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As a die hard tester, my first question would be, "what price points did you test?" $299, $399, $499? For example, you said you have a 0.6% conversion rate an
by travelhead 11y ago
As a die hard tester, my first question would be, "what price points did you test?"
$299, $399, $499?
For example, you said you have a 0.6% conversion rate and $99 price point point. Perhaps your conversion rate at $499 would drop to 0.3% but even so you just dramatically increased your profit
Often times mispricing (either too high or too low) is why startups fail.
- yaakovkarda 11y agoWe started with $150, as far as I can remeber than went down. The higher the price, the more important is the brand component OR bespoke experience in the luxury offline environment. We did work with ateliers that sold our jeans for $300, but a) the volume was still low and b) we were only getting our $99 out of the each pair. Besides, when you go for real bespoke, people tend to be much more picky → more returns and alterations as a result.