By Aimee Chanthadavong

Through a global live press conference from the UK, owner of Kogan Technologies Ruslan Kogan has unveiled his latest innovation to engage online shoppers in real-time.

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.

Through this, consumers are able to choose the point in the cycle at which they will buy a product, whether during production, shipping or when the product is in stock. 

Kogan said the new invention comes as the company continues to take advantage of the internet.

“At Kogan we live by the mantra 'there is always a better way'. We are always looking to make things better and use the Internet to increase transparency. We realised that a portion of the cost of every product on the market is the finance incorporated in the price tag, and there's an opportunity to tear that apart with LivePrice,” he said.

“By empowering the consumer and making the production cycle transparent, shoppers are able to receive unprecedented discounts.

“We’re putting the power of choice and decision making back to the consumer.”

LivePrice has initially been launched on the company’s UK website with the Australian website soon to follow with hopes of taking the offer global as the company continues its expansion, Kogan said.

“The benefit for Kogan is that our market share can continue to grow at a rapid pace and we can offer these great Kogan deals to more and more shoppers all around the world.”

Also, when asked whether the company fears it’ll cause uproar amongst other retailers, Kogan said he welcomes the competition.

“We know this concept will change the world and how retailers operate. Price wars are great as it makes consumer electronics more affordable. The more price wars there are the better because it’ll force other retailers to innovate. The competition is what is getting us out of bed and we’re looking forward to it.”