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EP 40 - Drew Marconi and Adam Kitian On Ecommerce Pricing Strategy 101
Whale Informed by Triple Whale
Is Your Elasticity a Good Thing?
Elasticity is, how much is your conversion going to change when we change the price. And so if i can increase the price by ten % and the conversion drops by one %, that's pretty good. I'd barely lose any sales. And then i'm probably making more revenue and certainly more profit. M on the flip side, am i going to get a ten % bump in conversion, a 30 % bumpin conversion, or very little bumpin conversion? And so that's where we start to see elasticity, is how much are people willing to pay for your product?"
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