LivePrice is a pricing model that allows online shoppers to eliminate hidden finance costs associated with creating a product. The price of each product is put up on the company’s website, which will gradually rise throughout the manufacturing and shipping process until it’s completed..
Ruslan Kogan said the new invention was a result of the Kogan mantra that there is always a better way to create and deliver.
“LivePrice harnesses the openness of the Internet to cut out the hidden cost of finance built into price tags of all goods. Kogan ‘LivePrice’ gives the power of choice back to the consumer and will change the way we shop,” he said in a statement.
“Even though no other manufacturers or retailers are up front about it; every product you purchase has a hidden cost of finance included in its price. Credit can be given by a supplier, bank, or silent investor, but they all have one thing in common – they want a huge return on the money invested into the production cycle.
“At Kogan, we believe in transparency. We're not scared to admit that manufacturing new products means that money needs to be spent up front. We just don’t want the customer to have to foot that bill.”