Home Smart 100 2011 LivePrice (SMART 100)

LivePrice (SMART 100)

0

Show your support for this innovation. Tweet it. Like it on Facebook. Leave a comment.

The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.

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…

There are no predecessors or competitors to Kogan LivePrice.

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…

Voting for the Readers’ Choice Index has concluded, but you can still show your support!

  1. Tweet it: Top left of each page
  2. Trigger a Reaction: Facebook ‘Like’, etc.
  3. Leave a Comment: Anonymous comments excluded*

More about the READERS’ CHOICE INDEX.

Get unlimited access to our FREE business tools…

Need to raise capital? Want to become a more persuasive presenter? Want to master social media? Is it time to overhaul your website? Unlock the library to get free access to free cheat sheets and business tools. Click here for free business tools.