New website uncovers pricing morality
Ever wondered how much gross profit a company was actually making from your purchase? Or how much workers and suppliers were really being paid?
Launched at the beginning of this year with the intention of putting the power back into the hands of us, the consumers, Price Pie offers an innovative tool that looks to provide a clearer sense of company ethics and pricing morality for potential buyers, through gauging exactly what percentage of the cost goes towards profit, tax, supplier and labour costs.
The idea was conceived by Sam Zubaid while working for an independent travel agency (who specifically catered for gap year travel). During his time there the company was taken over by a FTSE 100 travel firm. Due to the change in management Sam became unavoidably aware of their unethical trading procedures. In attempt to maximise their own profitability, they squeezed suppliers costs by 15% (many being non-profit organisations) whilst price increases were passed on to consumers. This despite global turnovers of £1bn. Sam often received customer queries asking “where does my money go?” and so the idea for Price Pie was born.
Gap year specialists, Gap Discovery are the first to use Price Pie to demonstrate their ethical credentials. They signed up to the website last month saying “PricePie adds value to our organisation as they independently verify our prices, clearly show our customers where their money goes in a visually pleasing way and therefore enable them to make an ethical choice about their purchase. It gives us a competitive advantage, our customers get peace of mind and, through business generated, our suppliers in the developing world receive a better income.”
With several more clients joining in the not so distant future, keep an eye out for the rise of Price Pie.
For more information, or to find out what Price Pie can do for your business visit www.pricepie.co.uk, www.facebook.com/PricePie, or follow on twitter @PricePie.