers name their price for cameras, TVs, appliances and baby products.

Once a price is submitted, Greentoe shows you what the product sells for on other websites and the chances of your offer getting accepted.

It then lets retailers know about the offer. The first merchant to match it, gets the sale.

Since its launch, Greentoe has done more than 1,000 transactions. The company expects to pull in more than 50,000 dollars this month.

Shoppers save about 15 percent to 20 percent off the lowest online retail price.