In the name of radical transparency and in unwavering belief in the value of their products, online retailer Everlane is letting you choose your price as part of their post-holiday promotional effort. Instead of engaging in Black Friday madness after Thanksgiving, the brand opted to fundraise for their factory workers in an unprecedented charitable initiative. But this Christmas, Everlane is participating in a sale that lets customers pay what they want.
Until January 31, you can choose your price for everything from classic outerwear to wearable basics. Their tactic is to show consumers exactly how their clothing is made and where that money goes to. Instead of simply inputting a dollar amount, shoppers can pick one of three discounted price tiers, which reflect the cost of the item and how much goes back to Everlane.
Key Themes Behind This Trend
- Choose-your-price
- More companies will adopt the 'choose-your-price' model, giving consumers more control and an opportunity to show the true value of a product.
- Radical-transparency
- Businesses will continue to embrace the concept of radical transparency, revealing every aspect of their supply chains to build trust with customers.
- Charitable-initiatives
- More companies will launch creative charitable initiatives to support their employees or give back to their communities, creating positive PR and customer goodwill.
Where This Applies
- Online-retail
- The 'choose-your-price' model could disrupt the traditional pricing strategies of online retailers, creating opportunities for new business models and pricing strategies.
- Fashion
- Radical transparency in the fashion industry could lead to increased demand for sustainable and ethically-made clothing and accessories.
- Manufacturing
- Charitable initiatives in manufacturing could improve employee satisfaction and retention, leading to increased productivity and customer satisfaction.
