iKarma is working on a cool new idea. It allows a service provider to set up an account and create an online reputation (much like a seller or buyer's reputation on eBay). Imagine if you you were going to do some work on your house and you could look up your contractor and see what kind of a reputation he has with previous customers. Or your doctor or dentist.
Not sure if they'll get critical mass to make this viable, but it's an interesting idea.
Unlike a "rating service" where critical mass would be necessary for the service to have value, iKarma is a "reputation manager" that can be used "proactively" by any business to gain a competitive edge over the competition. Given the choice between buying from an unknown entity, and one with an easy to verify reputation, consumers will generally choose the one with the reputation. Studies indicate that consumers will even pay a substantial premium for the level of comfort this information provides. Since using ones good reputation as a tool to generate more sales is almost cost free, using a reputation management system like iKarma is one of the most effective and cost efficient ways any good business can gain an edge on their competition.
Posted by: iKarma | April 05, 2006 at 07:13 AM