Learn With Shopify
내용
[subtitle-meta] lang=en auto=True
How do you pick prices for a product
you're selling? If your answer is, I
feel it out or I match competitors,
you're not alone. That's how most store
owners approach pricing and is costing
them thousands. A 1% increase in price
lifts operating profit by around 8% on
average for S&P 1500 companies according
to McKenzie. Pricing has more leverage
than your ads, your launches, or your
promos. So today I will be teaching you
10 pricing strategies presented in order
from beginner to advanced. This is part
two of the learn with Shopify marketing
master class. If you missed it, part one
is all about digital marketing and it's
linked in the description below. Now
let's get into it.
Cost plus is exactly what it sounds
like. Add up what it costs to make and
sell your product. Then add a markup on
top. Typical markups 50 to 100% for
retail, 200 to 400% for premium direct
to consumer DTC. Here are the exact
formulas that you need to remember. Cost
of goods plus fixed cost per unit plus
variable cost per unit multiplied by
markup equals selling price. Let's run a
quick example. Say you're selling a soy
candle. Cost of goods, wax, wick,
fragrance, jar, $4. Fixed cost per unit,
your Shopify plan, warehousing,
software, $1. Variable cost per unit,
mail or box, shipping label, payment
processing fees, $2. Total cost per
candle, $7. Multiply by a two times
markup. That's a 100% markup, and your
selling price is $14. On Shopify, you
can set the cost per item on every
variant, and your margin updates live as
you change the price. You can also spot
margin killing discounts before you
publish. But there's a catch. Cost plus
tells you the minimum price you need to
stay in business. It ignores what your
customer thinks the product is worth. So
use it to set your floor, but everything
else in this video builds above it.
Competitive pricing means landing within
5 to 15% of your direct competitors.
Most store owners default here because
it feels safe. It works, but only when
buyers are comparing side by side. For
commodity products, it's solid. For
anything with a brand or story angle,
you're pricing below what buyers would
pay. Before you check competitor sites,
pick your lane. Cheapest, mid-market, or
premium. Each of them attracts a
different buyer. Then price within 5 to
15% of competitors in that same tier.
For research, pricing, and competit
scrape competitor prices automatically,
which is worth the spend for larger
cataloges. For a free approach, a weekly
Google Sheet update covers most early
stage stores. And the biggest mistake to
avoid is racing to the bottom. Remember,
cheapest only wins if you have a cost
advantage no one else can match, and
most small Shopify stores don't.
Psychological pricing comes down to how
buyers process numbers. The first method
is charm pricing, which is pricing an
item at $19.99
versus $20. Researchers Anderson and
Semester ran field experiments on $9
price endings and found that in one
test, women's clothing priced at $39
outperform the same item at $34 by 24%.
Even at the higher price, your brain
reads the leftmost digit first. $19.99
registers as 19 something. So, use charm
pricing for items under $50. Prestige
pricing flips that logic. On a $500
cashmere sweater, $499.99
makes it feel like clearance. Round
numbers like $200, $500, or $1,000
signal intention. Use them for premium
or luxury items. Price anchoring shows a
higher compare at price next to your
actual price, and yours looks like a
deal as a result. Shopify has this
built-in, but most stores never set it.
Here's how to set it up. In your Shopify
admin, open the product you want to
edit. Under the description, set your
price. That's what customers pay. Right
below, fill in compare at price. That's
the strikethrough number they'll see
next to it. Further down is cost,
profit, and margin. Only you see this
section. Fill in your cost the way we
covered in chapter 1, and Shopify
calculates your margin live. Hit save,
and you're done. Quantity framing
follows Jonah Berger's rule of 100.
Above $100, dollars look bigger than
percentages. On a $200 item, save 20
outperforms 10% off, even when the math
is identical. Below $100, flip it. 20%
off beats save $4 on a $20 product. You
know what I mean? If you are on Shopify,
there are four native pricing tools you
need to be familiar with. We covered
this quickly in the previous section.
cost per item, pretty self-explanatory,
and compare at price, the feature where
your product page auto displays the
striketh through on your storefront.
That's free and easy anchoring. But
there is also Shopify Markets, the
feature that lets you set country
specific prices in local currencies and
charge more where your product commands
a premium, less in lower purchasing
power regions. And Shopify functions, a
pricing feature that lets you build
custom pricing logic directly into
checkout. Let me explain. Shopify
markets is where you set country
specific pricing. In your admin, go to
markets. You'll see your primary market
plus any others you've added. Click
create market and pick the countries you
want to target. From there, you choose
how to price. Either let Shopify autocon
convert at live exchange rates via
dynamic exchange rate or set a
percentage adjustment manually by
clicking on manual. If you want to set
dynamic pricing under markets, open the
market you want to mark up. example,
Albania. Create or edit a catalog for
that market by clicking the little plus
icon on the right. Once this page opens,
under price adjustment, you can set the
percentage price increase or decrease.
For example, a 20% decrease for all
Albanian buyers. Here, you can charge a
15% increase in countries if your brand
commands a premium or a minus 10% in
regions with lower purchasing power. You
can also control which products are
available in each market. Customers see
prices in their local currency at
checkout. Remember that customizing
checkout and accounts pages for specific
markets is available only to stores on
the advanced or plus plan. If you're
unsure if your store has this feature,
you can always ask Shopify sidekick
inside your admin. Shopify functions is
where you build custom pricing logic
that runs directly at checkout. Think
volume discounts like buy five get 15%
off. Member only pricing for loggedin
customers, dynamic bundles that auto
apply when specific items land in the
cart, or tiered pricing by spend
threshold. To set it up, go to settings,
then apps and sales channels. From
there, install a functionsbased discount
or bundle app from the Shopify app store
or have a developer write the logic for
you. With functions, you can create tier
discounts. BOGO, bundles, promos,
volume, discounts, functions, payment
customizations, delivery customizations,
checkout rules, and so much more. Once
it's live, the rules fire at checkout
with no third party app slowdowns.
Shopify functions are available to all
merchants on any Shopify plan. You don't
need a special plan to use them. If you
watched all of this and you're still not
on Shopify yet, you can sign up today
and give it a try. You can click the
special link beneath this video, then go
watch this section again. I'm sure it'll
seem much more interesting that way.
This is a strategy that changed how I
personally think about pricing.
Value-based pricing means charging what
your customer is willing to pay
regardless of costs or competitors. A
product that costs $20 to make can sell
for $200 if the buyer believes it solves
a $1,000 problem. That gap is the value
you created. Remember that your job is
to sell the outcome. Think about it.
Skin care sells confidence. Meal kits
sell 2 hours back on a Tuesday. Standing
desks sell the version of you that gets
more done. Reframe around the outcome
and your price ceiling moves. To find
your real price, ask the people closest
to the buying decision. Use a Shopify
app like Fairing or No Commerce to drop
a post-purchase question right after
checkout. What's the most you would have
paid for this that catches buyers at
peak intent? Then pair it with a
win-loss exit survey. Hit cart
abandoners with an exit intent popup or
abandoned cart email asking what stopped
them from buying. If the price is called
out, that can show you what your ceiling
is. Together, these two signals show you
how high you can go and where you start
losing buyers. Most store owners
discover their real willingness to pay
is much higher than what they're
currently charging. But remember, this
works best for products that are
differentiated. If you're selling
unbranded candles, you need some good
branding before you can charge a
valuebased premium. Okay, check this
out. You can lift revenue without
changing your core product's price. This
can happen through anchor pricing or
decoy pricing. With anchor pricing,
place a premium option above your target
product. A $500 pro version makes your
$200 standard feel like a sensible pick.
The Pro doesn't need to sell in volume
to do its job. Decoy pricing is
sneakier. Add a third option that's
strategically inferior. Its only job is
to make another option look obviously
better. The classic example here we all
know is a coffee shop with small coffee
priced at $4, the medium one at $7, and
the large one at $750. Almost everyone
picks the large one, right? The medium
is the decoy. For e-commerce, this works
on three tier product lines,
subscriptions and bundles. Apple runs
this on every iPhone lineup. The rule of
thumb here is 60 to 70% of customers
should pick your middle option according
to profit well. If your top or bottom
tier outsells the middle, your anchor or
decoy is positioned wrong. Now, what if
you could lift order value without
discounting a single product? That's
what bundles do when they're built
right. Bundle pricing combines two or
more products at a price lower than
buying them separately. Pure bundles are
set only. They're great for forcing
average order value, AOV, but limit
flexibility for the buyer. Mix bundles
offer items both solo and as a set, and
they convert better because buyers feel
in control. Three structures that
convert. The starter kit, three to four
essentials at 15% off, gets new
customers in with everything that they
need. Then there's the gift bundle, two
to three products in branded packaging.
It's seasonal gold. The giftgiver really
doesn't want to overthink anything. and
the level up bundle. It's a hero product
plus accessories. It raises perceived
value of your main flagship product.
Shopify has native bundles or you can
use apps like Shopify bundles,
frequently bought together or reby. Paid
apps add cart page upselles where the
real average order value lift comes
from. Oh, and a pro tip. A 20% bundle
discount that takes AOV from $40 to $80
generates more profit than a 10%
sitewide sale lifting conversion 5%.
Every product launch forces a question
most founders answer without realizing.
Should you start low and climb or start
high and come down? Penetration pricing
is to launch low for traction. It has
lower margins, but you build volume,
reviews, and social proof. The risk is
that raising prices later is hard.
You'll need a credible reason like an
upgrade or new formulation. [music]
Price skimming is launching high to
capture buyers who will pay a premium to
be first. You'll eventually lower the
price as the market saturates. Apple has
run this playbook for decades. Tesla
followed the same approach. Your product
needs to feel new or scarce. Remember
that this does not work on commodities.
One structure that works for Shopify
drops is tiered pricing. First 100
buyers at price X, next 500 at price Y,
and the rest at a full price. Real
urgency without the hard sell. Shopify's
automatic discounts handle the quantity
triggers natively. The mistake that
kills launches is going straight to full
price with zero momentum. You miss the
early buyer energy that feeds your
reviews, social proof, and algorithm
pickup. All right, let's say there are
two businesses. Business A makes $50,000
a month. every dollar earned fresh.
Business B makes the same $50,000, but
$35,000 arrives automatically on the
first of the month. That sounds pretty
good. Higher lifetime value, LTV, same
acquisition cost, and higher valuation
multiple if you sell your business
eventually. That's what subscriptions
can do. There are three subscription
models. Replenishment, that would be for
consumables like coffee, supplements,
skincare, etc. The customer sets it and
it auto ships every 30, 60 or 90 days.
Curation is varying products each cycle
like beauty boxes or wine clubs. It
sells the excitement of new discovery
which can grow your business in
additional ways. And there's access for
exclusive pricing, early drops,
membersonly perks. This third method
builds a community layer on top of your
store. Standard subscription discounts
run 10 to 20% off the onetime price.
Below 10%, there's no reason to commit.
Above 20%, you're training buyers to
wait. We recommend 15% as the sweet
spot. There are two tools to know if
you're on Shopify. Shopify subscriptions
is built into the platform and works for
most stores. And Recharge is the upgrade
once you get to serious volume and need
more flexibility. Okay, let's quickly
talk churn rates. Direct to consumer,
also known as DTC, subscription stores
average 6.5 to 8.5% monthly churn.
Businessto business, also known as B2B,
and digital sit at 4 to 7%. Health and
wellness 8 to 12%, beauty 8 to 14%, food
and beverage 12 to 18%. Below 6% is
exceptional. Knowing these numbers can
really help you know where you stand. To
close out, let's talk about dynamic
pricing. Everything so far has involved
setting a price and leaving it. Dynamic
pricing adjusts automatically based on
demand, competitor moves, inventory, and
conversion data. The same product can be
$89 at 10:00 a.m. and $94 at 8:00 p.m.
if that's where buyers convert. Airlines
have done this for decades. E-commerce
is only just catching up, especially for
large cataloges where manual repricing
is impossible. The tools to use for this
on Shopify are Priceync, a Shopify app,
and Competitera, which track competitor
prices. There's also Intelligjs that AB
test price points and shipping
thresholds. With all that said, don't
overlook the most underused dynamic
lever, free shipping thresholds.
Intelligence documented a sports brand
that raised theirs from $100 to $500 and
saw a 6% AOV lift and 12% revenue per
visitor jump. Set your threshold above
your current average order value, so
customers naturally add an item to
qualify. To get started, pick your top
20 products by revenue. Test three to
five price points over 30 days. Find the
optimum and then move to the next batch.
So, there you have it. The 10 pricing
strategies, all runnable in Shopify
today. Don't try to use all of them at
once. Pick the one that fits your
product. Test it for 30 days, then layer
in the next one as you keep moving. As
always, the Shopify trial link is in the
description below. So, make sure to
check it out. I'm Vhon and this was part
two of the free Shopify marketing
masterass. Part three covers place and
distribution channels, and part four is
going to cover promotion marketing. You
can catch part one on digital marketing
on the screen right over there to keep
the momentum going. Thanks for hanging
out with me. I'm going to kick it off to
Chenade for the next one.
원문 자막 펼치기
WEBVTT Kind: captions Language: en 00:00:00.240 --> 00:00:01.910 align:start position:0% How<00:00:00.480><c> do</c><00:00:00.640><c> you</c><00:00:00.800><c> pick</c><00:00:01.040><c> prices</c><00:00:01.360><c> for</c><00:00:01.520><c> a</c><00:00:01.680><c> product</c> 00:00:01.910 --> 00:00:01.920 align:start position:0% How do you pick prices for a product 00:00:01.920 --> 00:00:04.150 align:start position:0% How do you pick prices for a product you're<00:00:02.240><c> selling?</c><00:00:02.720><c> If</c><00:00:02.960><c> your</c><00:00:03.200><c> answer</c><00:00:03.520><c> is,</c><00:00:03.919><c> I</c> 00:00:04.150 --> 00:00:04.160 align:start position:0% you're selling? If your answer is, I 00:00:04.160 --> 00:00:06.550 align:start position:0% you're selling? If your answer is, I feel<00:00:04.400><c> it</c><00:00:04.560><c> out</c><00:00:04.799><c> or</c><00:00:05.120><c> I</c><00:00:05.359><c> match</c><00:00:05.680><c> competitors,</c> 00:00:06.550 --> 00:00:06.560 align:start position:0% feel it out or I match competitors, 00:00:06.560 --> 00:00:08.710 align:start position:0% feel it out or I match competitors, you're<00:00:06.799><c> not</c><00:00:06.960><c> alone.</c><00:00:07.600><c> That's</c><00:00:07.839><c> how</c><00:00:08.080><c> most</c><00:00:08.400><c> store</c> 00:00:08.710 --> 00:00:08.720 align:start position:0% you're not alone. That's how most store 00:00:08.720 --> 00:00:10.709 align:start position:0% you're not alone. That's how most store owners<00:00:09.120><c> approach</c><00:00:09.519><c> pricing</c><00:00:09.920><c> and</c><00:00:10.160><c> is</c><00:00:10.400><c> costing</c> 00:00:10.709 --> 00:00:10.719 align:start position:0% owners approach pricing and is costing 00:00:10.719 --> 00:00:14.070 align:start position:0% owners approach pricing and is costing them<00:00:11.040><c> thousands.</c><00:00:12.000><c> A</c><00:00:12.240><c> 1%</c><00:00:12.960><c> increase</c><00:00:13.360><c> in</c><00:00:13.599><c> price</c> 00:00:14.070 --> 00:00:14.080 align:start position:0% them thousands. A 1% increase in price 00:00:14.080 --> 00:00:16.870 align:start position:0% them thousands. A 1% increase in price lifts<00:00:14.480><c> operating</c><00:00:14.960><c> profit</c><00:00:15.360><c> by</c><00:00:15.599><c> around</c><00:00:16.000><c> 8%</c><00:00:16.640><c> on</c> 00:00:16.870 --> 00:00:16.880 align:start position:0% lifts operating profit by around 8% on 00:00:16.880 --> 00:00:19.670 align:start position:0% lifts operating profit by around 8% on average<00:00:17.359><c> for</c><00:00:17.680><c> S&P</c><00:00:18.400><c> 1500</c><00:00:18.880><c> companies</c><00:00:19.359><c> according</c> 00:00:19.670 --> 00:00:19.680 align:start position:0% average for S&P 1500 companies according 00:00:19.680 --> 00:00:22.230 align:start position:0% average for S&P 1500 companies according to<00:00:19.760><c> McKenzie.</c><00:00:20.800><c> Pricing</c><00:00:21.359><c> has</c><00:00:21.600><c> more</c><00:00:21.920><c> leverage</c> 00:00:22.230 --> 00:00:22.240 align:start position:0% to McKenzie. Pricing has more leverage 00:00:22.240 --> 00:00:24.310 align:start position:0% to McKenzie. Pricing has more leverage than<00:00:22.480><c> your</c><00:00:22.640><c> ads,</c><00:00:23.119><c> your</c><00:00:23.359><c> launches,</c><00:00:23.920><c> or</c><00:00:24.160><c> your</c> 00:00:24.310 --> 00:00:24.320 align:start position:0% than your ads, your launches, or your 00:00:24.320 --> 00:00:26.950 align:start position:0% than your ads, your launches, or your promos.<00:00:25.039><c> So</c><00:00:25.519><c> today</c><00:00:25.920><c> I</c><00:00:26.160><c> will</c><00:00:26.320><c> be</c><00:00:26.400><c> teaching</c><00:00:26.640><c> you</c> 00:00:26.950 --> 00:00:26.960 align:start position:0% promos. So today I will be teaching you 00:00:26.960 --> 00:00:29.589 align:start position:0% promos. So today I will be teaching you 10<00:00:27.279><c> pricing</c><00:00:27.760><c> strategies</c><00:00:28.560><c> presented</c><00:00:28.960><c> in</c><00:00:29.279><c> order</c> 00:00:29.589 --> 00:00:29.599 align:start position:0% 10 pricing strategies presented in order 00:00:29.599 --> 00:00:31.990 align:start position:0% 10 pricing strategies presented in order from<00:00:29.840><c> beginner</c><00:00:30.320><c> to</c><00:00:30.560><c> advanced.</c><00:00:31.439><c> This</c><00:00:31.599><c> is</c><00:00:31.760><c> part</c> 00:00:31.990 --> 00:00:32.000 align:start position:0% from beginner to advanced. This is part 00:00:32.000 --> 00:00:33.990 align:start position:0% from beginner to advanced. This is part two<00:00:32.160><c> of</c><00:00:32.320><c> the</c><00:00:32.480><c> learn</c><00:00:32.800><c> with</c><00:00:32.960><c> Shopify</c><00:00:33.520><c> marketing</c> 00:00:33.990 --> 00:00:34.000 align:start position:0% two of the learn with Shopify marketing 00:00:34.000 --> 00:00:36.470 align:start position:0% two of the learn with Shopify marketing master<00:00:34.480><c> class.</c><00:00:35.040><c> If</c><00:00:35.200><c> you</c><00:00:35.280><c> missed</c><00:00:35.520><c> it,</c><00:00:36.000><c> part</c><00:00:36.239><c> one</c> 00:00:36.470 --> 00:00:36.480 align:start position:0% master class. If you missed it, part one 00:00:36.480 --> 00:00:38.229 align:start position:0% master class. If you missed it, part one is<00:00:36.640><c> all</c><00:00:36.880><c> about</c><00:00:37.120><c> digital</c><00:00:37.520><c> marketing</c><00:00:37.840><c> and</c><00:00:38.079><c> it's</c> 00:00:38.229 --> 00:00:38.239 align:start position:0% is all about digital marketing and it's 00:00:38.239 --> 00:00:40.389 align:start position:0% is all about digital marketing and it's linked<00:00:38.480><c> in</c><00:00:38.640><c> the</c><00:00:38.719><c> description</c><00:00:39.120><c> below.</c><00:00:39.920><c> Now</c> 00:00:40.389 --> 00:00:40.399 align:start position:0% linked in the description below. Now 00:00:40.399 --> 00:00:46.470 align:start position:0% linked in the description below. Now let's<00:00:40.640><c> get</c><00:00:40.800><c> into</c><00:00:41.040><c> it.</c> 00:00:46.470 --> 00:00:46.480 align:start position:0% 00:00:46.480 --> 00:00:48.389 align:start position:0% Cost<00:00:46.800><c> plus</c><00:00:47.120><c> is</c><00:00:47.360><c> exactly</c><00:00:47.680><c> what</c><00:00:47.920><c> it</c><00:00:48.160><c> sounds</c> 00:00:48.389 --> 00:00:48.399 align:start position:0% Cost plus is exactly what it sounds 00:00:48.399 --> 00:00:50.790 align:start position:0% Cost plus is exactly what it sounds like.<00:00:48.879><c> Add</c><00:00:49.120><c> up</c><00:00:49.360><c> what</c><00:00:49.520><c> it</c><00:00:49.760><c> costs</c><00:00:50.079><c> to</c><00:00:50.320><c> make</c><00:00:50.480><c> and</c> 00:00:50.790 --> 00:00:50.800 align:start position:0% like. Add up what it costs to make and 00:00:50.800 --> 00:00:53.270 align:start position:0% like. Add up what it costs to make and sell<00:00:51.039><c> your</c><00:00:51.280><c> product.</c><00:00:51.840><c> Then</c><00:00:52.160><c> add</c><00:00:52.320><c> a</c><00:00:52.559><c> markup</c><00:00:53.039><c> on</c> 00:00:53.270 --> 00:00:53.280 align:start position:0% sell your product. Then add a markup on 00:00:53.280 --> 00:00:56.310 align:start position:0% sell your product. Then add a markup on top.<00:00:53.840><c> Typical</c><00:00:54.239><c> markups</c><00:00:54.879><c> 50</c><00:00:55.199><c> to</c><00:00:55.440><c> 100%</c><00:00:56.079><c> for</c> 00:00:56.310 --> 00:00:56.320 align:start position:0% top. Typical markups 50 to 100% for 00:00:56.320 --> 00:00:59.510 align:start position:0% top. Typical markups 50 to 100% for retail,<00:00:57.120><c> 200</c><00:00:57.600><c> to</c><00:00:57.920><c> 400%</c><00:00:58.559><c> for</c><00:00:58.800><c> premium</c><00:00:59.199><c> direct</c> 00:00:59.510 --> 00:00:59.520 align:start position:0% retail, 200 to 400% for premium direct 00:00:59.520 --> 00:01:02.389 align:start position:0% retail, 200 to 400% for premium direct to<00:00:59.680><c> consumer</c><00:01:00.320><c> DTC.</c><00:01:01.359><c> Here</c><00:01:01.680><c> are</c><00:01:01.840><c> the</c><00:01:02.079><c> exact</c> 00:01:02.389 --> 00:01:02.399 align:start position:0% to consumer DTC. Here are the exact 00:01:02.399 --> 00:01:04.229 align:start position:0% to consumer DTC. Here are the exact formulas<00:01:02.800><c> that</c><00:01:02.960><c> you</c><00:01:03.120><c> need</c><00:01:03.199><c> to</c><00:01:03.359><c> remember.</c><00:01:04.000><c> Cost</c> 00:01:04.229 --> 00:01:04.239 align:start position:0% formulas that you need to remember. Cost 00:01:04.239 --> 00:01:07.030 align:start position:0% formulas that you need to remember. Cost of<00:01:04.400><c> goods</c><00:01:04.879><c> plus</c><00:01:05.199><c> fixed</c><00:01:05.600><c> cost</c><00:01:05.920><c> per</c><00:01:06.159><c> unit</c><00:01:06.720><c> plus</c> 00:01:07.030 --> 00:01:07.040 align:start position:0% of goods plus fixed cost per unit plus 00:01:07.040 --> 00:01:09.510 align:start position:0% of goods plus fixed cost per unit plus variable<00:01:07.520><c> cost</c><00:01:07.840><c> per</c><00:01:08.080><c> unit</c><00:01:08.720><c> multiplied</c><00:01:09.280><c> by</c> 00:01:09.510 --> 00:01:09.520 align:start position:0% variable cost per unit multiplied by 00:01:09.520 --> 00:01:12.149 align:start position:0% variable cost per unit multiplied by markup<00:01:10.159><c> equals</c><00:01:10.640><c> selling</c><00:01:10.960><c> price.</c><00:01:11.600><c> Let's</c><00:01:11.840><c> run</c><00:01:12.000><c> a</c> 00:01:12.149 --> 00:01:12.159 align:start position:0% markup equals selling price. Let's run a 00:01:12.159 --> 00:01:14.710 align:start position:0% markup equals selling price. Let's run a quick<00:01:12.400><c> example.</c><00:01:13.119><c> Say</c><00:01:13.360><c> you're</c><00:01:13.680><c> selling</c><00:01:14.000><c> a</c><00:01:14.320><c> soy</c> 00:01:14.710 --> 00:01:14.720 align:start position:0% quick example. Say you're selling a soy 00:01:14.720 --> 00:01:18.149 align:start position:0% quick example. Say you're selling a soy candle.<00:01:15.439><c> Cost</c><00:01:15.680><c> of</c><00:01:15.840><c> goods,</c><00:01:16.479><c> wax,</c><00:01:17.439><c> wick,</c> 00:01:18.149 --> 00:01:18.159 align:start position:0% candle. Cost of goods, wax, wick, 00:01:18.159 --> 00:01:21.830 align:start position:0% candle. Cost of goods, wax, wick, fragrance,<00:01:18.960><c> jar,</c><00:01:19.759><c> $4.</c><00:01:20.560><c> Fixed</c><00:01:20.960><c> cost</c><00:01:21.119><c> per</c><00:01:21.360><c> unit,</c> 00:01:21.830 --> 00:01:21.840 align:start position:0% fragrance, jar, $4. Fixed cost per unit, 00:01:21.840 --> 00:01:24.070 align:start position:0% fragrance, jar, $4. Fixed cost per unit, your<00:01:22.159><c> Shopify</c><00:01:22.720><c> plan,</c><00:01:23.200><c> warehousing,</c> 00:01:24.070 --> 00:01:24.080 align:start position:0% your Shopify plan, warehousing, 00:01:24.080 --> 00:01:27.350 align:start position:0% your Shopify plan, warehousing, software,<00:01:25.119><c> $1.</c><00:01:26.000><c> Variable</c><00:01:26.400><c> cost</c><00:01:26.640><c> per</c><00:01:26.880><c> unit,</c> 00:01:27.350 --> 00:01:27.360 align:start position:0% software, $1. Variable cost per unit, 00:01:27.360 --> 00:01:29.350 align:start position:0% software, $1. Variable cost per unit, mail<00:01:27.600><c> or</c><00:01:27.840><c> box,</c><00:01:28.240><c> shipping</c><00:01:28.560><c> label,</c><00:01:29.040><c> payment</c> 00:01:29.350 --> 00:01:29.360 align:start position:0% mail or box, shipping label, payment 00:01:29.360 --> 00:01:32.149 align:start position:0% mail or box, shipping label, payment processing<00:01:29.840><c> fees,</c><00:01:30.560><c> $2.</c><00:01:31.360><c> Total</c><00:01:31.759><c> cost</c><00:01:32.000><c> per</c> 00:01:32.149 --> 00:01:32.159 align:start position:0% processing fees, $2. Total cost per 00:01:32.159 --> 00:01:35.510 align:start position:0% processing fees, $2. Total cost per candle,<00:01:32.960><c> $7.</c><00:01:33.920><c> Multiply</c><00:01:34.479><c> by</c><00:01:34.720><c> a</c><00:01:35.040><c> two</c><00:01:35.200><c> times</c> 00:01:35.510 --> 00:01:35.520 align:start position:0% candle, $7. Multiply by a two times 00:01:35.520 --> 00:01:38.550 align:start position:0% candle, $7. Multiply by a two times markup.<00:01:36.240><c> That's</c><00:01:36.479><c> a</c><00:01:36.960><c> 100%</c><00:01:37.759><c> markup,</c><00:01:38.159><c> and</c><00:01:38.400><c> your</c> 00:01:38.550 --> 00:01:38.560 align:start position:0% markup. That's a 100% markup, and your 00:01:38.560 --> 00:01:41.590 align:start position:0% markup. That's a 100% markup, and your selling<00:01:38.799><c> price</c><00:01:39.040><c> is</c><00:01:39.360><c> $14.</c><00:01:40.640><c> On</c><00:01:40.880><c> Shopify,</c><00:01:41.439><c> you</c> 00:01:41.590 --> 00:01:41.600 align:start position:0% selling price is $14. On Shopify, you 00:01:41.600 --> 00:01:43.350 align:start position:0% selling price is $14. On Shopify, you can<00:01:41.759><c> set</c><00:01:41.920><c> the</c><00:01:42.079><c> cost</c><00:01:42.320><c> per</c><00:01:42.479><c> item</c><00:01:42.799><c> on</c><00:01:43.040><c> every</c> 00:01:43.350 --> 00:01:43.360 align:start position:0% can set the cost per item on every 00:01:43.360 --> 00:01:45.749 align:start position:0% can set the cost per item on every variant,<00:01:43.920><c> and</c><00:01:44.159><c> your</c><00:01:44.320><c> margin</c><00:01:44.720><c> updates</c><00:01:45.200><c> live</c><00:01:45.520><c> as</c> 00:01:45.749 --> 00:01:45.759 align:start position:0% variant, and your margin updates live as 00:01:45.759 --> 00:01:47.990 align:start position:0% variant, and your margin updates live as you<00:01:45.920><c> change</c><00:01:46.159><c> the</c><00:01:46.399><c> price.</c><00:01:46.960><c> You</c><00:01:47.200><c> can</c><00:01:47.360><c> also</c><00:01:47.600><c> spot</c> 00:01:47.990 --> 00:01:48.000 align:start position:0% you change the price. You can also spot 00:01:48.000 --> 00:01:49.830 align:start position:0% you change the price. You can also spot margin<00:01:48.479><c> killing</c><00:01:48.880><c> discounts</c><00:01:49.360><c> before</c><00:01:49.680><c> you</c> 00:01:49.830 --> 00:01:49.840 align:start position:0% margin killing discounts before you 00:01:49.840 --> 00:01:52.789 align:start position:0% margin killing discounts before you publish.<00:01:50.720><c> But</c><00:01:50.880><c> there's</c><00:01:51.119><c> a</c><00:01:51.280><c> catch.</c><00:01:52.079><c> Cost</c><00:01:52.479><c> plus</c> 00:01:52.789 --> 00:01:52.799 align:start position:0% publish. But there's a catch. Cost plus 00:01:52.799 --> 00:01:54.630 align:start position:0% publish. But there's a catch. Cost plus tells<00:01:53.040><c> you</c><00:01:53.119><c> the</c><00:01:53.360><c> minimum</c><00:01:53.680><c> price</c><00:01:53.920><c> you</c><00:01:54.159><c> need</c><00:01:54.399><c> to</c> 00:01:54.630 --> 00:01:54.640 align:start position:0% tells you the minimum price you need to 00:01:54.640 --> 00:01:56.710 align:start position:0% tells you the minimum price you need to stay<00:01:54.799><c> in</c><00:01:55.040><c> business.</c><00:01:55.600><c> It</c><00:01:55.840><c> ignores</c><00:01:56.159><c> what</c><00:01:56.479><c> your</c> 00:01:56.710 --> 00:01:56.720 align:start position:0% stay in business. It ignores what your 00:01:56.720 --> 00:01:58.870 align:start position:0% stay in business. It ignores what your customer<00:01:57.040><c> thinks</c><00:01:57.280><c> the</c><00:01:57.520><c> product</c><00:01:57.759><c> is</c><00:01:58.000><c> worth.</c><00:01:58.560><c> So</c> 00:01:58.870 --> 00:01:58.880 align:start position:0% customer thinks the product is worth. So 00:01:58.880 --> 00:02:00.950 align:start position:0% customer thinks the product is worth. So use<00:01:59.040><c> it</c><00:01:59.200><c> to</c><00:01:59.439><c> set</c><00:01:59.600><c> your</c><00:01:59.840><c> floor,</c><00:02:00.399><c> but</c><00:02:00.640><c> everything</c> 00:02:00.950 --> 00:02:00.960 align:start position:0% use it to set your floor, but everything 00:02:00.960 --> 00:02:03.350 align:start position:0% use it to set your floor, but everything else<00:02:01.119><c> in</c><00:02:01.360><c> this</c><00:02:01.520><c> video</c><00:02:01.840><c> builds</c><00:02:02.240><c> above</c><00:02:02.560><c> it.</c> 00:02:03.350 --> 00:02:03.360 align:start position:0% else in this video builds above it. 00:02:03.360 --> 00:02:05.510 align:start position:0% else in this video builds above it. Competitive<00:02:04.000><c> pricing</c><00:02:04.399><c> means</c><00:02:04.719><c> landing</c><00:02:05.119><c> within</c> 00:02:05.510 --> 00:02:05.520 align:start position:0% Competitive pricing means landing within 00:02:05.520 --> 00:02:08.070 align:start position:0% Competitive pricing means landing within 5<00:02:05.680><c> to</c><00:02:06.000><c> 15%</c><00:02:06.479><c> of</c><00:02:06.640><c> your</c><00:02:06.880><c> direct</c><00:02:07.200><c> competitors.</c> 00:02:08.070 --> 00:02:08.080 align:start position:0% 5 to 15% of your direct competitors. 00:02:08.080 --> 00:02:10.150 align:start position:0% 5 to 15% of your direct competitors. Most<00:02:08.399><c> store</c><00:02:08.720><c> owners</c><00:02:09.119><c> default</c><00:02:09.599><c> here</c><00:02:09.920><c> because</c> 00:02:10.150 --> 00:02:10.160 align:start position:0% Most store owners default here because 00:02:10.160 --> 00:02:12.790 align:start position:0% Most store owners default here because it<00:02:10.399><c> feels</c><00:02:10.640><c> safe.</c><00:02:11.200><c> It</c><00:02:11.440><c> works,</c><00:02:12.080><c> but</c><00:02:12.400><c> only</c><00:02:12.560><c> when</c> 00:02:12.790 --> 00:02:12.800 align:start position:0% it feels safe. It works, but only when 00:02:12.800 --> 00:02:15.270 align:start position:0% it feels safe. It works, but only when buyers<00:02:13.200><c> are</c><00:02:13.360><c> comparing</c><00:02:13.760><c> side</c><00:02:14.000><c> by</c><00:02:14.239><c> side.</c><00:02:14.959><c> For</c> 00:02:15.270 --> 00:02:15.280 align:start position:0% buyers are comparing side by side. For 00:02:15.280 --> 00:02:17.510 align:start position:0% buyers are comparing side by side. For commodity<00:02:15.840><c> products,</c><00:02:16.400><c> it's</c><00:02:16.720><c> solid.</c><00:02:17.280><c> For</c> 00:02:17.510 --> 00:02:17.520 align:start position:0% commodity products, it's solid. For 00:02:17.520 --> 00:02:19.910 align:start position:0% commodity products, it's solid. For anything<00:02:17.760><c> with</c><00:02:18.000><c> a</c><00:02:18.239><c> brand</c><00:02:18.560><c> or</c><00:02:18.959><c> story</c><00:02:19.360><c> angle,</c> 00:02:19.910 --> 00:02:19.920 align:start position:0% anything with a brand or story angle, 00:02:19.920 --> 00:02:21.750 align:start position:0% anything with a brand or story angle, you're<00:02:20.239><c> pricing</c><00:02:20.640><c> below</c><00:02:21.040><c> what</c><00:02:21.280><c> buyers</c><00:02:21.599><c> would</c> 00:02:21.750 --> 00:02:21.760 align:start position:0% you're pricing below what buyers would 00:02:21.760 --> 00:02:24.150 align:start position:0% you're pricing below what buyers would pay.<00:02:22.400><c> Before</c><00:02:22.720><c> you</c><00:02:22.879><c> check</c><00:02:23.200><c> competitor</c><00:02:23.680><c> sites,</c> 00:02:24.150 --> 00:02:24.160 align:start position:0% pay. Before you check competitor sites, 00:02:24.160 --> 00:02:27.350 align:start position:0% pay. Before you check competitor sites, pick<00:02:24.400><c> your</c><00:02:24.560><c> lane.</c><00:02:25.360><c> Cheapest,</c><00:02:26.160><c> mid-market,</c><00:02:27.040><c> or</c> 00:02:27.350 --> 00:02:27.360 align:start position:0% pick your lane. Cheapest, mid-market, or 00:02:27.360 --> 00:02:29.030 align:start position:0% pick your lane. Cheapest, mid-market, or premium.<00:02:28.000><c> Each</c><00:02:28.160><c> of</c><00:02:28.319><c> them</c><00:02:28.480><c> attracts</c><00:02:28.879><c> a</c> 00:02:29.030 --> 00:02:29.040 align:start position:0% premium. Each of them attracts a 00:02:29.040 --> 00:02:31.190 align:start position:0% premium. Each of them attracts a different<00:02:29.280><c> buyer.</c><00:02:29.840><c> Then</c><00:02:30.080><c> price</c><00:02:30.400><c> within</c><00:02:30.720><c> 5</c><00:02:30.959><c> to</c> 00:02:31.190 --> 00:02:31.200 align:start position:0% different buyer. Then price within 5 to 00:02:31.200 --> 00:02:33.589 align:start position:0% different buyer. Then price within 5 to 15%<00:02:31.680><c> of</c><00:02:31.920><c> competitors</c><00:02:32.400><c> in</c><00:02:32.640><c> that</c><00:02:32.800><c> same</c><00:02:33.040><c> tier.</c> 00:02:33.589 --> 00:02:33.599 align:start position:0% 15% of competitors in that same tier. 00:02:33.599 --> 00:02:35.830 align:start position:0% 15% of competitors in that same tier. For<00:02:33.840><c> research,</c><00:02:34.400><c> pricing,</c><00:02:34.879><c> and</c><00:02:35.040><c> competit</c> 00:02:35.830 --> 00:02:35.840 align:start position:0% For research, pricing, and competit 00:02:35.840 --> 00:02:37.830 align:start position:0% For research, pricing, and competit scrape<00:02:36.239><c> competitor</c><00:02:36.720><c> prices</c><00:02:37.120><c> automatically,</c> 00:02:37.830 --> 00:02:37.840 align:start position:0% scrape competitor prices automatically, 00:02:37.840 --> 00:02:39.350 align:start position:0% scrape competitor prices automatically, which<00:02:38.080><c> is</c><00:02:38.239><c> worth</c><00:02:38.400><c> the</c><00:02:38.560><c> spend</c><00:02:38.800><c> for</c><00:02:39.040><c> larger</c> 00:02:39.350 --> 00:02:39.360 align:start position:0% which is worth the spend for larger 00:02:39.360 --> 00:02:42.070 align:start position:0% which is worth the spend for larger cataloges.<00:02:40.160><c> For</c><00:02:40.319><c> a</c><00:02:40.560><c> free</c><00:02:40.879><c> approach,</c><00:02:41.440><c> a</c><00:02:41.680><c> weekly</c> 00:02:42.070 --> 00:02:42.080 align:start position:0% cataloges. For a free approach, a weekly 00:02:42.080 --> 00:02:44.150 align:start position:0% cataloges. For a free approach, a weekly Google<00:02:42.400><c> Sheet</c><00:02:42.640><c> update</c><00:02:43.120><c> covers</c><00:02:43.440><c> most</c><00:02:43.840><c> early</c> 00:02:44.150 --> 00:02:44.160 align:start position:0% Google Sheet update covers most early 00:02:44.160 --> 00:02:46.470 align:start position:0% Google Sheet update covers most early stage<00:02:44.480><c> stores.</c><00:02:45.280><c> And</c><00:02:45.440><c> the</c><00:02:45.680><c> biggest</c><00:02:45.920><c> mistake</c><00:02:46.239><c> to</c> 00:02:46.470 --> 00:02:46.480 align:start position:0% stage stores. And the biggest mistake to 00:02:46.480 --> 00:02:49.110 align:start position:0% stage stores. And the biggest mistake to avoid<00:02:46.879><c> is</c><00:02:47.200><c> racing</c><00:02:47.599><c> to</c><00:02:47.840><c> the</c><00:02:48.000><c> bottom.</c><00:02:48.640><c> Remember,</c> 00:02:49.110 --> 00:02:49.120 align:start position:0% avoid is racing to the bottom. Remember, 00:02:49.120 --> 00:02:51.270 align:start position:0% avoid is racing to the bottom. Remember, cheapest<00:02:49.599><c> only</c><00:02:49.920><c> wins</c><00:02:50.239><c> if</c><00:02:50.480><c> you</c><00:02:50.640><c> have</c><00:02:50.800><c> a</c><00:02:50.959><c> cost</c> 00:02:51.270 --> 00:02:51.280 align:start position:0% cheapest only wins if you have a cost 00:02:51.280 --> 00:02:53.670 align:start position:0% cheapest only wins if you have a cost advantage<00:02:51.840><c> no</c><00:02:52.080><c> one</c><00:02:52.239><c> else</c><00:02:52.480><c> can</c><00:02:52.720><c> match,</c><00:02:53.440><c> and</c> 00:02:53.670 --> 00:02:53.680 align:start position:0% advantage no one else can match, and 00:02:53.680 --> 00:02:55.990 align:start position:0% advantage no one else can match, and most<00:02:54.000><c> small</c><00:02:54.319><c> Shopify</c><00:02:54.879><c> stores</c><00:02:55.200><c> don't.</c> 00:02:55.990 --> 00:02:56.000 align:start position:0% most small Shopify stores don't. 00:02:56.000 --> 00:02:58.150 align:start position:0% most small Shopify stores don't. Psychological<00:02:56.800><c> pricing</c><00:02:57.280><c> comes</c><00:02:57.519><c> down</c><00:02:57.680><c> to</c><00:02:57.840><c> how</c> 00:02:58.150 --> 00:02:58.160 align:start position:0% Psychological pricing comes down to how 00:02:58.160 --> 00:03:00.949 align:start position:0% Psychological pricing comes down to how buyers<00:02:58.560><c> process</c><00:02:59.040><c> numbers.</c><00:02:59.920><c> The</c><00:03:00.160><c> first</c><00:03:00.400><c> method</c> 00:03:00.949 --> 00:03:00.959 align:start position:0% buyers process numbers. The first method 00:03:00.959 --> 00:03:03.350 align:start position:0% buyers process numbers. The first method is<00:03:01.360><c> charm</c><00:03:01.760><c> pricing,</c><00:03:02.480><c> which</c><00:03:02.640><c> is</c><00:03:02.800><c> pricing</c><00:03:03.120><c> an</c> 00:03:03.350 --> 00:03:03.360 align:start position:0% is charm pricing, which is pricing an 00:03:03.360 --> 00:03:05.830 align:start position:0% is charm pricing, which is pricing an item<00:03:03.680><c> at</c><00:03:04.000><c> $19.99</c> 00:03:05.830 --> 00:03:05.840 align:start position:0% item at $19.99 00:03:05.840 --> 00:03:08.710 align:start position:0% item at $19.99 versus<00:03:06.319><c> $20.</c><00:03:07.360><c> Researchers</c><00:03:08.080><c> Anderson</c><00:03:08.560><c> and</c> 00:03:08.710 --> 00:03:08.720 align:start position:0% versus $20. Researchers Anderson and 00:03:08.720 --> 00:03:11.430 align:start position:0% versus $20. Researchers Anderson and Semester<00:03:09.360><c> ran</c><00:03:09.680><c> field</c><00:03:10.000><c> experiments</c><00:03:10.480><c> on</c><00:03:10.879><c> $9</c> 00:03:11.430 --> 00:03:11.440 align:start position:0% Semester ran field experiments on $9 00:03:11.440 --> 00:03:13.430 align:start position:0% Semester ran field experiments on $9 price<00:03:11.680><c> endings</c><00:03:12.319><c> and</c><00:03:12.560><c> found</c><00:03:12.720><c> that</c><00:03:12.959><c> in</c><00:03:13.200><c> one</c> 00:03:13.430 --> 00:03:13.440 align:start position:0% price endings and found that in one 00:03:13.440 --> 00:03:16.790 align:start position:0% price endings and found that in one test,<00:03:14.080><c> women's</c><00:03:14.560><c> clothing</c><00:03:15.120><c> priced</c><00:03:15.440><c> at</c><00:03:15.760><c> $39</c> 00:03:16.790 --> 00:03:16.800 align:start position:0% test, women's clothing priced at $39 00:03:16.800 --> 00:03:21.270 align:start position:0% test, women's clothing priced at $39 outperform<00:03:17.440><c> the</c><00:03:17.680><c> same</c><00:03:17.840><c> item</c><00:03:18.239><c> at</c><00:03:18.640><c> $34</c><00:03:19.680><c> by</c><00:03:20.159><c> 24%.</c> 00:03:21.270 --> 00:03:21.280 align:start position:0% outperform the same item at $34 by 24%. 00:03:21.280 --> 00:03:23.430 align:start position:0% outperform the same item at $34 by 24%. Even<00:03:21.519><c> at</c><00:03:21.680><c> the</c><00:03:21.840><c> higher</c><00:03:22.159><c> price,</c><00:03:22.720><c> your</c><00:03:23.040><c> brain</c> 00:03:23.430 --> 00:03:23.440 align:start position:0% Even at the higher price, your brain 00:03:23.440 --> 00:03:27.110 align:start position:0% Even at the higher price, your brain reads<00:03:23.760><c> the</c><00:03:23.920><c> leftmost</c><00:03:24.400><c> digit</c><00:03:24.879><c> first.</c><00:03:25.680><c> $19.99</c> 00:03:27.110 --> 00:03:27.120 align:start position:0% reads the leftmost digit first. $19.99 00:03:27.120 --> 00:03:30.390 align:start position:0% reads the leftmost digit first. $19.99 registers<00:03:27.680><c> as</c><00:03:28.319><c> 19</c><00:03:28.640><c> something.</c><00:03:29.440><c> So,</c><00:03:29.760><c> use</c><00:03:30.080><c> charm</c> 00:03:30.390 --> 00:03:30.400 align:start position:0% registers as 19 something. So, use charm 00:03:30.400 --> 00:03:33.430 align:start position:0% registers as 19 something. So, use charm pricing<00:03:30.720><c> for</c><00:03:30.879><c> items</c><00:03:31.360><c> under</c><00:03:31.760><c> $50.</c><00:03:32.879><c> Prestige</c> 00:03:33.430 --> 00:03:33.440 align:start position:0% pricing for items under $50. Prestige 00:03:33.440 --> 00:03:36.149 align:start position:0% pricing for items under $50. Prestige pricing<00:03:33.840><c> flips</c><00:03:34.159><c> that</c><00:03:34.400><c> logic.</c><00:03:35.120><c> On</c><00:03:35.280><c> a</c><00:03:35.519><c> $500</c> 00:03:36.149 --> 00:03:36.159 align:start position:0% pricing flips that logic. On a $500 00:03:36.159 --> 00:03:39.830 align:start position:0% pricing flips that logic. On a $500 cashmere<00:03:36.720><c> sweater,</c><00:03:37.519><c> $499.99</c> 00:03:39.830 --> 00:03:39.840 align:start position:0% cashmere sweater, $499.99 00:03:39.840 --> 00:03:41.910 align:start position:0% cashmere sweater, $499.99 makes<00:03:40.080><c> it</c><00:03:40.319><c> feel</c><00:03:40.480><c> like</c><00:03:40.799><c> clearance.</c><00:03:41.599><c> Round</c> 00:03:41.910 --> 00:03:41.920 align:start position:0% makes it feel like clearance. Round 00:03:41.920 --> 00:03:45.509 align:start position:0% makes it feel like clearance. Round numbers<00:03:42.319><c> like</c><00:03:42.640><c> $200,</c><00:03:43.599><c> $500,</c><00:03:44.239><c> or</c><00:03:44.480><c> $1,000</c> 00:03:45.509 --> 00:03:45.519 align:start position:0% numbers like $200, $500, or $1,000 00:03:45.519 --> 00:03:48.309 align:start position:0% numbers like $200, $500, or $1,000 signal<00:03:46.000><c> intention.</c><00:03:47.120><c> Use</c><00:03:47.360><c> them</c><00:03:47.680><c> for</c><00:03:47.920><c> premium</c> 00:03:48.309 --> 00:03:48.319 align:start position:0% signal intention. Use them for premium 00:03:48.319 --> 00:03:51.190 align:start position:0% signal intention. Use them for premium or<00:03:48.560><c> luxury</c><00:03:48.959><c> items.</c><00:03:49.760><c> Price</c><00:03:50.000><c> anchoring</c><00:03:50.560><c> shows</c><00:03:50.879><c> a</c> 00:03:51.190 --> 00:03:51.200 align:start position:0% or luxury items. Price anchoring shows a 00:03:51.200 --> 00:03:53.270 align:start position:0% or luxury items. Price anchoring shows a higher<00:03:51.599><c> compare</c><00:03:52.080><c> at</c><00:03:52.319><c> price</c><00:03:52.720><c> next</c><00:03:52.959><c> to</c><00:03:53.040><c> your</c> 00:03:53.270 --> 00:03:53.280 align:start position:0% higher compare at price next to your 00:03:53.280 --> 00:03:55.030 align:start position:0% higher compare at price next to your actual<00:03:53.680><c> price,</c><00:03:54.000><c> and</c><00:03:54.239><c> yours</c><00:03:54.560><c> looks</c><00:03:54.720><c> like</c><00:03:54.879><c> a</c> 00:03:55.030 --> 00:03:55.040 align:start position:0% actual price, and yours looks like a 00:03:55.040 --> 00:03:57.190 align:start position:0% actual price, and yours looks like a deal<00:03:55.280><c> as</c><00:03:55.440><c> a</c><00:03:55.599><c> result.</c><00:03:56.159><c> Shopify</c><00:03:56.799><c> has</c><00:03:56.959><c> this</c> 00:03:57.190 --> 00:03:57.200 align:start position:0% deal as a result. Shopify has this 00:03:57.200 --> 00:03:59.509 align:start position:0% deal as a result. Shopify has this built-in,<00:03:57.680><c> but</c><00:03:58.000><c> most</c><00:03:58.239><c> stores</c><00:03:58.560><c> never</c><00:03:58.799><c> set</c><00:03:59.040><c> it.</c> 00:03:59.509 --> 00:03:59.519 align:start position:0% built-in, but most stores never set it. 00:03:59.519 --> 00:04:01.670 align:start position:0% built-in, but most stores never set it. Here's<00:03:59.840><c> how</c><00:03:59.920><c> to</c><00:04:00.080><c> set</c><00:04:00.239><c> it</c><00:04:00.400><c> up.</c><00:04:00.799><c> In</c><00:04:01.040><c> your</c><00:04:01.200><c> Shopify</c> 00:04:01.670 --> 00:04:01.680 align:start position:0% Here's how to set it up. In your Shopify 00:04:01.680 --> 00:04:03.350 align:start position:0% Here's how to set it up. In your Shopify admin,<00:04:02.239><c> open</c><00:04:02.480><c> the</c><00:04:02.640><c> product</c><00:04:02.879><c> you</c><00:04:03.120><c> want</c><00:04:03.200><c> to</c> 00:04:03.350 --> 00:04:03.360 align:start position:0% admin, open the product you want to 00:04:03.360 --> 00:04:05.589 align:start position:0% admin, open the product you want to edit.<00:04:04.000><c> Under</c><00:04:04.319><c> the</c><00:04:04.480><c> description,</c><00:04:05.120><c> set</c><00:04:05.360><c> your</c> 00:04:05.589 --> 00:04:05.599 align:start position:0% edit. Under the description, set your 00:04:05.599 --> 00:04:07.990 align:start position:0% edit. Under the description, set your price.<00:04:06.000><c> That's</c><00:04:06.239><c> what</c><00:04:06.480><c> customers</c><00:04:06.959><c> pay.</c><00:04:07.680><c> Right</c> 00:04:07.990 --> 00:04:08.000 align:start position:0% price. That's what customers pay. Right 00:04:08.000 --> 00:04:10.630 align:start position:0% price. That's what customers pay. Right below,<00:04:08.560><c> fill</c><00:04:08.799><c> in</c><00:04:09.040><c> compare</c><00:04:09.439><c> at</c><00:04:09.680><c> price.</c><00:04:10.400><c> That's</c> 00:04:10.630 --> 00:04:10.640 align:start position:0% below, fill in compare at price. That's 00:04:10.640 --> 00:04:12.229 align:start position:0% below, fill in compare at price. That's the<00:04:10.879><c> strikethrough</c><00:04:11.439><c> number</c><00:04:11.680><c> they'll</c><00:04:12.000><c> see</c> 00:04:12.229 --> 00:04:12.239 align:start position:0% the strikethrough number they'll see 00:04:12.239 --> 00:04:15.190 align:start position:0% the strikethrough number they'll see next<00:04:12.480><c> to</c><00:04:12.640><c> it.</c><00:04:13.280><c> Further</c><00:04:13.760><c> down</c><00:04:14.159><c> is</c><00:04:14.480><c> cost,</c> 00:04:15.190 --> 00:04:15.200 align:start position:0% next to it. Further down is cost, 00:04:15.200 --> 00:04:17.749 align:start position:0% next to it. Further down is cost, profit,<00:04:15.680><c> and</c><00:04:16.000><c> margin.</c><00:04:16.799><c> Only</c><00:04:17.120><c> you</c><00:04:17.359><c> see</c><00:04:17.519><c> this</c> 00:04:17.749 --> 00:04:17.759 align:start position:0% profit, and margin. Only you see this 00:04:17.759 --> 00:04:20.069 align:start position:0% profit, and margin. Only you see this section.<00:04:18.720><c> Fill</c><00:04:18.959><c> in</c><00:04:19.120><c> your</c><00:04:19.280><c> cost</c><00:04:19.600><c> the</c><00:04:19.759><c> way</c><00:04:19.919><c> we</c> 00:04:20.069 --> 00:04:20.079 align:start position:0% section. Fill in your cost the way we 00:04:20.079 --> 00:04:22.069 align:start position:0% section. Fill in your cost the way we covered<00:04:20.239><c> in</c><00:04:20.479><c> chapter</c><00:04:20.720><c> 1,</c><00:04:21.199><c> and</c><00:04:21.440><c> Shopify</c> 00:04:22.069 --> 00:04:22.079 align:start position:0% covered in chapter 1, and Shopify 00:04:22.079 --> 00:04:24.469 align:start position:0% covered in chapter 1, and Shopify calculates<00:04:22.479><c> your</c><00:04:22.720><c> margin</c><00:04:23.120><c> live.</c><00:04:23.840><c> Hit</c><00:04:24.160><c> save,</c> 00:04:24.469 --> 00:04:24.479 align:start position:0% calculates your margin live. Hit save, 00:04:24.479 --> 00:04:26.550 align:start position:0% calculates your margin live. Hit save, and<00:04:24.720><c> you're</c><00:04:24.960><c> done.</c><00:04:25.600><c> Quantity</c><00:04:26.080><c> framing</c> 00:04:26.550 --> 00:04:26.560 align:start position:0% and you're done. Quantity framing 00:04:26.560 --> 00:04:28.870 align:start position:0% and you're done. Quantity framing follows<00:04:26.880><c> Jonah</c><00:04:27.360><c> Berger's</c><00:04:27.840><c> rule</c><00:04:28.080><c> of</c><00:04:28.320><c> 100.</c> 00:04:28.870 --> 00:04:28.880 align:start position:0% follows Jonah Berger's rule of 100. 00:04:28.880 --> 00:04:31.189 align:start position:0% follows Jonah Berger's rule of 100. Above<00:04:29.360><c> $100,</c><00:04:30.000><c> dollars</c><00:04:30.400><c> look</c><00:04:30.639><c> bigger</c><00:04:30.960><c> than</c> 00:04:31.189 --> 00:04:31.199 align:start position:0% Above $100, dollars look bigger than 00:04:31.199 --> 00:04:34.629 align:start position:0% Above $100, dollars look bigger than percentages.<00:04:32.000><c> On</c><00:04:32.240><c> a</c><00:04:32.479><c> $200</c><00:04:33.040><c> item,</c><00:04:33.680><c> save</c><00:04:34.160><c> 20</c> 00:04:34.629 --> 00:04:34.639 align:start position:0% percentages. On a $200 item, save 20 00:04:34.639 --> 00:04:36.870 align:start position:0% percentages. On a $200 item, save 20 outperforms<00:04:35.360><c> 10%</c><00:04:35.840><c> off,</c><00:04:36.160><c> even</c><00:04:36.400><c> when</c><00:04:36.479><c> the</c><00:04:36.639><c> math</c> 00:04:36.870 --> 00:04:36.880 align:start position:0% outperforms 10% off, even when the math 00:04:36.880 --> 00:04:40.790 align:start position:0% outperforms 10% off, even when the math is<00:04:37.120><c> identical.</c><00:04:37.919><c> Below</c><00:04:38.479><c> $100,</c><00:04:39.440><c> flip</c><00:04:39.759><c> it.</c><00:04:40.320><c> 20%</c> 00:04:40.790 --> 00:04:40.800 align:start position:0% is identical. Below $100, flip it. 20% 00:04:40.800 --> 00:04:44.469 align:start position:0% is identical. Below $100, flip it. 20% off<00:04:41.120><c> beats</c><00:04:41.520><c> save</c><00:04:41.919><c> $4</c><00:04:42.400><c> on</c><00:04:42.639><c> a</c><00:04:42.960><c> $20</c><00:04:43.440><c> product.</c><00:04:44.320><c> You</c> 00:04:44.469 --> 00:04:44.479 align:start position:0% off beats save $4 on a $20 product. You 00:04:44.479 --> 00:04:46.550 align:start position:0% off beats save $4 on a $20 product. You know<00:04:44.560><c> what</c><00:04:44.720><c> I</c><00:04:44.880><c> mean?</c><00:04:45.280><c> If</c><00:04:45.520><c> you</c><00:04:45.680><c> are</c><00:04:45.680><c> on</c><00:04:45.919><c> Shopify,</c> 00:04:46.550 --> 00:04:46.560 align:start position:0% know what I mean? If you are on Shopify, 00:04:46.560 --> 00:04:48.310 align:start position:0% know what I mean? If you are on Shopify, there<00:04:46.720><c> are</c><00:04:46.880><c> four</c><00:04:47.120><c> native</c><00:04:47.520><c> pricing</c><00:04:47.840><c> tools</c><00:04:48.160><c> you</c> 00:04:48.310 --> 00:04:48.320 align:start position:0% there are four native pricing tools you 00:04:48.320 --> 00:04:50.070 align:start position:0% there are four native pricing tools you need<00:04:48.479><c> to</c><00:04:48.639><c> be</c><00:04:48.720><c> familiar</c><00:04:49.040><c> with.</c><00:04:49.680><c> We</c><00:04:49.840><c> covered</c> 00:04:50.070 --> 00:04:50.080 align:start position:0% need to be familiar with. We covered 00:04:50.080 --> 00:04:51.830 align:start position:0% need to be familiar with. We covered this<00:04:50.240><c> quickly</c><00:04:50.560><c> in</c><00:04:50.720><c> the</c><00:04:50.880><c> previous</c><00:04:51.120><c> section.</c> 00:04:51.830 --> 00:04:51.840 align:start position:0% this quickly in the previous section. 00:04:51.840 --> 00:04:54.469 align:start position:0% this quickly in the previous section. cost<00:04:52.160><c> per</c><00:04:52.400><c> item,</c><00:04:53.040><c> pretty</c><00:04:53.280><c> self-explanatory,</c> 00:04:54.469 --> 00:04:54.479 align:start position:0% cost per item, pretty self-explanatory, 00:04:54.479 --> 00:04:56.550 align:start position:0% cost per item, pretty self-explanatory, and<00:04:54.800><c> compare</c><00:04:55.120><c> at</c><00:04:55.440><c> price,</c><00:04:55.840><c> the</c><00:04:56.000><c> feature</c><00:04:56.320><c> where</c> 00:04:56.550 --> 00:04:56.560 align:start position:0% and compare at price, the feature where 00:04:56.560 --> 00:04:58.310 align:start position:0% and compare at price, the feature where your<00:04:56.800><c> product</c><00:04:57.040><c> page</c><00:04:57.360><c> auto</c><00:04:57.759><c> displays</c><00:04:58.160><c> the</c> 00:04:58.310 --> 00:04:58.320 align:start position:0% your product page auto displays the 00:04:58.320 --> 00:05:00.070 align:start position:0% your product page auto displays the striketh<00:04:58.720><c> through</c><00:04:58.960><c> on</c><00:04:59.120><c> your</c><00:04:59.280><c> storefront.</c> 00:05:00.070 --> 00:05:00.080 align:start position:0% striketh through on your storefront. 00:05:00.080 --> 00:05:02.390 align:start position:0% striketh through on your storefront. That's<00:05:00.400><c> free</c><00:05:00.720><c> and</c><00:05:00.960><c> easy</c><00:05:01.199><c> anchoring.</c><00:05:02.160><c> But</c> 00:05:02.390 --> 00:05:02.400 align:start position:0% That's free and easy anchoring. But 00:05:02.400 --> 00:05:04.550 align:start position:0% That's free and easy anchoring. But there<00:05:02.560><c> is</c><00:05:02.720><c> also</c><00:05:03.040><c> Shopify</c><00:05:03.680><c> Markets,</c><00:05:04.320><c> the</c> 00:05:04.550 --> 00:05:04.560 align:start position:0% there is also Shopify Markets, the 00:05:04.560 --> 00:05:06.230 align:start position:0% there is also Shopify Markets, the feature<00:05:04.800><c> that</c><00:05:05.040><c> lets</c><00:05:05.280><c> you</c><00:05:05.520><c> set</c><00:05:05.840><c> country</c> 00:05:06.230 --> 00:05:06.240 align:start position:0% feature that lets you set country 00:05:06.240 --> 00:05:08.550 align:start position:0% feature that lets you set country specific<00:05:06.639><c> prices</c><00:05:06.960><c> in</c><00:05:07.280><c> local</c><00:05:07.600><c> currencies</c><00:05:08.240><c> and</c> 00:05:08.550 --> 00:05:08.560 align:start position:0% specific prices in local currencies and 00:05:08.560 --> 00:05:10.310 align:start position:0% specific prices in local currencies and charge<00:05:08.880><c> more</c><00:05:09.199><c> where</c><00:05:09.440><c> your</c><00:05:09.680><c> product</c><00:05:10.000><c> commands</c> 00:05:10.310 --> 00:05:10.320 align:start position:0% charge more where your product commands 00:05:10.320 --> 00:05:12.469 align:start position:0% charge more where your product commands a<00:05:10.560><c> premium,</c><00:05:11.199><c> less</c><00:05:11.520><c> in</c><00:05:11.759><c> lower</c><00:05:12.080><c> purchasing</c> 00:05:12.469 --> 00:05:12.479 align:start position:0% a premium, less in lower purchasing 00:05:12.479 --> 00:05:15.189 align:start position:0% a premium, less in lower purchasing power<00:05:12.800><c> regions.</c><00:05:13.520><c> And</c><00:05:13.759><c> Shopify</c><00:05:14.400><c> functions,</c><00:05:14.960><c> a</c> 00:05:15.189 --> 00:05:15.199 align:start position:0% power regions. And Shopify functions, a 00:05:15.199 --> 00:05:16.629 align:start position:0% power regions. And Shopify functions, a pricing<00:05:15.520><c> feature</c><00:05:15.840><c> that</c><00:05:16.000><c> lets</c><00:05:16.240><c> you</c><00:05:16.400><c> build</c> 00:05:16.629 --> 00:05:16.639 align:start position:0% pricing feature that lets you build 00:05:16.639 --> 00:05:18.790 align:start position:0% pricing feature that lets you build custom<00:05:17.039><c> pricing</c><00:05:17.440><c> logic</c><00:05:18.080><c> directly</c><00:05:18.479><c> into</c> 00:05:18.790 --> 00:05:18.800 align:start position:0% custom pricing logic directly into 00:05:18.800 --> 00:05:21.189 align:start position:0% custom pricing logic directly into checkout.<00:05:19.520><c> Let</c><00:05:19.759><c> me</c><00:05:19.840><c> explain.</c><00:05:20.639><c> Shopify</c> 00:05:21.189 --> 00:05:21.199 align:start position:0% checkout. Let me explain. Shopify 00:05:21.199 --> 00:05:22.710 align:start position:0% checkout. Let me explain. Shopify markets<00:05:21.600><c> is</c><00:05:21.759><c> where</c><00:05:21.919><c> you</c><00:05:22.080><c> set</c><00:05:22.320><c> country</c> 00:05:22.710 --> 00:05:22.720 align:start position:0% markets is where you set country 00:05:22.720 --> 00:05:25.189 align:start position:0% markets is where you set country specific<00:05:23.199><c> pricing.</c><00:05:23.919><c> In</c><00:05:24.080><c> your</c><00:05:24.240><c> admin,</c><00:05:24.800><c> go</c><00:05:25.039><c> to</c> 00:05:25.189 --> 00:05:25.199 align:start position:0% specific pricing. In your admin, go to 00:05:25.199 --> 00:05:27.350 align:start position:0% specific pricing. In your admin, go to markets.<00:05:25.840><c> You'll</c><00:05:26.160><c> see</c><00:05:26.240><c> your</c><00:05:26.479><c> primary</c><00:05:26.960><c> market</c> 00:05:27.350 --> 00:05:27.360 align:start position:0% markets. You'll see your primary market 00:05:27.360 --> 00:05:29.909 align:start position:0% markets. You'll see your primary market plus<00:05:27.759><c> any</c><00:05:28.000><c> others</c><00:05:28.320><c> you've</c><00:05:28.560><c> added.</c><00:05:29.360><c> Click</c> 00:05:29.909 --> 00:05:29.919 align:start position:0% plus any others you've added. Click 00:05:29.919 --> 00:05:31.909 align:start position:0% plus any others you've added. Click create<00:05:30.320><c> market</c><00:05:30.800><c> and</c><00:05:31.120><c> pick</c><00:05:31.280><c> the</c><00:05:31.440><c> countries</c><00:05:31.759><c> you</c> 00:05:31.909 --> 00:05:31.919 align:start position:0% create market and pick the countries you 00:05:31.919 --> 00:05:34.070 align:start position:0% create market and pick the countries you want<00:05:32.000><c> to</c><00:05:32.160><c> target.</c><00:05:32.880><c> From</c><00:05:33.120><c> there,</c><00:05:33.520><c> you</c><00:05:33.840><c> choose</c> 00:05:34.070 --> 00:05:34.080 align:start position:0% want to target. From there, you choose 00:05:34.080 --> 00:05:36.629 align:start position:0% want to target. From there, you choose how<00:05:34.240><c> to</c><00:05:34.479><c> price.</c><00:05:35.199><c> Either</c><00:05:35.520><c> let</c><00:05:35.759><c> Shopify</c><00:05:36.320><c> autocon</c> 00:05:36.629 --> 00:05:36.639 align:start position:0% how to price. Either let Shopify autocon 00:05:36.639 --> 00:05:38.629 align:start position:0% how to price. Either let Shopify autocon convert<00:05:36.960><c> at</c><00:05:37.199><c> live</c><00:05:37.520><c> exchange</c><00:05:37.919><c> rates</c><00:05:38.240><c> via</c> 00:05:38.629 --> 00:05:38.639 align:start position:0% convert at live exchange rates via 00:05:38.639 --> 00:05:40.790 align:start position:0% convert at live exchange rates via dynamic<00:05:39.120><c> exchange</c><00:05:39.520><c> rate</c><00:05:40.160><c> or</c><00:05:40.400><c> set</c><00:05:40.639><c> a</c> 00:05:40.790 --> 00:05:40.800 align:start position:0% dynamic exchange rate or set a 00:05:40.800 --> 00:05:42.629 align:start position:0% dynamic exchange rate or set a percentage<00:05:41.199><c> adjustment</c><00:05:41.759><c> manually</c><00:05:42.320><c> by</c> 00:05:42.629 --> 00:05:42.639 align:start position:0% percentage adjustment manually by 00:05:42.639 --> 00:05:44.790 align:start position:0% percentage adjustment manually by clicking<00:05:42.960><c> on</c><00:05:43.199><c> manual.</c><00:05:44.080><c> If</c><00:05:44.240><c> you</c><00:05:44.320><c> want</c><00:05:44.479><c> to</c><00:05:44.560><c> set</c> 00:05:44.790 --> 00:05:44.800 align:start position:0% clicking on manual. If you want to set 00:05:44.800 --> 00:05:47.189 align:start position:0% clicking on manual. If you want to set dynamic<00:05:45.280><c> pricing</c><00:05:45.919><c> under</c><00:05:46.240><c> markets,</c><00:05:46.720><c> open</c><00:05:47.039><c> the</c> 00:05:47.189 --> 00:05:47.199 align:start position:0% dynamic pricing under markets, open the 00:05:47.199 --> 00:05:49.110 align:start position:0% dynamic pricing under markets, open the market<00:05:47.440><c> you</c><00:05:47.680><c> want</c><00:05:47.759><c> to</c><00:05:47.919><c> mark</c><00:05:48.160><c> up.</c><00:05:48.639><c> example,</c> 00:05:49.110 --> 00:05:49.120 align:start position:0% market you want to mark up. example, 00:05:49.120 --> 00:05:51.909 align:start position:0% market you want to mark up. example, Albania.<00:05:50.320><c> Create</c><00:05:50.560><c> or</c><00:05:50.880><c> edit</c><00:05:51.120><c> a</c><00:05:51.280><c> catalog</c><00:05:51.759><c> for</c> 00:05:51.909 --> 00:05:51.919 align:start position:0% Albania. Create or edit a catalog for 00:05:51.919 --> 00:05:54.070 align:start position:0% Albania. Create or edit a catalog for that<00:05:52.160><c> market</c><00:05:52.639><c> by</c><00:05:52.880><c> clicking</c><00:05:53.199><c> the</c><00:05:53.440><c> little</c><00:05:53.680><c> plus</c> 00:05:54.070 --> 00:05:54.080 align:start position:0% that market by clicking the little plus 00:05:54.080 --> 00:05:56.790 align:start position:0% that market by clicking the little plus icon<00:05:54.400><c> on</c><00:05:54.560><c> the</c><00:05:54.720><c> right.</c><00:05:55.360><c> Once</c><00:05:55.680><c> this</c><00:05:55.840><c> page</c><00:05:56.160><c> opens,</c> 00:05:56.790 --> 00:05:56.800 align:start position:0% icon on the right. Once this page opens, 00:05:56.800 --> 00:05:58.710 align:start position:0% icon on the right. Once this page opens, under<00:05:57.120><c> price</c><00:05:57.440><c> adjustment,</c><00:05:57.919><c> you</c><00:05:58.160><c> can</c><00:05:58.240><c> set</c><00:05:58.479><c> the</c> 00:05:58.710 --> 00:05:58.720 align:start position:0% under price adjustment, you can set the 00:05:58.720 --> 00:06:01.270 align:start position:0% under price adjustment, you can set the percentage<00:05:59.199><c> price</c><00:05:59.680><c> increase</c><00:06:00.000><c> or</c><00:06:00.320><c> decrease.</c> 00:06:01.270 --> 00:06:01.280 align:start position:0% percentage price increase or decrease. 00:06:01.280 --> 00:06:03.990 align:start position:0% percentage price increase or decrease. For<00:06:01.440><c> example,</c><00:06:02.080><c> a</c><00:06:02.400><c> 20%</c><00:06:02.960><c> decrease</c><00:06:03.440><c> for</c><00:06:03.759><c> all</c> 00:06:03.990 --> 00:06:04.000 align:start position:0% For example, a 20% decrease for all 00:06:04.000 --> 00:06:06.390 align:start position:0% For example, a 20% decrease for all Albanian<00:06:04.639><c> buyers.</c><00:06:05.280><c> Here,</c><00:06:05.520><c> you</c><00:06:05.759><c> can</c><00:06:05.840><c> charge</c><00:06:06.080><c> a</c> 00:06:06.390 --> 00:06:06.400 align:start position:0% Albanian buyers. Here, you can charge a 00:06:06.400 --> 00:06:08.870 align:start position:0% Albanian buyers. Here, you can charge a 15%<00:06:07.120><c> increase</c><00:06:07.360><c> in</c><00:06:07.680><c> countries</c><00:06:08.080><c> if</c><00:06:08.319><c> your</c><00:06:08.560><c> brand</c> 00:06:08.870 --> 00:06:08.880 align:start position:0% 15% increase in countries if your brand 00:06:08.880 --> 00:06:11.749 align:start position:0% 15% increase in countries if your brand commands<00:06:09.280><c> a</c><00:06:09.520><c> premium</c><00:06:10.080><c> or</c><00:06:10.479><c> a</c><00:06:10.720><c> minus</c><00:06:11.039><c> 10%</c><00:06:11.520><c> in</c> 00:06:11.749 --> 00:06:11.759 align:start position:0% commands a premium or a minus 10% in 00:06:11.759 --> 00:06:14.150 align:start position:0% commands a premium or a minus 10% in regions<00:06:12.160><c> with</c><00:06:12.560><c> lower</c><00:06:12.960><c> purchasing</c><00:06:13.360><c> power.</c><00:06:14.000><c> You</c> 00:06:14.150 --> 00:06:14.160 align:start position:0% regions with lower purchasing power. You 00:06:14.160 --> 00:06:15.670 align:start position:0% regions with lower purchasing power. You can<00:06:14.240><c> also</c><00:06:14.479><c> control</c><00:06:14.880><c> which</c><00:06:15.199><c> products</c><00:06:15.520><c> are</c> 00:06:15.670 --> 00:06:15.680 align:start position:0% can also control which products are 00:06:15.680 --> 00:06:17.990 align:start position:0% can also control which products are available<00:06:16.000><c> in</c><00:06:16.240><c> each</c><00:06:16.479><c> market.</c><00:06:16.960><c> Customers</c><00:06:17.759><c> see</c> 00:06:17.990 --> 00:06:18.000 align:start position:0% available in each market. Customers see 00:06:18.000 --> 00:06:19.670 align:start position:0% available in each market. Customers see prices<00:06:18.319><c> in</c><00:06:18.560><c> their</c><00:06:18.800><c> local</c><00:06:19.039><c> currency</c><00:06:19.440><c> at</c> 00:06:19.670 --> 00:06:19.680 align:start position:0% prices in their local currency at 00:06:19.680 --> 00:06:21.830 align:start position:0% prices in their local currency at checkout.<00:06:20.400><c> Remember</c><00:06:20.639><c> that</c><00:06:21.039><c> customizing</c> 00:06:21.830 --> 00:06:21.840 align:start position:0% checkout. Remember that customizing 00:06:21.840 --> 00:06:24.070 align:start position:0% checkout. Remember that customizing checkout<00:06:22.240><c> and</c><00:06:22.560><c> accounts</c><00:06:22.880><c> pages</c><00:06:23.280><c> for</c><00:06:23.600><c> specific</c> 00:06:24.070 --> 00:06:24.080 align:start position:0% checkout and accounts pages for specific 00:06:24.080 --> 00:06:26.469 align:start position:0% checkout and accounts pages for specific markets<00:06:24.720><c> is</c><00:06:25.039><c> available</c><00:06:25.440><c> only</c><00:06:25.759><c> to</c><00:06:26.000><c> stores</c><00:06:26.240><c> on</c> 00:06:26.469 --> 00:06:26.479 align:start position:0% markets is available only to stores on 00:06:26.479 --> 00:06:28.629 align:start position:0% markets is available only to stores on the<00:06:26.639><c> advanced</c><00:06:27.120><c> or</c><00:06:27.360><c> plus</c><00:06:27.680><c> plan.</c><00:06:28.240><c> If</c><00:06:28.479><c> you're</c> 00:06:28.629 --> 00:06:28.639 align:start position:0% the advanced or plus plan. If you're 00:06:28.639 --> 00:06:30.790 align:start position:0% the advanced or plus plan. If you're unsure<00:06:29.039><c> if</c><00:06:29.199><c> your</c><00:06:29.440><c> store</c><00:06:29.759><c> has</c><00:06:30.000><c> this</c><00:06:30.240><c> feature,</c> 00:06:30.790 --> 00:06:30.800 align:start position:0% unsure if your store has this feature, 00:06:30.800 --> 00:06:32.710 align:start position:0% unsure if your store has this feature, you<00:06:30.960><c> can</c><00:06:31.120><c> always</c><00:06:31.360><c> ask</c><00:06:31.680><c> Shopify</c><00:06:32.160><c> sidekick</c> 00:06:32.710 --> 00:06:32.720 align:start position:0% you can always ask Shopify sidekick 00:06:32.720 --> 00:06:35.350 align:start position:0% you can always ask Shopify sidekick inside<00:06:32.960><c> your</c><00:06:33.199><c> admin.</c><00:06:34.080><c> Shopify</c><00:06:34.639><c> functions</c><00:06:35.120><c> is</c> 00:06:35.350 --> 00:06:35.360 align:start position:0% inside your admin. Shopify functions is 00:06:35.360 --> 00:06:37.110 align:start position:0% inside your admin. Shopify functions is where<00:06:35.520><c> you</c><00:06:35.680><c> build</c><00:06:36.000><c> custom</c><00:06:36.400><c> pricing</c><00:06:36.800><c> logic</c> 00:06:37.110 --> 00:06:37.120 align:start position:0% where you build custom pricing logic 00:06:37.120 --> 00:06:39.510 align:start position:0% where you build custom pricing logic that<00:06:37.360><c> runs</c><00:06:37.680><c> directly</c><00:06:38.080><c> at</c><00:06:38.319><c> checkout.</c><00:06:39.120><c> Think</c> 00:06:39.510 --> 00:06:39.520 align:start position:0% that runs directly at checkout. Think 00:06:39.520 --> 00:06:42.870 align:start position:0% that runs directly at checkout. Think volume<00:06:40.000><c> discounts</c><00:06:40.560><c> like</c><00:06:41.120><c> buy</c><00:06:41.520><c> five</c><00:06:42.000><c> get</c><00:06:42.319><c> 15%</c> 00:06:42.870 --> 00:06:42.880 align:start position:0% volume discounts like buy five get 15% 00:06:42.880 --> 00:06:45.510 align:start position:0% volume discounts like buy five get 15% off.<00:06:43.520><c> Member</c><00:06:43.919><c> only</c><00:06:44.160><c> pricing</c><00:06:44.560><c> for</c><00:06:44.880><c> loggedin</c> 00:06:45.510 --> 00:06:45.520 align:start position:0% off. Member only pricing for loggedin 00:06:45.520 --> 00:06:47.670 align:start position:0% off. Member only pricing for loggedin customers,<00:06:46.240><c> dynamic</c><00:06:46.720><c> bundles</c><00:06:47.120><c> that</c><00:06:47.360><c> auto</c> 00:06:47.670 --> 00:06:47.680 align:start position:0% customers, dynamic bundles that auto 00:06:47.680 --> 00:06:49.510 align:start position:0% customers, dynamic bundles that auto apply<00:06:48.000><c> when</c><00:06:48.240><c> specific</c><00:06:48.639><c> items</c><00:06:49.039><c> land</c><00:06:49.199><c> in</c><00:06:49.360><c> the</c> 00:06:49.510 --> 00:06:49.520 align:start position:0% apply when specific items land in the 00:06:49.520 --> 00:06:51.830 align:start position:0% apply when specific items land in the cart,<00:06:50.080><c> or</c><00:06:50.319><c> tiered</c><00:06:50.800><c> pricing</c><00:06:51.280><c> by</c><00:06:51.520><c> spend</c> 00:06:51.830 --> 00:06:51.840 align:start position:0% cart, or tiered pricing by spend 00:06:51.840 --> 00:06:54.550 align:start position:0% cart, or tiered pricing by spend threshold.<00:06:52.479><c> To</c><00:06:52.720><c> set</c><00:06:52.880><c> it</c><00:06:53.039><c> up,</c><00:06:53.440><c> go</c><00:06:53.680><c> to</c><00:06:53.840><c> settings,</c> 00:06:54.550 --> 00:06:54.560 align:start position:0% threshold. To set it up, go to settings, 00:06:54.560 --> 00:06:56.870 align:start position:0% threshold. To set it up, go to settings, then<00:06:54.880><c> apps</c><00:06:55.280><c> and</c><00:06:55.520><c> sales</c><00:06:55.919><c> channels.</c><00:06:56.639><c> From</c> 00:06:56.870 --> 00:06:56.880 align:start position:0% then apps and sales channels. From 00:06:56.880 --> 00:06:59.749 align:start position:0% then apps and sales channels. From there,<00:06:57.520><c> install</c><00:06:58.000><c> a</c><00:06:58.319><c> functionsbased</c><00:06:59.280><c> discount</c> 00:06:59.749 --> 00:06:59.759 align:start position:0% there, install a functionsbased discount 00:06:59.759 --> 00:07:02.469 align:start position:0% there, install a functionsbased discount or<00:07:00.080><c> bundle</c><00:07:00.479><c> app</c><00:07:00.800><c> from</c><00:07:00.960><c> the</c><00:07:01.120><c> Shopify</c><00:07:01.599><c> app</c><00:07:01.919><c> store</c> 00:07:02.469 --> 00:07:02.479 align:start position:0% or bundle app from the Shopify app store 00:07:02.479 --> 00:07:04.390 align:start position:0% or bundle app from the Shopify app store or<00:07:02.720><c> have</c><00:07:02.880><c> a</c><00:07:03.120><c> developer</c><00:07:03.520><c> write</c><00:07:03.759><c> the</c><00:07:03.919><c> logic</c><00:07:04.240><c> for</c> 00:07:04.390 --> 00:07:04.400 align:start position:0% or have a developer write the logic for 00:07:04.400 --> 00:07:07.110 align:start position:0% or have a developer write the logic for you.<00:07:05.120><c> With</c><00:07:05.440><c> functions,</c><00:07:06.080><c> you</c><00:07:06.240><c> can</c><00:07:06.400><c> create</c><00:07:06.720><c> tier</c> 00:07:07.110 --> 00:07:07.120 align:start position:0% you. With functions, you can create tier 00:07:07.120 --> 00:07:10.309 align:start position:0% you. With functions, you can create tier discounts.<00:07:08.000><c> BOGO,</c><00:07:08.720><c> bundles,</c><00:07:09.520><c> promos,</c> 00:07:10.309 --> 00:07:10.319 align:start position:0% discounts. BOGO, bundles, promos, 00:07:10.319 --> 00:07:12.390 align:start position:0% discounts. BOGO, bundles, promos, volume,<00:07:10.720><c> discounts,</c><00:07:11.360><c> functions,</c><00:07:12.080><c> payment</c> 00:07:12.390 --> 00:07:12.400 align:start position:0% volume, discounts, functions, payment 00:07:12.400 --> 00:07:14.469 align:start position:0% volume, discounts, functions, payment customizations,<00:07:13.360><c> delivery</c><00:07:13.759><c> customizations,</c> 00:07:14.469 --> 00:07:14.479 align:start position:0% customizations, delivery customizations, 00:07:14.479 --> 00:07:16.790 align:start position:0% customizations, delivery customizations, checkout<00:07:14.880><c> rules,</c><00:07:15.199><c> and</c><00:07:15.360><c> so</c><00:07:15.599><c> much</c><00:07:15.759><c> more.</c><00:07:16.479><c> Once</c> 00:07:16.790 --> 00:07:16.800 align:start position:0% checkout rules, and so much more. Once 00:07:16.800 --> 00:07:19.350 align:start position:0% checkout rules, and so much more. Once it's<00:07:17.039><c> live,</c><00:07:17.680><c> the</c><00:07:17.919><c> rules</c><00:07:18.319><c> fire</c><00:07:18.639><c> at</c><00:07:18.880><c> checkout</c> 00:07:19.350 --> 00:07:19.360 align:start position:0% it's live, the rules fire at checkout 00:07:19.360 --> 00:07:21.510 align:start position:0% it's live, the rules fire at checkout with<00:07:19.599><c> no</c><00:07:19.919><c> third</c><00:07:20.160><c> party</c><00:07:20.479><c> app</c><00:07:20.720><c> slowdowns.</c> 00:07:21.510 --> 00:07:21.520 align:start position:0% with no third party app slowdowns. 00:07:21.520 --> 00:07:23.510 align:start position:0% with no third party app slowdowns. Shopify<00:07:22.160><c> functions</c><00:07:22.560><c> are</c><00:07:22.720><c> available</c><00:07:23.039><c> to</c><00:07:23.280><c> all</c> 00:07:23.510 --> 00:07:23.520 align:start position:0% Shopify functions are available to all 00:07:23.520 --> 00:07:25.990 align:start position:0% Shopify functions are available to all merchants<00:07:24.000><c> on</c><00:07:24.319><c> any</c><00:07:24.639><c> Shopify</c><00:07:25.199><c> plan.</c><00:07:25.680><c> You</c><00:07:25.840><c> don't</c> 00:07:25.990 --> 00:07:26.000 align:start position:0% merchants on any Shopify plan. You don't 00:07:26.000 --> 00:07:27.830 align:start position:0% merchants on any Shopify plan. You don't need<00:07:26.080><c> a</c><00:07:26.319><c> special</c><00:07:26.479><c> plan</c><00:07:26.720><c> to</c><00:07:26.880><c> use</c><00:07:27.039><c> them.</c><00:07:27.440><c> If</c><00:07:27.680><c> you</c> 00:07:27.830 --> 00:07:27.840 align:start position:0% need a special plan to use them. If you 00:07:27.840 --> 00:07:29.270 align:start position:0% need a special plan to use them. If you watched<00:07:28.080><c> all</c><00:07:28.240><c> of</c><00:07:28.319><c> this</c><00:07:28.479><c> and</c><00:07:28.720><c> you're</c><00:07:28.960><c> still</c><00:07:29.120><c> not</c> 00:07:29.270 --> 00:07:29.280 align:start position:0% watched all of this and you're still not 00:07:29.280 --> 00:07:31.189 align:start position:0% watched all of this and you're still not on<00:07:29.520><c> Shopify</c><00:07:30.000><c> yet,</c><00:07:30.319><c> you</c><00:07:30.479><c> can</c><00:07:30.639><c> sign</c><00:07:30.800><c> up</c><00:07:30.960><c> today</c> 00:07:31.189 --> 00:07:31.199 align:start position:0% on Shopify yet, you can sign up today 00:07:31.199 --> 00:07:32.790 align:start position:0% on Shopify yet, you can sign up today and<00:07:31.360><c> give</c><00:07:31.440><c> it</c><00:07:31.599><c> a</c><00:07:31.759><c> try.</c><00:07:32.080><c> You</c><00:07:32.319><c> can</c><00:07:32.400><c> click</c><00:07:32.560><c> the</c> 00:07:32.790 --> 00:07:32.800 align:start position:0% and give it a try. You can click the 00:07:32.800 --> 00:07:34.710 align:start position:0% and give it a try. You can click the special<00:07:33.039><c> link</c><00:07:33.280><c> beneath</c><00:07:33.599><c> this</c><00:07:33.840><c> video,</c><00:07:34.319><c> then</c><00:07:34.560><c> go</c> 00:07:34.710 --> 00:07:34.720 align:start position:0% special link beneath this video, then go 00:07:34.720 --> 00:07:36.469 align:start position:0% special link beneath this video, then go watch<00:07:34.960><c> this</c><00:07:35.120><c> section</c><00:07:35.440><c> again.</c><00:07:35.840><c> I'm</c><00:07:36.080><c> sure</c><00:07:36.160><c> it'll</c> 00:07:36.469 --> 00:07:36.479 align:start position:0% watch this section again. I'm sure it'll 00:07:36.479 --> 00:07:38.230 align:start position:0% watch this section again. I'm sure it'll seem<00:07:36.720><c> much</c><00:07:36.960><c> more</c><00:07:37.199><c> interesting</c><00:07:37.440><c> that</c><00:07:37.759><c> way.</c> 00:07:38.230 --> 00:07:38.240 align:start position:0% seem much more interesting that way. 00:07:38.240 --> 00:07:40.150 align:start position:0% seem much more interesting that way. This<00:07:38.479><c> is</c><00:07:38.560><c> a</c><00:07:38.720><c> strategy</c><00:07:39.120><c> that</c><00:07:39.360><c> changed</c><00:07:39.680><c> how</c><00:07:39.919><c> I</c> 00:07:40.150 --> 00:07:40.160 align:start position:0% This is a strategy that changed how I 00:07:40.160 --> 00:07:41.830 align:start position:0% This is a strategy that changed how I personally<00:07:40.560><c> think</c><00:07:40.720><c> about</c><00:07:40.960><c> pricing.</c> 00:07:41.830 --> 00:07:41.840 align:start position:0% personally think about pricing. 00:07:41.840 --> 00:07:43.990 align:start position:0% personally think about pricing. Value-based<00:07:42.479><c> pricing</c><00:07:42.880><c> means</c><00:07:43.280><c> charging</c><00:07:43.680><c> what</c> 00:07:43.990 --> 00:07:44.000 align:start position:0% Value-based pricing means charging what 00:07:44.000 --> 00:07:45.749 align:start position:0% Value-based pricing means charging what your<00:07:44.240><c> customer</c><00:07:44.560><c> is</c><00:07:44.720><c> willing</c><00:07:45.039><c> to</c><00:07:45.120><c> pay</c> 00:07:45.749 --> 00:07:45.759 align:start position:0% your customer is willing to pay 00:07:45.759 --> 00:07:48.150 align:start position:0% your customer is willing to pay regardless<00:07:46.319><c> of</c><00:07:46.560><c> costs</c><00:07:46.880><c> or</c><00:07:47.120><c> competitors.</c><00:07:47.919><c> A</c> 00:07:48.150 --> 00:07:48.160 align:start position:0% regardless of costs or competitors. A 00:07:48.160 --> 00:07:50.870 align:start position:0% regardless of costs or competitors. A product<00:07:48.319><c> that</c><00:07:48.560><c> costs</c><00:07:49.039><c> $20</c><00:07:49.599><c> to</c><00:07:49.840><c> make</c><00:07:50.400><c> can</c><00:07:50.639><c> sell</c> 00:07:50.870 --> 00:07:50.880 align:start position:0% product that costs $20 to make can sell 00:07:50.880 --> 00:07:53.510 align:start position:0% product that costs $20 to make can sell for<00:07:51.199><c> $200</c><00:07:51.919><c> if</c><00:07:52.160><c> the</c><00:07:52.400><c> buyer</c><00:07:52.639><c> believes</c><00:07:52.960><c> it</c><00:07:53.199><c> solves</c> 00:07:53.510 --> 00:07:53.520 align:start position:0% for $200 if the buyer believes it solves 00:07:53.520 --> 00:07:57.110 align:start position:0% for $200 if the buyer believes it solves a<00:07:53.919><c> $1,000</c><00:07:54.800><c> problem.</c><00:07:55.680><c> That</c><00:07:55.919><c> gap</c><00:07:56.400><c> is</c><00:07:56.560><c> the</c><00:07:56.800><c> value</c> 00:07:57.110 --> 00:07:57.120 align:start position:0% a $1,000 problem. That gap is the value 00:07:57.120 --> 00:07:59.510 align:start position:0% a $1,000 problem. That gap is the value you<00:07:57.440><c> created.</c><00:07:58.160><c> Remember</c><00:07:58.400><c> that</c><00:07:58.720><c> your</c><00:07:59.039><c> job</c><00:07:59.280><c> is</c> 00:07:59.510 --> 00:07:59.520 align:start position:0% you created. Remember that your job is 00:07:59.520 --> 00:08:01.990 align:start position:0% you created. Remember that your job is to<00:07:59.759><c> sell</c><00:08:00.000><c> the</c><00:08:00.319><c> outcome.</c><00:08:00.960><c> Think</c><00:08:01.120><c> about</c><00:08:01.280><c> it.</c> 00:08:01.990 --> 00:08:02.000 align:start position:0% to sell the outcome. Think about it. 00:08:02.000 --> 00:08:04.629 align:start position:0% to sell the outcome. Think about it. Skin<00:08:02.319><c> care</c><00:08:02.639><c> sells</c><00:08:03.120><c> confidence.</c><00:08:03.919><c> Meal</c><00:08:04.240><c> kits</c> 00:08:04.629 --> 00:08:04.639 align:start position:0% Skin care sells confidence. Meal kits 00:08:04.639 --> 00:08:07.029 align:start position:0% Skin care sells confidence. Meal kits sell<00:08:05.039><c> 2</c><00:08:05.280><c> hours</c><00:08:05.520><c> back</c><00:08:05.759><c> on</c><00:08:05.840><c> a</c><00:08:06.000><c> Tuesday.</c><00:08:06.720><c> Standing</c> 00:08:07.029 --> 00:08:07.039 align:start position:0% sell 2 hours back on a Tuesday. Standing 00:08:07.039 --> 00:08:08.869 align:start position:0% sell 2 hours back on a Tuesday. Standing desks<00:08:07.520><c> sell</c><00:08:07.759><c> the</c><00:08:07.919><c> version</c><00:08:08.160><c> of</c><00:08:08.319><c> you</c><00:08:08.479><c> that</c><00:08:08.639><c> gets</c> 00:08:08.869 --> 00:08:08.879 align:start position:0% desks sell the version of you that gets 00:08:08.879 --> 00:08:11.189 align:start position:0% desks sell the version of you that gets more<00:08:09.039><c> done.</c><00:08:09.759><c> Reframe</c><00:08:10.400><c> around</c><00:08:10.720><c> the</c><00:08:10.879><c> outcome</c> 00:08:11.189 --> 00:08:11.199 align:start position:0% more done. Reframe around the outcome 00:08:11.199 --> 00:08:13.189 align:start position:0% more done. Reframe around the outcome and<00:08:11.440><c> your</c><00:08:11.599><c> price</c><00:08:11.840><c> ceiling</c><00:08:12.240><c> moves.</c><00:08:12.800><c> To</c><00:08:13.039><c> find</c> 00:08:13.189 --> 00:08:13.199 align:start position:0% and your price ceiling moves. To find 00:08:13.199 --> 00:08:15.189 align:start position:0% and your price ceiling moves. To find your<00:08:13.440><c> real</c><00:08:13.680><c> price,</c><00:08:14.160><c> ask</c><00:08:14.400><c> the</c><00:08:14.639><c> people</c><00:08:14.879><c> closest</c> 00:08:15.189 --> 00:08:15.199 align:start position:0% your real price, ask the people closest 00:08:15.199 --> 00:08:17.189 align:start position:0% your real price, ask the people closest to<00:08:15.360><c> the</c><00:08:15.520><c> buying</c><00:08:15.840><c> decision.</c><00:08:16.400><c> Use</c><00:08:16.560><c> a</c><00:08:16.720><c> Shopify</c> 00:08:17.189 --> 00:08:17.199 align:start position:0% to the buying decision. Use a Shopify 00:08:17.199 --> 00:08:19.589 align:start position:0% to the buying decision. Use a Shopify app<00:08:17.360><c> like</c><00:08:17.680><c> Fairing</c><00:08:18.160><c> or</c><00:08:18.400><c> No</c><00:08:18.639><c> Commerce</c><00:08:19.120><c> to</c><00:08:19.360><c> drop</c> 00:08:19.589 --> 00:08:19.599 align:start position:0% app like Fairing or No Commerce to drop 00:08:19.599 --> 00:08:21.589 align:start position:0% app like Fairing or No Commerce to drop a<00:08:19.759><c> post-purchase</c><00:08:20.479><c> question</c><00:08:20.879><c> right</c><00:08:21.199><c> after</c> 00:08:21.589 --> 00:08:21.599 align:start position:0% a post-purchase question right after 00:08:21.599 --> 00:08:23.350 align:start position:0% a post-purchase question right after checkout.<00:08:22.240><c> What's</c><00:08:22.479><c> the</c><00:08:22.639><c> most</c><00:08:22.879><c> you</c><00:08:23.039><c> would</c><00:08:23.199><c> have</c> 00:08:23.350 --> 00:08:23.360 align:start position:0% checkout. What's the most you would have 00:08:23.360 --> 00:08:25.589 align:start position:0% checkout. What's the most you would have paid<00:08:23.520><c> for</c><00:08:23.680><c> this</c><00:08:24.240><c> that</c><00:08:24.560><c> catches</c><00:08:24.960><c> buyers</c><00:08:25.280><c> at</c> 00:08:25.589 --> 00:08:25.599 align:start position:0% paid for this that catches buyers at 00:08:25.599 --> 00:08:27.670 align:start position:0% paid for this that catches buyers at peak<00:08:25.919><c> intent?</c><00:08:26.800><c> Then</c><00:08:27.039><c> pair</c><00:08:27.280><c> it</c><00:08:27.360><c> with</c><00:08:27.520><c> a</c> 00:08:27.670 --> 00:08:27.680 align:start position:0% peak intent? Then pair it with a 00:08:27.680 --> 00:08:29.830 align:start position:0% peak intent? Then pair it with a win-loss<00:08:28.319><c> exit</c><00:08:28.639><c> survey.</c><00:08:29.280><c> Hit</c><00:08:29.599><c> cart</c> 00:08:29.830 --> 00:08:29.840 align:start position:0% win-loss exit survey. Hit cart 00:08:29.840 --> 00:08:32.630 align:start position:0% win-loss exit survey. Hit cart abandoners<00:08:30.400><c> with</c><00:08:30.560><c> an</c><00:08:30.800><c> exit</c><00:08:31.120><c> intent</c><00:08:31.680><c> popup</c><00:08:32.240><c> or</c> 00:08:32.630 --> 00:08:32.640 align:start position:0% abandoners with an exit intent popup or 00:08:32.640 --> 00:08:34.790 align:start position:0% abandoners with an exit intent popup or abandoned<00:08:33.120><c> cart</c><00:08:33.360><c> email</c><00:08:33.760><c> asking</c><00:08:34.240><c> what</c><00:08:34.560><c> stopped</c> 00:08:34.790 --> 00:08:34.800 align:start position:0% abandoned cart email asking what stopped 00:08:34.800 --> 00:08:36.709 align:start position:0% abandoned cart email asking what stopped them<00:08:34.959><c> from</c><00:08:35.120><c> buying.</c><00:08:35.680><c> If</c><00:08:35.919><c> the</c><00:08:36.080><c> price</c><00:08:36.240><c> is</c><00:08:36.479><c> called</c> 00:08:36.709 --> 00:08:36.719 align:start position:0% them from buying. If the price is called 00:08:36.719 --> 00:08:38.630 align:start position:0% them from buying. If the price is called out,<00:08:37.279><c> that</c><00:08:37.519><c> can</c><00:08:37.680><c> show</c><00:08:37.839><c> you</c><00:08:38.000><c> what</c><00:08:38.159><c> your</c><00:08:38.320><c> ceiling</c> 00:08:38.630 --> 00:08:38.640 align:start position:0% out, that can show you what your ceiling 00:08:38.640 --> 00:08:41.110 align:start position:0% out, that can show you what your ceiling is.<00:08:39.279><c> Together,</c><00:08:39.839><c> these</c><00:08:40.159><c> two</c><00:08:40.320><c> signals</c><00:08:40.800><c> show</c><00:08:40.959><c> you</c> 00:08:41.110 --> 00:08:41.120 align:start position:0% is. Together, these two signals show you 00:08:41.120 --> 00:08:43.190 align:start position:0% is. Together, these two signals show you how<00:08:41.440><c> high</c><00:08:41.680><c> you</c><00:08:41.919><c> can</c><00:08:42.080><c> go</c><00:08:42.240><c> and</c><00:08:42.479><c> where</c><00:08:42.719><c> you</c><00:08:42.959><c> start</c> 00:08:43.190 --> 00:08:43.200 align:start position:0% how high you can go and where you start 00:08:43.200 --> 00:08:45.350 align:start position:0% how high you can go and where you start losing<00:08:43.519><c> buyers.</c><00:08:44.320><c> Most</c><00:08:44.640><c> store</c><00:08:44.959><c> owners</c> 00:08:45.350 --> 00:08:45.360 align:start position:0% losing buyers. Most store owners 00:08:45.360 --> 00:08:47.110 align:start position:0% losing buyers. Most store owners discover<00:08:45.760><c> their</c><00:08:46.000><c> real</c><00:08:46.240><c> willingness</c><00:08:46.640><c> to</c><00:08:46.800><c> pay</c> 00:08:47.110 --> 00:08:47.120 align:start position:0% discover their real willingness to pay 00:08:47.120 --> 00:08:48.550 align:start position:0% discover their real willingness to pay is<00:08:47.440><c> much</c><00:08:47.680><c> higher</c><00:08:48.000><c> than</c><00:08:48.160><c> what</c><00:08:48.320><c> they're</c> 00:08:48.550 --> 00:08:48.560 align:start position:0% is much higher than what they're 00:08:48.560 --> 00:08:51.030 align:start position:0% is much higher than what they're currently<00:08:48.880><c> charging.</c><00:08:49.839><c> But</c><00:08:50.080><c> remember,</c><00:08:50.800><c> this</c> 00:08:51.030 --> 00:08:51.040 align:start position:0% currently charging. But remember, this 00:08:51.040 --> 00:08:52.550 align:start position:0% currently charging. But remember, this works<00:08:51.360><c> best</c><00:08:51.680><c> for</c><00:08:51.920><c> products</c><00:08:52.240><c> that</c><00:08:52.399><c> are</c> 00:08:52.550 --> 00:08:52.560 align:start position:0% works best for products that are 00:08:52.560 --> 00:08:54.389 align:start position:0% works best for products that are differentiated.<00:08:53.600><c> If</c><00:08:53.839><c> you're</c><00:08:54.080><c> selling</c> 00:08:54.389 --> 00:08:54.399 align:start position:0% differentiated. If you're selling 00:08:54.399 --> 00:08:56.550 align:start position:0% differentiated. If you're selling unbranded<00:08:55.120><c> candles,</c><00:08:55.760><c> you</c><00:08:55.920><c> need</c><00:08:56.080><c> some</c><00:08:56.320><c> good</c> 00:08:56.550 --> 00:08:56.560 align:start position:0% unbranded candles, you need some good 00:08:56.560 --> 00:08:57.990 align:start position:0% unbranded candles, you need some good branding<00:08:56.959><c> before</c><00:08:57.279><c> you</c><00:08:57.440><c> can</c><00:08:57.600><c> charge</c><00:08:57.839><c> a</c> 00:08:57.990 --> 00:08:58.000 align:start position:0% branding before you can charge a 00:08:58.000 --> 00:09:00.470 align:start position:0% branding before you can charge a valuebased<00:08:58.640><c> premium.</c><00:08:59.600><c> Okay,</c><00:09:00.080><c> check</c><00:09:00.320><c> this</c> 00:09:00.470 --> 00:09:00.480 align:start position:0% valuebased premium. Okay, check this 00:09:00.480 --> 00:09:02.470 align:start position:0% valuebased premium. Okay, check this out.<00:09:01.040><c> You</c><00:09:01.200><c> can</c><00:09:01.360><c> lift</c><00:09:01.680><c> revenue</c><00:09:02.080><c> without</c> 00:09:02.470 --> 00:09:02.480 align:start position:0% out. You can lift revenue without 00:09:02.480 --> 00:09:04.630 align:start position:0% out. You can lift revenue without changing<00:09:02.880><c> your</c><00:09:03.120><c> core</c><00:09:03.440><c> product's</c><00:09:03.920><c> price.</c><00:09:04.480><c> This</c> 00:09:04.630 --> 00:09:04.640 align:start position:0% changing your core product's price. This 00:09:04.640 --> 00:09:06.710 align:start position:0% changing your core product's price. This can<00:09:04.880><c> happen</c><00:09:05.120><c> through</c><00:09:05.440><c> anchor</c><00:09:05.839><c> pricing</c><00:09:06.320><c> or</c> 00:09:06.710 --> 00:09:06.720 align:start position:0% can happen through anchor pricing or 00:09:06.720 --> 00:09:09.190 align:start position:0% can happen through anchor pricing or decoy<00:09:07.200><c> pricing.</c><00:09:07.920><c> With</c><00:09:08.240><c> anchor</c><00:09:08.560><c> pricing,</c> 00:09:09.190 --> 00:09:09.200 align:start position:0% decoy pricing. With anchor pricing, 00:09:09.200 --> 00:09:11.670 align:start position:0% decoy pricing. With anchor pricing, place<00:09:09.519><c> a</c><00:09:09.760><c> premium</c><00:09:10.160><c> option</c><00:09:10.640><c> above</c><00:09:11.040><c> your</c><00:09:11.279><c> target</c> 00:09:11.670 --> 00:09:11.680 align:start position:0% place a premium option above your target 00:09:11.680 --> 00:09:14.949 align:start position:0% place a premium option above your target product.<00:09:12.160><c> A</c><00:09:12.560><c> $500</c><00:09:13.360><c> pro</c><00:09:13.760><c> version</c><00:09:14.399><c> makes</c><00:09:14.640><c> your</c> 00:09:14.949 --> 00:09:14.959 align:start position:0% product. A $500 pro version makes your 00:09:14.959 --> 00:09:18.150 align:start position:0% product. A $500 pro version makes your $200<00:09:15.680><c> standard</c><00:09:16.480><c> feel</c><00:09:16.720><c> like</c><00:09:16.880><c> a</c><00:09:17.040><c> sensible</c><00:09:17.360><c> pick.</c> 00:09:18.150 --> 00:09:18.160 align:start position:0% $200 standard feel like a sensible pick. 00:09:18.160 --> 00:09:20.310 align:start position:0% $200 standard feel like a sensible pick. The<00:09:18.480><c> Pro</c><00:09:19.040><c> doesn't</c><00:09:19.360><c> need</c><00:09:19.440><c> to</c><00:09:19.600><c> sell</c><00:09:19.760><c> in</c><00:09:20.000><c> volume</c> 00:09:20.310 --> 00:09:20.320 align:start position:0% The Pro doesn't need to sell in volume 00:09:20.320 --> 00:09:22.710 align:start position:0% The Pro doesn't need to sell in volume to<00:09:20.560><c> do</c><00:09:20.800><c> its</c><00:09:21.040><c> job.</c><00:09:21.760><c> Decoy</c><00:09:22.240><c> pricing</c><00:09:22.560><c> is</c> 00:09:22.710 --> 00:09:22.720 align:start position:0% to do its job. Decoy pricing is 00:09:22.720 --> 00:09:24.790 align:start position:0% to do its job. Decoy pricing is sneakier.<00:09:23.600><c> Add</c><00:09:23.839><c> a</c><00:09:24.080><c> third</c><00:09:24.240><c> option</c><00:09:24.560><c> that's</c> 00:09:24.790 --> 00:09:24.800 align:start position:0% sneakier. Add a third option that's 00:09:24.800 --> 00:09:27.190 align:start position:0% sneakier. Add a third option that's strategically<00:09:25.440><c> inferior.</c><00:09:26.320><c> Its</c><00:09:26.560><c> only</c><00:09:26.800><c> job</c><00:09:27.040><c> is</c> 00:09:27.190 --> 00:09:27.200 align:start position:0% strategically inferior. Its only job is 00:09:27.200 --> 00:09:29.509 align:start position:0% strategically inferior. Its only job is to<00:09:27.360><c> make</c><00:09:27.600><c> another</c><00:09:28.000><c> option</c><00:09:28.480><c> look</c><00:09:28.959><c> obviously</c> 00:09:29.509 --> 00:09:29.519 align:start position:0% to make another option look obviously 00:09:29.519 --> 00:09:31.750 align:start position:0% to make another option look obviously better.<00:09:30.160><c> The</c><00:09:30.399><c> classic</c><00:09:30.720><c> example</c><00:09:31.120><c> here</c><00:09:31.360><c> we</c><00:09:31.600><c> all</c> 00:09:31.750 --> 00:09:31.760 align:start position:0% better. The classic example here we all 00:09:31.760 --> 00:09:34.150 align:start position:0% better. The classic example here we all know<00:09:32.000><c> is</c><00:09:32.240><c> a</c><00:09:32.480><c> coffee</c><00:09:32.800><c> shop</c><00:09:33.120><c> with</c><00:09:33.360><c> small</c><00:09:33.680><c> coffee</c> 00:09:34.150 --> 00:09:34.160 align:start position:0% know is a coffee shop with small coffee 00:09:34.160 --> 00:09:36.949 align:start position:0% know is a coffee shop with small coffee priced<00:09:34.480><c> at</c><00:09:34.720><c> $4,</c><00:09:35.440><c> the</c><00:09:35.680><c> medium</c><00:09:36.000><c> one</c><00:09:36.080><c> at</c><00:09:36.399><c> $7,</c><00:09:36.800><c> and</c> 00:09:36.949 --> 00:09:36.959 align:start position:0% priced at $4, the medium one at $7, and 00:09:36.959 --> 00:09:39.509 align:start position:0% priced at $4, the medium one at $7, and the<00:09:37.200><c> large</c><00:09:37.440><c> one</c><00:09:37.680><c> at</c><00:09:37.920><c> $750.</c><00:09:38.880><c> Almost</c><00:09:39.200><c> everyone</c> 00:09:39.509 --> 00:09:39.519 align:start position:0% the large one at $750. Almost everyone 00:09:39.519 --> 00:09:41.350 align:start position:0% the large one at $750. Almost everyone picks<00:09:39.760><c> the</c><00:09:39.920><c> large</c><00:09:40.080><c> one,</c><00:09:40.320><c> right?</c><00:09:40.800><c> The</c><00:09:41.040><c> medium</c> 00:09:41.350 --> 00:09:41.360 align:start position:0% picks the large one, right? The medium 00:09:41.360 --> 00:09:43.910 align:start position:0% picks the large one, right? The medium is<00:09:41.600><c> the</c><00:09:41.760><c> decoy.</c><00:09:42.480><c> For</c><00:09:42.720><c> e-commerce,</c><00:09:43.440><c> this</c><00:09:43.680><c> works</c> 00:09:43.910 --> 00:09:43.920 align:start position:0% is the decoy. For e-commerce, this works 00:09:43.920 --> 00:09:45.670 align:start position:0% is the decoy. For e-commerce, this works on<00:09:44.160><c> three</c><00:09:44.480><c> tier</c><00:09:44.880><c> product</c><00:09:45.120><c> lines,</c> 00:09:45.670 --> 00:09:45.680 align:start position:0% on three tier product lines, 00:09:45.680 --> 00:09:47.990 align:start position:0% on three tier product lines, subscriptions<00:09:46.399><c> and</c><00:09:46.720><c> bundles.</c><00:09:47.440><c> Apple</c><00:09:47.760><c> runs</c> 00:09:47.990 --> 00:09:48.000 align:start position:0% subscriptions and bundles. Apple runs 00:09:48.000 --> 00:09:50.150 align:start position:0% subscriptions and bundles. Apple runs this<00:09:48.240><c> on</c><00:09:48.480><c> every</c><00:09:48.800><c> iPhone</c><00:09:49.200><c> lineup.</c><00:09:49.600><c> The</c><00:09:49.839><c> rule</c><00:09:50.000><c> of</c> 00:09:50.150 --> 00:09:50.160 align:start position:0% this on every iPhone lineup. The rule of 00:09:50.160 --> 00:09:52.630 align:start position:0% this on every iPhone lineup. The rule of thumb<00:09:50.320><c> here</c><00:09:50.560><c> is</c><00:09:50.880><c> 60</c><00:09:51.120><c> to</c><00:09:51.360><c> 70%</c><00:09:51.839><c> of</c><00:09:52.000><c> customers</c> 00:09:52.630 --> 00:09:52.640 align:start position:0% thumb here is 60 to 70% of customers 00:09:52.640 --> 00:09:54.630 align:start position:0% thumb here is 60 to 70% of customers should<00:09:52.880><c> pick</c><00:09:53.120><c> your</c><00:09:53.360><c> middle</c><00:09:53.680><c> option</c><00:09:54.320><c> according</c> 00:09:54.630 --> 00:09:54.640 align:start position:0% should pick your middle option according 00:09:54.640 --> 00:09:57.030 align:start position:0% should pick your middle option according to<00:09:54.720><c> profit</c><00:09:55.200><c> well.</c><00:09:55.680><c> If</c><00:09:55.920><c> your</c><00:09:56.160><c> top</c><00:09:56.399><c> or</c><00:09:56.720><c> bottom</c> 00:09:57.030 --> 00:09:57.040 align:start position:0% to profit well. If your top or bottom 00:09:57.040 --> 00:09:59.750 align:start position:0% to profit well. If your top or bottom tier<00:09:57.440><c> outsells</c><00:09:58.000><c> the</c><00:09:58.160><c> middle,</c><00:09:58.800><c> your</c><00:09:59.040><c> anchor</c><00:09:59.519><c> or</c> 00:09:59.750 --> 00:09:59.760 align:start position:0% tier outsells the middle, your anchor or 00:09:59.760 --> 00:10:02.230 align:start position:0% tier outsells the middle, your anchor or decoy<00:10:00.320><c> is</c><00:10:00.480><c> positioned</c><00:10:00.880><c> wrong.</c><00:10:01.600><c> Now,</c><00:10:01.920><c> what</c><00:10:02.080><c> if</c> 00:10:02.230 --> 00:10:02.240 align:start position:0% decoy is positioned wrong. Now, what if 00:10:02.240 --> 00:10:03.990 align:start position:0% decoy is positioned wrong. Now, what if you<00:10:02.399><c> could</c><00:10:02.560><c> lift</c><00:10:02.880><c> order</c><00:10:03.279><c> value</c><00:10:03.600><c> without</c> 00:10:03.990 --> 00:10:04.000 align:start position:0% you could lift order value without 00:10:04.000 --> 00:10:06.230 align:start position:0% you could lift order value without discounting<00:10:04.560><c> a</c><00:10:04.880><c> single</c><00:10:05.279><c> product?</c><00:10:06.000><c> That's</c> 00:10:06.230 --> 00:10:06.240 align:start position:0% discounting a single product? That's 00:10:06.240 --> 00:10:07.670 align:start position:0% discounting a single product? That's what<00:10:06.399><c> bundles</c><00:10:06.880><c> do</c><00:10:07.040><c> when</c><00:10:07.200><c> they're</c><00:10:07.360><c> built</c> 00:10:07.670 --> 00:10:07.680 align:start position:0% what bundles do when they're built 00:10:07.680 --> 00:10:10.310 align:start position:0% what bundles do when they're built right.<00:10:08.320><c> Bundle</c><00:10:08.800><c> pricing</c><00:10:09.200><c> combines</c><00:10:09.760><c> two</c><00:10:10.080><c> or</c> 00:10:10.310 --> 00:10:10.320 align:start position:0% right. Bundle pricing combines two or 00:10:10.320 --> 00:10:12.470 align:start position:0% right. Bundle pricing combines two or more<00:10:10.560><c> products</c><00:10:10.880><c> at</c><00:10:11.120><c> a</c><00:10:11.360><c> price</c><00:10:11.600><c> lower</c><00:10:12.240><c> than</c> 00:10:12.470 --> 00:10:12.480 align:start position:0% more products at a price lower than 00:10:12.480 --> 00:10:14.870 align:start position:0% more products at a price lower than buying<00:10:12.800><c> them</c><00:10:13.040><c> separately.</c><00:10:13.839><c> Pure</c><00:10:14.160><c> bundles</c><00:10:14.640><c> are</c> 00:10:14.870 --> 00:10:14.880 align:start position:0% buying them separately. Pure bundles are 00:10:14.880 --> 00:10:16.949 align:start position:0% buying them separately. Pure bundles are set<00:10:15.279><c> only.</c><00:10:15.839><c> They're</c><00:10:16.079><c> great</c><00:10:16.320><c> for</c><00:10:16.480><c> forcing</c> 00:10:16.949 --> 00:10:16.959 align:start position:0% set only. They're great for forcing 00:10:16.959 --> 00:10:19.990 align:start position:0% set only. They're great for forcing average<00:10:17.360><c> order</c><00:10:17.760><c> value,</c><00:10:18.320><c> AOV,</c><00:10:19.279><c> but</c><00:10:19.600><c> limit</c> 00:10:19.990 --> 00:10:20.000 align:start position:0% average order value, AOV, but limit 00:10:20.000 --> 00:10:22.470 align:start position:0% average order value, AOV, but limit flexibility<00:10:20.560><c> for</c><00:10:20.800><c> the</c><00:10:20.959><c> buyer.</c><00:10:21.680><c> Mix</c><00:10:22.000><c> bundles</c> 00:10:22.470 --> 00:10:22.480 align:start position:0% flexibility for the buyer. Mix bundles 00:10:22.480 --> 00:10:25.350 align:start position:0% flexibility for the buyer. Mix bundles offer<00:10:22.880><c> items</c><00:10:23.360><c> both</c><00:10:23.680><c> solo</c><00:10:24.079><c> and</c><00:10:24.320><c> as</c><00:10:24.560><c> a</c><00:10:24.720><c> set,</c><00:10:25.200><c> and</c> 00:10:25.350 --> 00:10:25.360 align:start position:0% offer items both solo and as a set, and 00:10:25.360 --> 00:10:27.110 align:start position:0% offer items both solo and as a set, and they<00:10:25.600><c> convert</c><00:10:25.920><c> better</c><00:10:26.160><c> because</c><00:10:26.399><c> buyers</c><00:10:26.800><c> feel</c> 00:10:27.110 --> 00:10:27.120 align:start position:0% they convert better because buyers feel 00:10:27.120 --> 00:10:29.110 align:start position:0% they convert better because buyers feel in<00:10:27.360><c> control.</c><00:10:28.240><c> Three</c><00:10:28.560><c> structures</c><00:10:28.880><c> that</c> 00:10:29.110 --> 00:10:29.120 align:start position:0% in control. Three structures that 00:10:29.120 --> 00:10:31.670 align:start position:0% in control. Three structures that convert.<00:10:29.839><c> The</c><00:10:30.079><c> starter</c><00:10:30.399><c> kit,</c><00:10:31.040><c> three</c><00:10:31.200><c> to</c><00:10:31.360><c> four</c> 00:10:31.670 --> 00:10:31.680 align:start position:0% convert. The starter kit, three to four 00:10:31.680 --> 00:10:33.829 align:start position:0% convert. The starter kit, three to four essentials<00:10:32.000><c> at</c><00:10:32.240><c> 15%</c><00:10:32.800><c> off,</c><00:10:33.279><c> gets</c><00:10:33.600><c> new</c> 00:10:33.829 --> 00:10:33.839 align:start position:0% essentials at 15% off, gets new 00:10:33.839 --> 00:10:35.590 align:start position:0% essentials at 15% off, gets new customers<00:10:34.240><c> in</c><00:10:34.480><c> with</c><00:10:34.800><c> everything</c><00:10:35.200><c> that</c><00:10:35.360><c> they</c> 00:10:35.590 --> 00:10:35.600 align:start position:0% customers in with everything that they 00:10:35.600 --> 00:10:37.750 align:start position:0% customers in with everything that they need.<00:10:36.079><c> Then</c><00:10:36.320><c> there's</c><00:10:36.480><c> the</c><00:10:36.720><c> gift</c><00:10:36.959><c> bundle,</c><00:10:37.600><c> two</c> 00:10:37.750 --> 00:10:37.760 align:start position:0% need. Then there's the gift bundle, two 00:10:37.760 --> 00:10:39.910 align:start position:0% need. Then there's the gift bundle, two to<00:10:38.000><c> three</c><00:10:38.160><c> products</c><00:10:38.560><c> in</c><00:10:38.800><c> branded</c><00:10:39.279><c> packaging.</c> 00:10:39.910 --> 00:10:39.920 align:start position:0% to three products in branded packaging. 00:10:39.920 --> 00:10:41.910 align:start position:0% to three products in branded packaging. It's<00:10:40.160><c> seasonal</c><00:10:40.640><c> gold.</c><00:10:40.959><c> The</c><00:10:41.120><c> giftgiver</c><00:10:41.680><c> really</c> 00:10:41.910 --> 00:10:41.920 align:start position:0% It's seasonal gold. The giftgiver really 00:10:41.920 --> 00:10:43.829 align:start position:0% It's seasonal gold. The giftgiver really doesn't<00:10:42.160><c> want</c><00:10:42.320><c> to</c><00:10:42.399><c> overthink</c><00:10:42.880><c> anything.</c><00:10:43.600><c> and</c> 00:10:43.829 --> 00:10:43.839 align:start position:0% doesn't want to overthink anything. and 00:10:43.839 --> 00:10:46.389 align:start position:0% doesn't want to overthink anything. and the<00:10:44.079><c> level</c><00:10:44.320><c> up</c><00:10:44.560><c> bundle.</c><00:10:45.120><c> It's</c><00:10:45.279><c> a</c><00:10:45.440><c> hero</c><00:10:45.839><c> product</c> 00:10:46.389 --> 00:10:46.399 align:start position:0% the level up bundle. It's a hero product 00:10:46.399 --> 00:10:48.870 align:start position:0% the level up bundle. It's a hero product plus<00:10:46.880><c> accessories.</c><00:10:47.760><c> It</c><00:10:48.000><c> raises</c><00:10:48.399><c> perceived</c> 00:10:48.870 --> 00:10:48.880 align:start position:0% plus accessories. It raises perceived 00:10:48.880 --> 00:10:51.190 align:start position:0% plus accessories. It raises perceived value<00:10:49.120><c> of</c><00:10:49.360><c> your</c><00:10:49.519><c> main</c><00:10:49.839><c> flagship</c><00:10:50.320><c> product.</c> 00:10:51.190 --> 00:10:51.200 align:start position:0% value of your main flagship product. 00:10:51.200 --> 00:10:53.509 align:start position:0% value of your main flagship product. Shopify<00:10:51.839><c> has</c><00:10:52.079><c> native</c><00:10:52.480><c> bundles</c><00:10:53.040><c> or</c><00:10:53.279><c> you</c><00:10:53.440><c> can</c> 00:10:53.509 --> 00:10:53.519 align:start position:0% Shopify has native bundles or you can 00:10:53.519 --> 00:10:55.430 align:start position:0% Shopify has native bundles or you can use<00:10:53.680><c> apps</c><00:10:54.000><c> like</c><00:10:54.240><c> Shopify</c><00:10:54.800><c> bundles,</c> 00:10:55.430 --> 00:10:55.440 align:start position:0% use apps like Shopify bundles, 00:10:55.440 --> 00:10:58.310 align:start position:0% use apps like Shopify bundles, frequently<00:10:55.920><c> bought</c><00:10:56.240><c> together</c><00:10:56.640><c> or</c><00:10:56.959><c> reby.</c><00:10:58.000><c> Paid</c> 00:10:58.310 --> 00:10:58.320 align:start position:0% frequently bought together or reby. Paid 00:10:58.320 --> 00:11:00.470 align:start position:0% frequently bought together or reby. Paid apps<00:10:58.640><c> add</c><00:10:58.959><c> cart</c><00:10:59.360><c> page</c><00:10:59.600><c> upselles</c><00:11:00.079><c> where</c><00:11:00.320><c> the</c> 00:11:00.470 --> 00:11:00.480 align:start position:0% apps add cart page upselles where the 00:11:00.480 --> 00:11:02.550 align:start position:0% apps add cart page upselles where the real<00:11:00.800><c> average</c><00:11:01.200><c> order</c><00:11:01.519><c> value</c><00:11:01.839><c> lift</c><00:11:02.240><c> comes</c> 00:11:02.550 --> 00:11:02.560 align:start position:0% real average order value lift comes 00:11:02.560 --> 00:11:06.310 align:start position:0% real average order value lift comes from.<00:11:03.360><c> Oh,</c><00:11:03.760><c> and</c><00:11:04.000><c> a</c><00:11:04.160><c> pro</c><00:11:04.399><c> tip.</c><00:11:04.959><c> A</c><00:11:05.279><c> 20%</c><00:11:05.839><c> bundle</c> 00:11:06.310 --> 00:11:06.320 align:start position:0% from. Oh, and a pro tip. A 20% bundle 00:11:06.320 --> 00:11:10.069 align:start position:0% from. Oh, and a pro tip. A 20% bundle discount<00:11:06.720><c> that</c><00:11:06.959><c> takes</c><00:11:07.279><c> AOV</c><00:11:07.839><c> from</c><00:11:08.160><c> $40</c><00:11:08.720><c> to</c><00:11:09.120><c> $80</c> 00:11:10.069 --> 00:11:10.079 align:start position:0% discount that takes AOV from $40 to $80 00:11:10.079 --> 00:11:12.630 align:start position:0% discount that takes AOV from $40 to $80 generates<00:11:10.640><c> more</c><00:11:11.040><c> profit</c><00:11:11.600><c> than</c><00:11:11.839><c> a</c><00:11:12.079><c> 10%</c> 00:11:12.630 --> 00:11:12.640 align:start position:0% generates more profit than a 10% 00:11:12.640 --> 00:11:15.590 align:start position:0% generates more profit than a 10% sitewide<00:11:13.279><c> sale</c><00:11:13.600><c> lifting</c><00:11:14.000><c> conversion</c><00:11:14.640><c> 5%.</c> 00:11:15.590 --> 00:11:15.600 align:start position:0% sitewide sale lifting conversion 5%. 00:11:15.600 --> 00:11:17.509 align:start position:0% sitewide sale lifting conversion 5%. Every<00:11:15.920><c> product</c><00:11:16.240><c> launch</c><00:11:16.640><c> forces</c><00:11:17.040><c> a</c><00:11:17.200><c> question</c> 00:11:17.509 --> 00:11:17.519 align:start position:0% Every product launch forces a question 00:11:17.519 --> 00:11:20.069 align:start position:0% Every product launch forces a question most<00:11:17.839><c> founders</c><00:11:18.480><c> answer</c><00:11:18.800><c> without</c><00:11:19.200><c> realizing.</c> 00:11:20.069 --> 00:11:20.079 align:start position:0% most founders answer without realizing. 00:11:20.079 --> 00:11:22.710 align:start position:0% most founders answer without realizing. Should<00:11:20.240><c> you</c><00:11:20.480><c> start</c><00:11:20.720><c> low</c><00:11:21.120><c> and</c><00:11:21.440><c> climb</c><00:11:22.079><c> or</c><00:11:22.399><c> start</c> 00:11:22.710 --> 00:11:22.720 align:start position:0% Should you start low and climb or start 00:11:22.720 --> 00:11:25.509 align:start position:0% Should you start low and climb or start high<00:11:23.200><c> and</c><00:11:23.519><c> come</c><00:11:23.760><c> down?</c><00:11:24.480><c> Penetration</c><00:11:25.120><c> pricing</c> 00:11:25.509 --> 00:11:25.519 align:start position:0% high and come down? Penetration pricing 00:11:25.519 --> 00:11:27.910 align:start position:0% high and come down? Penetration pricing is<00:11:25.760><c> to</c><00:11:26.000><c> launch</c><00:11:26.320><c> low</c><00:11:26.560><c> for</c><00:11:26.800><c> traction.</c><00:11:27.519><c> It</c><00:11:27.760><c> has</c> 00:11:27.910 --> 00:11:27.920 align:start position:0% is to launch low for traction. It has 00:11:27.920 --> 00:11:30.389 align:start position:0% is to launch low for traction. It has lower<00:11:28.320><c> margins,</c><00:11:28.959><c> but</c><00:11:29.200><c> you</c><00:11:29.440><c> build</c><00:11:29.760><c> volume,</c> 00:11:30.389 --> 00:11:30.399 align:start position:0% lower margins, but you build volume, 00:11:30.399 --> 00:11:32.790 align:start position:0% lower margins, but you build volume, reviews,<00:11:30.880><c> and</c><00:11:31.120><c> social</c><00:11:31.440><c> proof.</c><00:11:32.079><c> The</c><00:11:32.320><c> risk</c><00:11:32.560><c> is</c> 00:11:32.790 --> 00:11:32.800 align:start position:0% reviews, and social proof. The risk is 00:11:32.800 --> 00:11:35.190 align:start position:0% reviews, and social proof. The risk is that<00:11:33.040><c> raising</c><00:11:33.440><c> prices</c><00:11:33.839><c> later</c><00:11:34.240><c> is</c><00:11:34.560><c> hard.</c> 00:11:35.190 --> 00:11:35.200 align:start position:0% that raising prices later is hard. 00:11:35.200 --> 00:11:37.030 align:start position:0% that raising prices later is hard. You'll<00:11:35.519><c> need</c><00:11:35.600><c> a</c><00:11:35.839><c> credible</c><00:11:36.240><c> reason</c><00:11:36.560><c> like</c><00:11:36.800><c> an</c> 00:11:37.030 --> 00:11:37.040 align:start position:0% You'll need a credible reason like an 00:11:37.040 --> 00:11:39.030 align:start position:0% You'll need a credible reason like an upgrade<00:11:37.360><c> or</c><00:11:37.680><c> new</c><00:11:37.920><c> formulation.</c><00:11:38.892><c> [music]</c> 00:11:39.030 --> 00:11:39.040 align:start position:0% upgrade or new formulation. [music] 00:11:39.040 --> 00:11:41.269 align:start position:0% upgrade or new formulation. [music] Price<00:11:39.360><c> skimming</c><00:11:39.839><c> is</c><00:11:40.160><c> launching</c><00:11:40.560><c> high</c><00:11:41.040><c> to</c> 00:11:41.269 --> 00:11:41.279 align:start position:0% Price skimming is launching high to 00:11:41.279 --> 00:11:43.030 align:start position:0% Price skimming is launching high to capture<00:11:41.680><c> buyers</c><00:11:42.000><c> who</c><00:11:42.160><c> will</c><00:11:42.320><c> pay</c><00:11:42.399><c> a</c><00:11:42.560><c> premium</c><00:11:42.800><c> to</c> 00:11:43.030 --> 00:11:43.040 align:start position:0% capture buyers who will pay a premium to 00:11:43.040 --> 00:11:45.110 align:start position:0% capture buyers who will pay a premium to be<00:11:43.200><c> first.</c><00:11:43.680><c> You'll</c><00:11:44.079><c> eventually</c><00:11:44.560><c> lower</c><00:11:44.880><c> the</c> 00:11:45.110 --> 00:11:45.120 align:start position:0% be first. You'll eventually lower the 00:11:45.120 --> 00:11:47.750 align:start position:0% be first. You'll eventually lower the price<00:11:45.279><c> as</c><00:11:45.519><c> the</c><00:11:45.680><c> market</c><00:11:46.000><c> saturates.</c><00:11:47.040><c> Apple</c><00:11:47.440><c> has</c> 00:11:47.750 --> 00:11:47.760 align:start position:0% price as the market saturates. Apple has 00:11:47.760 --> 00:11:50.310 align:start position:0% price as the market saturates. Apple has run<00:11:48.000><c> this</c><00:11:48.160><c> playbook</c><00:11:48.640><c> for</c><00:11:48.959><c> decades.</c><00:11:49.760><c> Tesla</c> 00:11:50.310 --> 00:11:50.320 align:start position:0% run this playbook for decades. Tesla 00:11:50.320 --> 00:11:52.630 align:start position:0% run this playbook for decades. Tesla followed<00:11:50.640><c> the</c><00:11:50.880><c> same</c><00:11:51.040><c> approach.</c><00:11:52.000><c> Your</c><00:11:52.320><c> product</c> 00:11:52.630 --> 00:11:52.640 align:start position:0% followed the same approach. Your product 00:11:52.640 --> 00:11:55.269 align:start position:0% followed the same approach. Your product needs<00:11:52.880><c> to</c><00:11:53.040><c> feel</c><00:11:53.279><c> new</c><00:11:53.839><c> or</c><00:11:54.160><c> scarce.</c><00:11:55.040><c> Remember</c> 00:11:55.269 --> 00:11:55.279 align:start position:0% needs to feel new or scarce. Remember 00:11:55.279 --> 00:11:57.590 align:start position:0% needs to feel new or scarce. Remember that<00:11:55.519><c> this</c><00:11:55.839><c> does</c><00:11:56.000><c> not</c><00:11:56.240><c> work</c><00:11:56.480><c> on</c><00:11:56.720><c> commodities.</c> 00:11:57.590 --> 00:11:57.600 align:start position:0% that this does not work on commodities. 00:11:57.600 --> 00:11:59.190 align:start position:0% that this does not work on commodities. One<00:11:57.839><c> structure</c><00:11:58.160><c> that</c><00:11:58.320><c> works</c><00:11:58.560><c> for</c><00:11:58.720><c> Shopify</c> 00:11:59.190 --> 00:11:59.200 align:start position:0% One structure that works for Shopify 00:11:59.200 --> 00:12:01.750 align:start position:0% One structure that works for Shopify drops<00:11:59.519><c> is</c><00:11:59.760><c> tiered</c><00:12:00.240><c> pricing.</c><00:12:00.880><c> First</c><00:12:01.279><c> 100</c> 00:12:01.750 --> 00:12:01.760 align:start position:0% drops is tiered pricing. First 100 00:12:01.760 --> 00:12:05.030 align:start position:0% drops is tiered pricing. First 100 buyers<00:12:02.160><c> at</c><00:12:02.399><c> price</c><00:12:02.720><c> X,</c><00:12:03.200><c> next</c><00:12:03.600><c> 500</c><00:12:04.000><c> at</c><00:12:04.240><c> price</c><00:12:04.480><c> Y,</c> 00:12:05.030 --> 00:12:05.040 align:start position:0% buyers at price X, next 500 at price Y, 00:12:05.040 --> 00:12:07.430 align:start position:0% buyers at price X, next 500 at price Y, and<00:12:05.279><c> the</c><00:12:05.440><c> rest</c><00:12:05.680><c> at</c><00:12:05.839><c> a</c><00:12:06.000><c> full</c><00:12:06.240><c> price.</c><00:12:06.959><c> Real</c> 00:12:07.430 --> 00:12:07.440 align:start position:0% and the rest at a full price. Real 00:12:07.440 --> 00:12:10.230 align:start position:0% and the rest at a full price. Real urgency<00:12:08.079><c> without</c><00:12:08.320><c> the</c><00:12:08.480><c> hard</c><00:12:08.800><c> sell.</c><00:12:09.519><c> Shopify's</c> 00:12:10.230 --> 00:12:10.240 align:start position:0% urgency without the hard sell. Shopify's 00:12:10.240 --> 00:12:12.389 align:start position:0% urgency without the hard sell. Shopify's automatic<00:12:10.800><c> discounts</c><00:12:11.440><c> handle</c><00:12:11.760><c> the</c><00:12:11.920><c> quantity</c> 00:12:12.389 --> 00:12:12.399 align:start position:0% automatic discounts handle the quantity 00:12:12.399 --> 00:12:14.230 align:start position:0% automatic discounts handle the quantity triggers<00:12:12.800><c> natively.</c><00:12:13.519><c> The</c><00:12:13.680><c> mistake</c><00:12:14.000><c> that</c> 00:12:14.230 --> 00:12:14.240 align:start position:0% triggers natively. The mistake that 00:12:14.240 --> 00:12:16.470 align:start position:0% triggers natively. The mistake that kills<00:12:14.560><c> launches</c><00:12:15.040><c> is</c><00:12:15.360><c> going</c><00:12:15.600><c> straight</c><00:12:15.920><c> to</c><00:12:16.160><c> full</c> 00:12:16.470 --> 00:12:16.480 align:start position:0% kills launches is going straight to full 00:12:16.480 --> 00:12:18.949 align:start position:0% kills launches is going straight to full price<00:12:16.959><c> with</c><00:12:17.200><c> zero</c><00:12:17.600><c> momentum.</c><00:12:18.320><c> You</c><00:12:18.560><c> miss</c><00:12:18.800><c> the</c> 00:12:18.949 --> 00:12:18.959 align:start position:0% price with zero momentum. You miss the 00:12:18.959 --> 00:12:20.629 align:start position:0% price with zero momentum. You miss the early<00:12:19.200><c> buyer</c><00:12:19.600><c> energy</c><00:12:19.920><c> that</c><00:12:20.079><c> feeds</c><00:12:20.399><c> your</c> 00:12:20.629 --> 00:12:20.639 align:start position:0% early buyer energy that feeds your 00:12:20.639 --> 00:12:22.470 align:start position:0% early buyer energy that feeds your reviews,<00:12:21.200><c> social</c><00:12:21.519><c> proof,</c><00:12:21.839><c> and</c><00:12:22.000><c> algorithm</c> 00:12:22.470 --> 00:12:22.480 align:start position:0% reviews, social proof, and algorithm 00:12:22.480 --> 00:12:24.629 align:start position:0% reviews, social proof, and algorithm pickup.<00:12:23.360><c> All</c><00:12:23.440><c> right,</c><00:12:23.680><c> let's</c><00:12:23.920><c> say</c><00:12:24.160><c> there</c><00:12:24.399><c> are</c> 00:12:24.629 --> 00:12:24.639 align:start position:0% pickup. All right, let's say there are 00:12:24.639 --> 00:12:28.150 align:start position:0% pickup. All right, let's say there are two<00:12:24.959><c> businesses.</c><00:12:26.000><c> Business</c><00:12:26.399><c> A</c><00:12:26.800><c> makes</c><00:12:27.279><c> $50,000</c> 00:12:28.150 --> 00:12:28.160 align:start position:0% two businesses. Business A makes $50,000 00:12:28.160 --> 00:12:30.710 align:start position:0% two businesses. Business A makes $50,000 a<00:12:28.320><c> month.</c><00:12:28.959><c> every</c><00:12:29.279><c> dollar</c><00:12:29.519><c> earned</c><00:12:29.839><c> fresh.</c> 00:12:30.710 --> 00:12:30.720 align:start position:0% a month. every dollar earned fresh. 00:12:30.720 --> 00:12:33.990 align:start position:0% a month. every dollar earned fresh. Business<00:12:31.120><c> B</c><00:12:31.519><c> makes</c><00:12:31.839><c> the</c><00:12:32.079><c> same</c><00:12:32.399><c> $50,000,</c><00:12:33.600><c> but</c> 00:12:33.990 --> 00:12:34.000 align:start position:0% Business B makes the same $50,000, but 00:12:34.000 --> 00:12:36.629 align:start position:0% Business B makes the same $50,000, but $35,000<00:12:35.200><c> arrives</c><00:12:35.680><c> automatically</c><00:12:36.240><c> on</c><00:12:36.480><c> the</c> 00:12:36.629 --> 00:12:36.639 align:start position:0% $35,000 arrives automatically on the 00:12:36.639 --> 00:12:38.470 align:start position:0% $35,000 arrives automatically on the first<00:12:36.800><c> of</c><00:12:36.959><c> the</c><00:12:37.200><c> month.</c><00:12:37.839><c> That</c><00:12:38.079><c> sounds</c><00:12:38.320><c> pretty</c> 00:12:38.470 --> 00:12:38.480 align:start position:0% first of the month. That sounds pretty 00:12:38.480 --> 00:12:41.350 align:start position:0% first of the month. That sounds pretty good.<00:12:39.040><c> Higher</c><00:12:39.440><c> lifetime</c><00:12:39.920><c> value,</c><00:12:40.320><c> LTV,</c><00:12:41.040><c> same</c> 00:12:41.350 --> 00:12:41.360 align:start position:0% good. Higher lifetime value, LTV, same 00:12:41.360 --> 00:12:43.509 align:start position:0% good. Higher lifetime value, LTV, same acquisition<00:12:41.920><c> cost,</c><00:12:42.399><c> and</c><00:12:42.639><c> higher</c><00:12:43.040><c> valuation</c> 00:12:43.509 --> 00:12:43.519 align:start position:0% acquisition cost, and higher valuation 00:12:43.519 --> 00:12:44.949 align:start position:0% acquisition cost, and higher valuation multiple<00:12:43.920><c> if</c><00:12:44.160><c> you</c><00:12:44.320><c> sell</c><00:12:44.480><c> your</c><00:12:44.639><c> business</c> 00:12:44.949 --> 00:12:44.959 align:start position:0% multiple if you sell your business 00:12:44.959 --> 00:12:46.870 align:start position:0% multiple if you sell your business eventually.<00:12:45.839><c> That's</c><00:12:46.079><c> what</c><00:12:46.240><c> subscriptions</c> 00:12:46.870 --> 00:12:46.880 align:start position:0% eventually. That's what subscriptions 00:12:46.880 --> 00:12:48.629 align:start position:0% eventually. That's what subscriptions can<00:12:47.040><c> do.</c><00:12:47.519><c> There</c><00:12:47.680><c> are</c><00:12:47.839><c> three</c><00:12:48.079><c> subscription</c> 00:12:48.629 --> 00:12:48.639 align:start position:0% can do. There are three subscription 00:12:48.639 --> 00:12:51.269 align:start position:0% can do. There are three subscription models.<00:12:49.440><c> Replenishment,</c><00:12:50.480><c> that</c><00:12:50.639><c> would</c><00:12:50.800><c> be</c><00:12:50.959><c> for</c> 00:12:51.269 --> 00:12:51.279 align:start position:0% models. Replenishment, that would be for 00:12:51.279 --> 00:12:53.910 align:start position:0% models. Replenishment, that would be for consumables<00:12:52.000><c> like</c><00:12:52.399><c> coffee,</c><00:12:53.040><c> supplements,</c> 00:12:53.910 --> 00:12:53.920 align:start position:0% consumables like coffee, supplements, 00:12:53.920 --> 00:12:57.110 align:start position:0% consumables like coffee, supplements, skincare,<00:12:54.880><c> etc.</c><00:12:55.600><c> The</c><00:12:55.839><c> customer</c><00:12:56.240><c> sets</c><00:12:56.560><c> it</c><00:12:56.800><c> and</c> 00:12:57.110 --> 00:12:57.120 align:start position:0% skincare, etc. The customer sets it and 00:12:57.120 --> 00:13:00.470 align:start position:0% skincare, etc. The customer sets it and it<00:12:57.279><c> auto</c><00:12:57.600><c> ships</c><00:12:58.000><c> every</c><00:12:58.320><c> 30,</c><00:12:58.959><c> 60</c><00:12:59.279><c> or</c><00:12:59.519><c> 90</c><00:12:59.839><c> days.</c> 00:13:00.470 --> 00:13:00.480 align:start position:0% it auto ships every 30, 60 or 90 days. 00:13:00.480 --> 00:13:02.949 align:start position:0% it auto ships every 30, 60 or 90 days. Curation<00:13:01.120><c> is</c><00:13:01.360><c> varying</c><00:13:01.839><c> products</c><00:13:02.240><c> each</c><00:13:02.480><c> cycle</c> 00:13:02.949 --> 00:13:02.959 align:start position:0% Curation is varying products each cycle 00:13:02.959 --> 00:13:05.509 align:start position:0% Curation is varying products each cycle like<00:13:03.200><c> beauty</c><00:13:03.600><c> boxes</c><00:13:04.000><c> or</c><00:13:04.320><c> wine</c><00:13:04.639><c> clubs.</c><00:13:05.279><c> It</c> 00:13:05.509 --> 00:13:05.519 align:start position:0% like beauty boxes or wine clubs. It 00:13:05.519 --> 00:13:06.949 align:start position:0% like beauty boxes or wine clubs. It sells<00:13:05.760><c> the</c><00:13:05.920><c> excitement</c><00:13:06.240><c> of</c><00:13:06.399><c> new</c><00:13:06.560><c> discovery</c> 00:13:06.949 --> 00:13:06.959 align:start position:0% sells the excitement of new discovery 00:13:06.959 --> 00:13:08.310 align:start position:0% sells the excitement of new discovery which<00:13:07.200><c> can</c><00:13:07.360><c> grow</c><00:13:07.600><c> your</c><00:13:07.839><c> business</c><00:13:08.079><c> in</c> 00:13:08.310 --> 00:13:08.320 align:start position:0% which can grow your business in 00:13:08.320 --> 00:13:11.030 align:start position:0% which can grow your business in additional<00:13:08.720><c> ways.</c><00:13:09.440><c> And</c><00:13:09.600><c> there's</c><00:13:10.079><c> access</c><00:13:10.639><c> for</c> 00:13:11.030 --> 00:13:11.040 align:start position:0% additional ways. And there's access for 00:13:11.040 --> 00:13:12.949 align:start position:0% additional ways. And there's access for exclusive<00:13:11.519><c> pricing,</c><00:13:12.160><c> early</c><00:13:12.480><c> drops,</c> 00:13:12.949 --> 00:13:12.959 align:start position:0% exclusive pricing, early drops, 00:13:12.959 --> 00:13:15.509 align:start position:0% exclusive pricing, early drops, membersonly<00:13:13.600><c> perks.</c><00:13:14.320><c> This</c><00:13:14.560><c> third</c><00:13:14.880><c> method</c> 00:13:15.509 --> 00:13:15.519 align:start position:0% membersonly perks. This third method 00:13:15.519 --> 00:13:17.670 align:start position:0% membersonly perks. This third method builds<00:13:15.839><c> a</c><00:13:16.000><c> community</c><00:13:16.560><c> layer</c><00:13:16.800><c> on</c><00:13:17.040><c> top</c><00:13:17.279><c> of</c><00:13:17.440><c> your</c> 00:13:17.670 --> 00:13:17.680 align:start position:0% builds a community layer on top of your 00:13:17.680 --> 00:13:19.829 align:start position:0% builds a community layer on top of your store.<00:13:18.399><c> Standard</c><00:13:18.800><c> subscription</c><00:13:19.279><c> discounts</c> 00:13:19.829 --> 00:13:19.839 align:start position:0% store. Standard subscription discounts 00:13:19.839 --> 00:13:22.550 align:start position:0% store. Standard subscription discounts run<00:13:20.079><c> 10</c><00:13:20.320><c> to</c><00:13:20.560><c> 20%</c><00:13:20.959><c> off</c><00:13:21.200><c> the</c><00:13:21.360><c> onetime</c><00:13:21.839><c> price.</c> 00:13:22.550 --> 00:13:22.560 align:start position:0% run 10 to 20% off the onetime price. 00:13:22.560 --> 00:13:25.110 align:start position:0% run 10 to 20% off the onetime price. Below<00:13:22.880><c> 10%,</c><00:13:23.600><c> there's</c><00:13:23.920><c> no</c><00:13:24.079><c> reason</c><00:13:24.240><c> to</c><00:13:24.399><c> commit.</c> 00:13:25.110 --> 00:13:25.120 align:start position:0% Below 10%, there's no reason to commit. 00:13:25.120 --> 00:13:27.350 align:start position:0% Below 10%, there's no reason to commit. Above<00:13:25.600><c> 20%,</c><00:13:26.160><c> you're</c><00:13:26.480><c> training</c><00:13:26.800><c> buyers</c><00:13:27.120><c> to</c> 00:13:27.350 --> 00:13:27.360 align:start position:0% Above 20%, you're training buyers to 00:13:27.360 --> 00:13:30.389 align:start position:0% Above 20%, you're training buyers to wait.<00:13:28.000><c> We</c><00:13:28.320><c> recommend</c><00:13:28.959><c> 15%</c><00:13:29.680><c> as</c><00:13:29.920><c> the</c><00:13:30.079><c> sweet</c> 00:13:30.389 --> 00:13:30.399 align:start position:0% wait. We recommend 15% as the sweet 00:13:30.399 --> 00:13:32.230 align:start position:0% wait. We recommend 15% as the sweet spot.<00:13:31.040><c> There</c><00:13:31.200><c> are</c><00:13:31.360><c> two</c><00:13:31.519><c> tools</c><00:13:31.760><c> to</c><00:13:31.920><c> know</c><00:13:32.079><c> if</c> 00:13:32.230 --> 00:13:32.240 align:start position:0% spot. There are two tools to know if 00:13:32.240 --> 00:13:34.389 align:start position:0% spot. There are two tools to know if you're<00:13:32.399><c> on</c><00:13:32.560><c> Shopify.</c><00:13:33.360><c> Shopify</c><00:13:33.839><c> subscriptions</c> 00:13:34.389 --> 00:13:34.399 align:start position:0% you're on Shopify. Shopify subscriptions 00:13:34.399 --> 00:13:36.710 align:start position:0% you're on Shopify. Shopify subscriptions is<00:13:34.639><c> built</c><00:13:34.959><c> into</c><00:13:35.200><c> the</c><00:13:35.440><c> platform</c><00:13:35.920><c> and</c><00:13:36.240><c> works</c><00:13:36.480><c> for</c> 00:13:36.710 --> 00:13:36.720 align:start position:0% is built into the platform and works for 00:13:36.720 --> 00:13:39.269 align:start position:0% is built into the platform and works for most<00:13:36.959><c> stores.</c><00:13:37.600><c> And</c><00:13:37.839><c> Recharge</c><00:13:38.399><c> is</c><00:13:38.639><c> the</c><00:13:38.880><c> upgrade</c> 00:13:39.269 --> 00:13:39.279 align:start position:0% most stores. And Recharge is the upgrade 00:13:39.279 --> 00:13:41.430 align:start position:0% most stores. And Recharge is the upgrade once<00:13:39.519><c> you</c><00:13:39.760><c> get</c><00:13:39.839><c> to</c><00:13:40.079><c> serious</c><00:13:40.480><c> volume</c><00:13:40.880><c> and</c><00:13:41.200><c> need</c> 00:13:41.430 --> 00:13:41.440 align:start position:0% once you get to serious volume and need 00:13:41.440 --> 00:13:43.590 align:start position:0% once you get to serious volume and need more<00:13:41.680><c> flexibility.</c><00:13:42.800><c> Okay,</c><00:13:43.040><c> let's</c><00:13:43.279><c> quickly</c> 00:13:43.590 --> 00:13:43.600 align:start position:0% more flexibility. Okay, let's quickly 00:13:43.600 --> 00:13:45.750 align:start position:0% more flexibility. Okay, let's quickly talk<00:13:43.839><c> churn</c><00:13:44.079><c> rates.</c><00:13:44.720><c> Direct</c><00:13:45.040><c> to</c><00:13:45.200><c> consumer,</c> 00:13:45.750 --> 00:13:45.760 align:start position:0% talk churn rates. Direct to consumer, 00:13:45.760 --> 00:13:48.150 align:start position:0% talk churn rates. Direct to consumer, also<00:13:46.000><c> known</c><00:13:46.160><c> as</c><00:13:46.320><c> DTC,</c><00:13:47.120><c> subscription</c><00:13:47.680><c> stores</c> 00:13:48.150 --> 00:13:48.160 align:start position:0% also known as DTC, subscription stores 00:13:48.160 --> 00:13:51.750 align:start position:0% also known as DTC, subscription stores average<00:13:48.639><c> 6.5</c><00:13:49.360><c> to</c><00:13:49.680><c> 8.5%</c><00:13:50.639><c> monthly</c><00:13:51.040><c> churn.</c> 00:13:51.750 --> 00:13:51.760 align:start position:0% average 6.5 to 8.5% monthly churn. 00:13:51.760 --> 00:13:54.470 align:start position:0% average 6.5 to 8.5% monthly churn. Businessto<00:13:52.320><c> business,</c><00:13:52.800><c> also</c><00:13:53.040><c> known</c><00:13:53.200><c> as</c><00:13:53.440><c> B2B,</c> 00:13:54.470 --> 00:13:54.480 align:start position:0% Businessto business, also known as B2B, 00:13:54.480 --> 00:13:57.670 align:start position:0% Businessto business, also known as B2B, and<00:13:54.800><c> digital</c><00:13:55.279><c> sit</c><00:13:55.600><c> at</c><00:13:55.839><c> 4</c><00:13:56.079><c> to</c><00:13:56.320><c> 7%.</c><00:13:57.199><c> Health</c><00:13:57.440><c> and</c> 00:13:57.670 --> 00:13:57.680 align:start position:0% and digital sit at 4 to 7%. Health and 00:13:57.680 --> 00:14:01.910 align:start position:0% and digital sit at 4 to 7%. Health and wellness<00:13:58.240><c> 8</c><00:13:58.480><c> to</c><00:13:58.639><c> 12%,</c><00:13:59.519><c> beauty</c><00:14:00.160><c> 8</c><00:14:00.399><c> to</c><00:14:00.720><c> 14%,</c><00:14:01.680><c> food</c> 00:14:01.910 --> 00:14:01.920 align:start position:0% wellness 8 to 12%, beauty 8 to 14%, food 00:14:01.920 --> 00:14:05.910 align:start position:0% wellness 8 to 12%, beauty 8 to 14%, food and<00:14:02.079><c> beverage</c><00:14:02.720><c> 12</c><00:14:02.959><c> to</c><00:14:03.360><c> 18%.</c><00:14:04.639><c> Below</c><00:14:05.040><c> 6%</c><00:14:05.600><c> is</c> 00:14:05.910 --> 00:14:05.920 align:start position:0% and beverage 12 to 18%. Below 6% is 00:14:05.920 --> 00:14:07.990 align:start position:0% and beverage 12 to 18%. Below 6% is exceptional.<00:14:06.880><c> Knowing</c><00:14:07.120><c> these</c><00:14:07.360><c> numbers</c><00:14:07.760><c> can</c> 00:14:07.990 --> 00:14:08.000 align:start position:0% exceptional. Knowing these numbers can 00:14:08.000 --> 00:14:10.150 align:start position:0% exceptional. Knowing these numbers can really<00:14:08.240><c> help</c><00:14:08.399><c> you</c><00:14:08.639><c> know</c><00:14:08.800><c> where</c><00:14:09.040><c> you</c><00:14:09.279><c> stand.</c><00:14:09.839><c> To</c> 00:14:10.150 --> 00:14:10.160 align:start position:0% really help you know where you stand. To 00:14:10.160 --> 00:14:11.910 align:start position:0% really help you know where you stand. To close<00:14:10.399><c> out,</c><00:14:10.800><c> let's</c><00:14:11.120><c> talk</c><00:14:11.279><c> about</c><00:14:11.440><c> dynamic</c> 00:14:11.910 --> 00:14:11.920 align:start position:0% close out, let's talk about dynamic 00:14:11.920 --> 00:14:14.230 align:start position:0% close out, let's talk about dynamic pricing.<00:14:12.720><c> Everything</c><00:14:13.120><c> so</c><00:14:13.360><c> far</c><00:14:13.519><c> has</c><00:14:13.760><c> involved</c> 00:14:14.230 --> 00:14:14.240 align:start position:0% pricing. Everything so far has involved 00:14:14.240 --> 00:14:16.790 align:start position:0% pricing. Everything so far has involved setting<00:14:14.480><c> a</c><00:14:14.720><c> price</c><00:14:15.040><c> and</c><00:14:15.360><c> leaving</c><00:14:15.680><c> it.</c><00:14:16.240><c> Dynamic</c> 00:14:16.790 --> 00:14:16.800 align:start position:0% setting a price and leaving it. Dynamic 00:14:16.800 --> 00:14:18.790 align:start position:0% setting a price and leaving it. Dynamic pricing<00:14:17.199><c> adjusts</c><00:14:17.680><c> automatically</c><00:14:18.320><c> based</c><00:14:18.639><c> on</c> 00:14:18.790 --> 00:14:18.800 align:start position:0% pricing adjusts automatically based on 00:14:18.800 --> 00:14:21.590 align:start position:0% pricing adjusts automatically based on demand,<00:14:19.519><c> competitor</c><00:14:20.079><c> moves,</c><00:14:20.560><c> inventory,</c><00:14:21.279><c> and</c> 00:14:21.590 --> 00:14:21.600 align:start position:0% demand, competitor moves, inventory, and 00:14:21.600 --> 00:14:24.230 align:start position:0% demand, competitor moves, inventory, and conversion<00:14:22.000><c> data.</c><00:14:22.720><c> The</c><00:14:23.040><c> same</c><00:14:23.279><c> product</c><00:14:23.760><c> can</c><00:14:24.000><c> be</c> 00:14:24.230 --> 00:14:24.240 align:start position:0% conversion data. The same product can be 00:14:24.240 --> 00:14:28.389 align:start position:0% conversion data. The same product can be $89<00:14:24.959><c> at</c><00:14:25.279><c> 10:00</c><00:14:25.519><c> a.m.</c><00:14:26.160><c> and</c><00:14:26.560><c> $94</c><00:14:27.360><c> at</c><00:14:27.680><c> 8:00</c><00:14:28.000><c> p.m.</c> 00:14:28.389 --> 00:14:28.399 align:start position:0% $89 at 10:00 a.m. and $94 at 8:00 p.m. 00:14:28.399 --> 00:14:30.790 align:start position:0% $89 at 10:00 a.m. and $94 at 8:00 p.m. if<00:14:28.639><c> that's</c><00:14:28.800><c> where</c><00:14:29.040><c> buyers</c><00:14:29.440><c> convert.</c><00:14:30.320><c> Airlines</c> 00:14:30.790 --> 00:14:30.800 align:start position:0% if that's where buyers convert. Airlines 00:14:30.800 --> 00:14:32.710 align:start position:0% if that's where buyers convert. Airlines have<00:14:30.959><c> done</c><00:14:31.120><c> this</c><00:14:31.279><c> for</c><00:14:31.440><c> decades.</c><00:14:32.079><c> E-commerce</c> 00:14:32.710 --> 00:14:32.720 align:start position:0% have done this for decades. E-commerce 00:14:32.720 --> 00:14:34.389 align:start position:0% have done this for decades. E-commerce is<00:14:32.959><c> only</c><00:14:33.120><c> just</c><00:14:33.279><c> catching</c><00:14:33.600><c> up,</c><00:14:33.920><c> especially</c><00:14:34.160><c> for</c> 00:14:34.389 --> 00:14:34.399 align:start position:0% is only just catching up, especially for 00:14:34.399 --> 00:14:36.710 align:start position:0% is only just catching up, especially for large<00:14:34.720><c> cataloges</c><00:14:35.360><c> where</c><00:14:35.680><c> manual</c><00:14:36.160><c> repricing</c> 00:14:36.710 --> 00:14:36.720 align:start position:0% large cataloges where manual repricing 00:14:36.720 --> 00:14:38.949 align:start position:0% large cataloges where manual repricing is<00:14:36.880><c> impossible.</c><00:14:37.760><c> The</c><00:14:38.000><c> tools</c><00:14:38.240><c> to</c><00:14:38.480><c> use</c><00:14:38.639><c> for</c><00:14:38.800><c> this</c> 00:14:38.949 --> 00:14:38.959 align:start position:0% is impossible. The tools to use for this 00:14:38.959 --> 00:14:41.670 align:start position:0% is impossible. The tools to use for this on<00:14:39.199><c> Shopify</c><00:14:39.760><c> are</c><00:14:40.000><c> Priceync,</c><00:14:40.639><c> a</c><00:14:40.800><c> Shopify</c><00:14:41.279><c> app,</c> 00:14:41.670 --> 00:14:41.680 align:start position:0% on Shopify are Priceync, a Shopify app, 00:14:41.680 --> 00:14:43.829 align:start position:0% on Shopify are Priceync, a Shopify app, and<00:14:42.000><c> Competitera,</c><00:14:42.720><c> which</c><00:14:42.959><c> track</c><00:14:43.279><c> competitor</c> 00:14:43.829 --> 00:14:43.839 align:start position:0% and Competitera, which track competitor 00:14:43.839 --> 00:14:46.310 align:start position:0% and Competitera, which track competitor prices.<00:14:44.639><c> There's</c><00:14:44.880><c> also</c><00:14:45.120><c> Intelligjs</c><00:14:45.839><c> that</c><00:14:46.000><c> AB</c> 00:14:46.310 --> 00:14:46.320 align:start position:0% prices. There's also Intelligjs that AB 00:14:46.320 --> 00:14:47.829 align:start position:0% prices. There's also Intelligjs that AB test<00:14:46.639><c> price</c><00:14:46.959><c> points</c><00:14:47.199><c> and</c><00:14:47.519><c> shipping</c> 00:14:47.829 --> 00:14:47.839 align:start position:0% test price points and shipping 00:14:47.839 --> 00:14:49.910 align:start position:0% test price points and shipping thresholds.<00:14:48.720><c> With</c><00:14:48.880><c> all</c><00:14:49.040><c> that</c><00:14:49.279><c> said,</c><00:14:49.600><c> don't</c> 00:14:49.910 --> 00:14:49.920 align:start position:0% thresholds. With all that said, don't 00:14:49.920 --> 00:14:51.750 align:start position:0% thresholds. With all that said, don't overlook<00:14:50.320><c> the</c><00:14:50.560><c> most</c><00:14:50.800><c> underused</c><00:14:51.279><c> dynamic</c> 00:14:51.750 --> 00:14:51.760 align:start position:0% overlook the most underused dynamic 00:14:51.760 --> 00:14:54.069 align:start position:0% overlook the most underused dynamic lever,<00:14:52.480><c> free</c><00:14:52.720><c> shipping</c><00:14:53.120><c> thresholds.</c> 00:14:54.069 --> 00:14:54.079 align:start position:0% lever, free shipping thresholds. 00:14:54.079 --> 00:14:56.230 align:start position:0% lever, free shipping thresholds. Intelligence<00:14:54.800><c> documented</c><00:14:55.360><c> a</c><00:14:55.680><c> sports</c><00:14:56.000><c> brand</c> 00:14:56.230 --> 00:14:56.240 align:start position:0% Intelligence documented a sports brand 00:14:56.240 --> 00:15:00.230 align:start position:0% Intelligence documented a sports brand that<00:14:56.480><c> raised</c><00:14:56.800><c> theirs</c><00:14:57.279><c> from</c><00:14:57.760><c> $100</c><00:14:58.560><c> to</c><00:14:59.040><c> $500</c><00:15:00.000><c> and</c> 00:15:00.230 --> 00:15:00.240 align:start position:0% that raised theirs from $100 to $500 and 00:15:00.240 --> 00:15:03.829 align:start position:0% that raised theirs from $100 to $500 and saw<00:15:00.399><c> a</c><00:15:00.639><c> 6%</c><00:15:01.199><c> AOV</c><00:15:01.680><c> lift</c><00:15:02.160><c> and</c><00:15:02.560><c> 12%</c><00:15:03.199><c> revenue</c><00:15:03.600><c> per</c> 00:15:03.829 --> 00:15:03.839 align:start position:0% saw a 6% AOV lift and 12% revenue per 00:15:03.839 --> 00:15:06.150 align:start position:0% saw a 6% AOV lift and 12% revenue per visitor<00:15:04.320><c> jump.</c><00:15:05.040><c> Set</c><00:15:05.279><c> your</c><00:15:05.440><c> threshold</c><00:15:05.839><c> above</c> 00:15:06.150 --> 00:15:06.160 align:start position:0% visitor jump. Set your threshold above 00:15:06.160 --> 00:15:07.829 align:start position:0% visitor jump. Set your threshold above your<00:15:06.399><c> current</c><00:15:06.639><c> average</c><00:15:06.959><c> order</c><00:15:07.279><c> value,</c><00:15:07.600><c> so</c> 00:15:07.829 --> 00:15:07.839 align:start position:0% your current average order value, so 00:15:07.839 --> 00:15:09.750 align:start position:0% your current average order value, so customers<00:15:08.320><c> naturally</c><00:15:08.880><c> add</c><00:15:09.120><c> an</c><00:15:09.279><c> item</c><00:15:09.600><c> to</c> 00:15:09.750 --> 00:15:09.760 align:start position:0% customers naturally add an item to 00:15:09.760 --> 00:15:12.389 align:start position:0% customers naturally add an item to qualify.<00:15:10.639><c> To</c><00:15:10.880><c> get</c><00:15:11.040><c> started,</c><00:15:11.600><c> pick</c><00:15:11.839><c> your</c><00:15:12.000><c> top</c> 00:15:12.389 --> 00:15:12.399 align:start position:0% qualify. To get started, pick your top 00:15:12.399 --> 00:15:14.629 align:start position:0% qualify. To get started, pick your top 20<00:15:12.639><c> products</c><00:15:12.959><c> by</c><00:15:13.199><c> revenue.</c><00:15:13.839><c> Test</c><00:15:14.240><c> three</c><00:15:14.399><c> to</c> 00:15:14.629 --> 00:15:14.639 align:start position:0% 20 products by revenue. Test three to 00:15:14.639 --> 00:15:17.189 align:start position:0% 20 products by revenue. Test three to five<00:15:14.880><c> price</c><00:15:15.120><c> points</c><00:15:15.440><c> over</c><00:15:15.680><c> 30</c><00:15:16.000><c> days.</c><00:15:16.720><c> Find</c><00:15:16.959><c> the</c> 00:15:17.189 --> 00:15:17.199 align:start position:0% five price points over 30 days. Find the 00:15:17.199 --> 00:15:19.750 align:start position:0% five price points over 30 days. Find the optimum<00:15:17.839><c> and</c><00:15:18.000><c> then</c><00:15:18.160><c> move</c><00:15:18.399><c> to</c><00:15:18.560><c> the</c><00:15:18.720><c> next</c><00:15:18.880><c> batch.</c> 00:15:19.750 --> 00:15:19.760 align:start position:0% optimum and then move to the next batch. 00:15:19.760 --> 00:15:21.990 align:start position:0% optimum and then move to the next batch. So,<00:15:20.079><c> there</c><00:15:20.320><c> you</c><00:15:20.480><c> have</c><00:15:20.560><c> it.</c><00:15:21.040><c> The</c><00:15:21.279><c> 10</c><00:15:21.600><c> pricing</c> 00:15:21.990 --> 00:15:22.000 align:start position:0% So, there you have it. The 10 pricing 00:15:22.000 --> 00:15:23.990 align:start position:0% So, there you have it. The 10 pricing strategies,<00:15:22.720><c> all</c><00:15:22.959><c> runnable</c><00:15:23.360><c> in</c><00:15:23.519><c> Shopify</c> 00:15:23.990 --> 00:15:24.000 align:start position:0% strategies, all runnable in Shopify 00:15:24.000 --> 00:15:25.990 align:start position:0% strategies, all runnable in Shopify today.<00:15:24.560><c> Don't</c><00:15:24.800><c> try</c><00:15:24.959><c> to</c><00:15:25.199><c> use</c><00:15:25.360><c> all</c><00:15:25.519><c> of</c><00:15:25.600><c> them</c><00:15:25.760><c> at</c> 00:15:25.990 --> 00:15:26.000 align:start position:0% today. Don't try to use all of them at 00:15:26.000 --> 00:15:27.910 align:start position:0% today. Don't try to use all of them at once.<00:15:26.639><c> Pick</c><00:15:26.880><c> the</c><00:15:27.040><c> one</c><00:15:27.199><c> that</c><00:15:27.440><c> fits</c><00:15:27.680><c> your</c> 00:15:27.910 --> 00:15:27.920 align:start position:0% once. Pick the one that fits your 00:15:27.920 --> 00:15:30.230 align:start position:0% once. Pick the one that fits your product.<00:15:28.560><c> Test</c><00:15:28.800><c> it</c><00:15:28.959><c> for</c><00:15:29.120><c> 30</c><00:15:29.360><c> days,</c><00:15:29.680><c> then</c><00:15:30.079><c> layer</c> 00:15:30.230 --> 00:15:30.240 align:start position:0% product. Test it for 30 days, then layer 00:15:30.240 --> 00:15:32.550 align:start position:0% product. Test it for 30 days, then layer in<00:15:30.399><c> the</c><00:15:30.560><c> next</c><00:15:30.720><c> one</c><00:15:30.880><c> as</c><00:15:31.120><c> you</c><00:15:31.279><c> keep</c><00:15:31.519><c> moving.</c><00:15:32.240><c> As</c> 00:15:32.550 --> 00:15:32.560 align:start position:0% in the next one as you keep moving. As 00:15:32.560 --> 00:15:34.470 align:start position:0% in the next one as you keep moving. As always,<00:15:32.880><c> the</c><00:15:33.040><c> Shopify</c><00:15:33.519><c> trial</c><00:15:33.839><c> link</c><00:15:34.000><c> is</c><00:15:34.160><c> in</c><00:15:34.320><c> the</c> 00:15:34.470 --> 00:15:34.480 align:start position:0% always, the Shopify trial link is in the 00:15:34.480 --> 00:15:35.750 align:start position:0% always, the Shopify trial link is in the description<00:15:34.800><c> below.</c><00:15:35.199><c> So,</c><00:15:35.360><c> make</c><00:15:35.519><c> sure</c><00:15:35.600><c> to</c> 00:15:35.750 --> 00:15:35.760 align:start position:0% description below. So, make sure to 00:15:35.760 --> 00:15:37.990 align:start position:0% description below. So, make sure to check<00:15:35.920><c> it</c><00:15:36.079><c> out.</c><00:15:36.560><c> I'm</c><00:15:36.800><c> Vhon</c><00:15:37.279><c> and</c><00:15:37.519><c> this</c><00:15:37.680><c> was</c><00:15:37.760><c> part</c> 00:15:37.990 --> 00:15:38.000 align:start position:0% check it out. I'm Vhon and this was part 00:15:38.000 --> 00:15:39.670 align:start position:0% check it out. I'm Vhon and this was part two<00:15:38.160><c> of</c><00:15:38.320><c> the</c><00:15:38.480><c> free</c><00:15:38.720><c> Shopify</c><00:15:39.279><c> marketing</c> 00:15:39.670 --> 00:15:39.680 align:start position:0% two of the free Shopify marketing 00:15:39.680 --> 00:15:42.389 align:start position:0% two of the free Shopify marketing masterass.<00:15:40.720><c> Part</c><00:15:41.040><c> three</c><00:15:41.519><c> covers</c><00:15:41.920><c> place</c><00:15:42.160><c> and</c> 00:15:42.389 --> 00:15:42.399 align:start position:0% masterass. Part three covers place and 00:15:42.399 --> 00:15:44.389 align:start position:0% masterass. Part three covers place and distribution<00:15:42.880><c> channels,</c><00:15:43.360><c> and</c><00:15:43.600><c> part</c><00:15:43.920><c> four</c><00:15:44.160><c> is</c> 00:15:44.389 --> 00:15:44.399 align:start position:0% distribution channels, and part four is 00:15:44.399 --> 00:15:46.310 align:start position:0% distribution channels, and part four is going<00:15:44.480><c> to</c><00:15:44.639><c> cover</c><00:15:44.880><c> promotion</c><00:15:45.440><c> marketing.</c><00:15:46.160><c> You</c> 00:15:46.310 --> 00:15:46.320 align:start position:0% going to cover promotion marketing. You 00:15:46.320 --> 00:15:48.150 align:start position:0% going to cover promotion marketing. You can<00:15:46.480><c> catch</c><00:15:46.720><c> part</c><00:15:46.959><c> one</c><00:15:47.199><c> on</c><00:15:47.360><c> digital</c><00:15:47.760><c> marketing</c> 00:15:48.150 --> 00:15:48.160 align:start position:0% can catch part one on digital marketing 00:15:48.160 --> 00:15:49.829 align:start position:0% can catch part one on digital marketing on<00:15:48.320><c> the</c><00:15:48.480><c> screen</c><00:15:48.880><c> right</c><00:15:49.120><c> over</c><00:15:49.279><c> there</c><00:15:49.519><c> to</c><00:15:49.680><c> keep</c> 00:15:49.829 --> 00:15:49.839 align:start position:0% on the screen right over there to keep 00:15:49.839 --> 00:15:51.350 align:start position:0% on the screen right over there to keep the<00:15:50.000><c> momentum</c><00:15:50.320><c> going.</c><00:15:50.880><c> Thanks</c><00:15:51.040><c> for</c><00:15:51.199><c> hanging</c> 00:15:51.350 --> 00:15:51.360 align:start position:0% the momentum going. Thanks for hanging 00:15:51.360 --> 00:15:52.550 align:start position:0% the momentum going. Thanks for hanging out<00:15:51.519><c> with</c><00:15:51.600><c> me.</c><00:15:51.759><c> I'm</c><00:15:51.920><c> going</c><00:15:52.000><c> to</c><00:15:52.079><c> kick</c><00:15:52.240><c> it</c><00:15:52.320><c> off</c><00:15:52.399><c> to</c> 00:15:52.550 --> 00:15:52.560 align:start position:0% out with me. I'm going to kick it off to 00:15:52.560 --> 00:15:56.440 align:start position:0% out with me. I'm going to kick it off to Chenade<00:15:52.959><c> for</c><00:15:53.120><c> the</c><00:15:53.279><c> next</c><00:15:53.440><c> one.</c>