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Online Retailer Makes Million-Dollar Pricing Mistake

Ever wondered what would happen if you accidentally marked almost all of your online products with the same pricetag no matter the original cost? That's what happened with, and the mistake has now cost the online retailer a huge wad of money. Apparently someone in the merchandising team set most of the prices at $49.99. The problem is that many products originally retailed for $1,000.

"When we figured out the mistake was happening, we had to shut down the site for a bit until we got the pricing problem fixed," said Aaron Magness, director of brand marketing and business development for parent company Zappos Development. "While we’re sure this was a great deal for customers, it was inadvertent, and we took a big loss selling so many items so far under cost."

Ultimately the company lost over $1.6 million from the pricing mistake, and has vowed to honor all purchases that took place within the time frame of the erroneous pricing. "We apologize to anyone that was confused and/or frustrated during out little hiccup, and thank you all for being such great customers," Magness added. There was no indication that the one responsible for the pricing error still had a job.

"Shop. Save. Smile," reads the company's logo. No doubt plenty of customers were smiling over the weekend.