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LivePrice
This innovation initially came to life when…
Kogan invented LivePrice when we realised there were shoppers around the world pre-paying for goods but not receiving any benefits for doing so.
LivePrice creates a win-win situation for both retailers and shoppers. It rewards customers who jump on great deals quickly.
We were assessing our options to grow the Kogan brand both in product lines and geographic footprint – the banks wanted to lend us money, investors have been tapping on our shoulders, and suppliers were offering credit, but each of the other parties wanted and expected their cut. We found a better way!
WHAT & HOW
The purpose of this innovation is to…
The LivePrice invention allows Kogan to create new products and expand internationally without relying on expensive credit lines or external funding.
It does this by…
It allows Kogan to expand products lines and geographies by creating positive cashflow — money in before money out.
LivePrice rewards customers by offering them unprecedented deals on already market-shattering prices, in some instances 50% off Kogan’s usual prices.
PURPOSE & BENEFITS
This innovation improves on what came before because…
Almost every company that wants to grow product lines or geographies does so through credit lines or external funding. This ends up costing the company huge sums of money, which us ultimately passed on to the consumer at the end price.
LivePrice eliminates this, making trade and retail more transparent than it’s ever been.
Its various benefits to the customer/end-user include…
Simple: Price!
The day LivePrice launched in Australia, Kogan sold over $330,000 worth of products using the dynamic pricing model. After three weeks, LivePrice had saved shoppers $370,000 off the usually low prices.
COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
This problem has never been sold in such an innovative way. We even have a patent pending to protect this invention.
In the past businesses have relied on external funding, increasing business risk and failing to offer the best value to the consumer. LivePrice fixes all of that.
Its predecessors/competitors include…
TARGET MARKET
It is made for…
Kogan LivePrice is made for anyone who wants to grab a bargain. Consumers are becoming increasingly more educated, and can spot a transparent, innovative business a mile away. LivePrice is the epitome of the future of retail, focused entirely on delivering value to the educated consumer.
Not everyone is happy about LivePrice. We’ve met with some investment bankers who told us, “This will put us out of a job.”
DISTRIBUTION STRATEGY
It is available for sale through…
LivePrice is currently enabled on all products that are currently being manufactured by Kogan: http://www.kogan.com.au/shop/category/liveprice
Our marketing strategy is to…
We believe that every business that’s in business has a story to tell. We tell the LivePrice story through social media such as Facebook, Twitter, the Kogan blog, great video content through YouTube, and explaining the magic of LivePrice to consumers through the media on a daily basis.
SHOW YOUR SUPPORT…
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More about the READERS’ CHOICE INDEX.
INNOVATIVE BUSINESS BUILDING PROGRAM – THE POWER OF 8
Want an ad like this?Begins 16 April 2012
5:30pm – 7:30pm | Castle Hilll
Eight of the most common challenges that businesses face will be tackled head on by 8 business specialists over 8 monthly presentations and open forum.
