OVERVIEW
Cpriceco, a company established in October 2023 and based in Palo Alto, CA, operates under the service name Cprice. The company is currently testing its business model with a pop-up store located at the Westfield Topanga shopping mall in LA.
HISTORY
Cprice's predecessor, Compeprice LLC, was founded in 2007 in Pennsylvania. The name "Compeprice" is derived from the concept of "compete price," highlighting competitive pricing in reverse auctions. Compeprice LLC closed in October 2021, and the transition to Cpriceco began, leading to the company's reestablishment.
FOUNDER
Tae Sung Chung, the founder of Cprice, graduated from Sogang University in South Korea with a degree in Chemical Engineering and a minor in Computer Science in 2001. He pursued a master's degree in Software Engineering at Carnegie Mellon University in 2002 but switched to Master of Information Systems Management (ISM), graduating in 2005. During his ISM studies, he developed the current business model for Cpriceco.
MISSION & VISION
Cprice aims to revolutionize the shopping experience by integrating online and offline commerce. The company’s vision is to enable seamless transactions beyond traditional stores, using Cprice tags that can be installed anywhere, connecting sellers and buyers effortlessly.
CPRICE TAG
These innovative tags update prices in real-time and facilitate transactions through smartphone tagging, allowing for seamless payment and order processing. They are designed to enhance the shopping experience by providing interactive and engaging product displays.
FUTURE PLAN
Cprice plans to expand its presence and further develop its platform, aiming to transform various physical spaces into interactive retail environments using Cprice tags.