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This week, fashion brand Telfar took its reputation for price accessibility to the next level.
During its latest clothing drop on March 27, the brand began testing a dynamic pricing model, letting customers determine how much they wanted to pay.
Here's how it worked:
When pieces from the collection dropped, they were listed at wholesale prices (around 50% less than retail).
Prices raised incrementally each second, capping at the full retail listing.
The price pieces sold out at then became the final price.
In other words, the more popular an item was, the lower the price was for everyone.
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