1 00:00:04,160 --> 00:00:06,720 Speaker 1: Welcome to big Business. This is one of my bonus episodes. 2 00:00:06,760 --> 00:00:08,280 Speaker 1: In case you didn't know, I come out with a 3 00:00:08,320 --> 00:00:10,560 Speaker 1: bonus episode every week as well as my main so 4 00:00:10,840 --> 00:00:13,600 Speaker 1: two of me every week. You're spoiled for bloody choice. 5 00:00:14,640 --> 00:00:16,919 Speaker 1: Someone is Actually I'm just going to answer a question 6 00:00:16,960 --> 00:00:20,279 Speaker 1: that came through in my DMS quite literally, just like 7 00:00:20,320 --> 00:00:23,080 Speaker 1: a couple of days ago. So shout out to Taylor 8 00:00:23,120 --> 00:00:25,959 Speaker 1: for asking me this. It's a bit spicy, it's a 9 00:00:26,000 --> 00:00:28,000 Speaker 1: bit it's a bit of tea Zander. Maybe you can 10 00:00:28,040 --> 00:00:30,040 Speaker 1: weigh in on what you think about this as well. 11 00:00:30,440 --> 00:00:33,720 Speaker 1: So Taylor has said, Heybritt love the pod, I have 12 00:00:33,760 --> 00:00:36,559 Speaker 1: a question I'd be interested to hear your perspective on 13 00:00:36,600 --> 00:00:38,800 Speaker 1: in a Q and A or bonus ep Well, you're 14 00:00:38,800 --> 00:00:42,320 Speaker 1: getting exactly what you asked for, Taylor. What is your opinion? 15 00:00:42,400 --> 00:00:46,640 Speaker 1: Slash thoughts on big clothing brands hiking their prices up 16 00:00:46,720 --> 00:00:49,920 Speaker 1: on clothing items when they go somewhat viral on TikTok 17 00:00:50,479 --> 00:00:54,080 Speaker 1: or Instagram. For example, a massive Australian clothing brand that 18 00:00:54,160 --> 00:00:56,560 Speaker 1: rhymes with I'm not even going to say because it's 19 00:00:56,560 --> 00:00:59,600 Speaker 1: really obvious, had one of their tops go live at 20 00:00:59,600 --> 00:01:02,720 Speaker 1: a hundred nine dollars and it is now one hundred 21 00:01:02,760 --> 00:01:05,920 Speaker 1: and thirty nine dollars. After the top going viral on TikTok. 22 00:01:06,400 --> 00:01:08,760 Speaker 1: Every few days, it would go up by ten dollars 23 00:01:08,840 --> 00:01:11,880 Speaker 1: until someone made a video about it. To me, it 24 00:01:11,880 --> 00:01:14,440 Speaker 1: feels a bit unethical, as they had their price set, 25 00:01:14,520 --> 00:01:18,000 Speaker 1: which would have been profitable regardless, but to make extra 26 00:01:18,160 --> 00:01:21,880 Speaker 1: off consumers, they increased it further as the new customers 27 00:01:21,880 --> 00:01:24,520 Speaker 1: would keep purchasing it. We'd love to know your thoughts 28 00:01:24,520 --> 00:01:28,760 Speaker 1: on these apologies for the long message Spicy. 29 00:01:29,280 --> 00:01:33,200 Speaker 2: That is spicy. My immediate thought is that I no 30 00:01:33,280 --> 00:01:35,280 Speaker 2: longer trust the brand and I'm not going to shop 31 00:01:35,319 --> 00:01:35,839 Speaker 2: with them again. 32 00:01:35,920 --> 00:01:39,760 Speaker 1: I think brands need to be aware of how this 33 00:01:39,840 --> 00:01:43,880 Speaker 1: can make the consumer feel. Like I see it from 34 00:01:43,920 --> 00:01:46,679 Speaker 1: like obviously both standpoints as a business owner and a 35 00:01:46,720 --> 00:01:50,400 Speaker 1: consumer myself. From a business standpoint, they're just seeing that 36 00:01:50,440 --> 00:01:52,480 Speaker 1: this top has gone absolutely viral, and like, fuck, we 37 00:01:52,520 --> 00:01:56,840 Speaker 1: should have charged more for it. I'm also wondering if 38 00:01:56,880 --> 00:02:00,720 Speaker 1: they are putting up their price by ten dollars each time. 39 00:02:00,920 --> 00:02:02,840 Speaker 1: I don't think I've ever bought anything from that brand, 40 00:02:03,280 --> 00:02:05,640 Speaker 1: but like, all of your stock has barcodes on it, 41 00:02:05,720 --> 00:02:08,400 Speaker 1: and they've got prices well, I don't know about theirs, 42 00:02:08,400 --> 00:02:10,480 Speaker 1: but like ours, like every single one of our pieces 43 00:02:10,520 --> 00:02:13,280 Speaker 1: of clothing has a barcode, you know, on the swing tag. 44 00:02:13,320 --> 00:02:15,240 Speaker 1: It's got the barcode and the price. So if they're 45 00:02:15,520 --> 00:02:18,919 Speaker 1: increasing the price by ten dollars every day, they're gonna 46 00:02:18,960 --> 00:02:22,359 Speaker 1: have to be rebarcoding every single fucking unit. But maybe 47 00:02:22,360 --> 00:02:26,000 Speaker 1: they don't have prices on their on their barcodes, but 48 00:02:26,040 --> 00:02:27,919 Speaker 1: then again, they've got stores, so they would have to 49 00:02:27,960 --> 00:02:29,720 Speaker 1: have prices on there, So I'd be interested from the 50 00:02:29,760 --> 00:02:32,919 Speaker 1: logistics standpoint how they went about that. So I guess 51 00:02:33,120 --> 00:02:36,240 Speaker 1: just seeing it from their perspective, they've seen, holy shit, 52 00:02:36,320 --> 00:02:39,280 Speaker 1: this top is so viral. We should have charged more 53 00:02:39,280 --> 00:02:41,160 Speaker 1: for it, like because in their eyes, it's worth more 54 00:02:41,200 --> 00:02:44,840 Speaker 1: because people absolutely love it. And I know myself that 55 00:02:44,919 --> 00:02:48,000 Speaker 1: we've definitely launched pieces and I've kind of looked at 56 00:02:48,040 --> 00:02:50,600 Speaker 1: its popularity and been like, fuck, we should have done 57 00:02:50,720 --> 00:02:54,120 Speaker 1: like ten dollars more for that, because one thing that 58 00:02:54,520 --> 00:02:56,880 Speaker 1: like I guess I never thought of before owning Fate 59 00:02:57,000 --> 00:03:00,000 Speaker 1: is like how drastic of a difference ten dollars can make. 60 00:03:00,600 --> 00:03:03,399 Speaker 1: But then again, like I see it from the customer's standpoint, 61 00:03:03,400 --> 00:03:06,320 Speaker 1: if customers are noticing that you're upping the prices like 62 00:03:06,960 --> 00:03:10,480 Speaker 1: consecutively over days. When something's gone viral, it's gonna leave 63 00:03:10,520 --> 00:03:11,680 Speaker 1: a bad taste in their mouth. 64 00:03:12,080 --> 00:03:18,880 Speaker 2: And people are smart, like people know brand value. So say, hypothetically, 65 00:03:18,880 --> 00:03:22,919 Speaker 2: you've got a brand that isn't quite up market and 66 00:03:23,000 --> 00:03:24,680 Speaker 2: they're upping their prices. 67 00:03:24,720 --> 00:03:30,400 Speaker 1: Cons this brand is up market, it's quite not fancy, like, yeah, 68 00:03:30,400 --> 00:03:32,840 Speaker 1: there's clothing is probably no different to ours, but they 69 00:03:32,919 --> 00:03:36,480 Speaker 1: have this like illusion of it being like premium because 70 00:03:36,520 --> 00:03:38,480 Speaker 1: even but one hundred and thirty nine dollars for a 71 00:03:38,520 --> 00:03:40,360 Speaker 1: top is so fucking expensive. 72 00:03:40,040 --> 00:03:42,680 Speaker 2: So expensive. But that's that's what I'm saying. Like, if 73 00:03:42,680 --> 00:03:45,040 Speaker 2: it is a brand that isn't up market and they're 74 00:03:45,080 --> 00:03:49,280 Speaker 2: lifting the prices, yeah, then people aren't dumb. They're gonna 75 00:03:49,280 --> 00:03:50,960 Speaker 2: be like, well, it's actually not worth that. But then 76 00:03:51,000 --> 00:03:53,200 Speaker 2: when you have a brand that may be more up 77 00:03:53,240 --> 00:03:56,560 Speaker 2: market and they're still raising their prices on a product 78 00:03:56,600 --> 00:04:00,520 Speaker 2: that's already expensive for people, fuck you. 79 00:04:00,960 --> 00:04:03,400 Speaker 1: Yeah, I didn't know that this happened, Like this is 80 00:04:03,400 --> 00:04:06,400 Speaker 1: the first time I've heard of it, But like my 81 00:04:07,160 --> 00:04:09,840 Speaker 1: instant thought is like I can see why they've done it, 82 00:04:09,960 --> 00:04:12,600 Speaker 1: not that I think that warrants them doing it, especially 83 00:04:12,680 --> 00:04:15,240 Speaker 1: in front of their customers. If anything, like if it's 84 00:04:15,280 --> 00:04:16,880 Speaker 1: going to be a popular style that they're going to 85 00:04:16,920 --> 00:04:18,719 Speaker 1: keep around for the next few years kind of thing, 86 00:04:19,080 --> 00:04:21,120 Speaker 1: like maybe they could look at doing an increase, you know, 87 00:04:21,200 --> 00:04:23,680 Speaker 1: in six months, or like, you know, if they bring 88 00:04:23,680 --> 00:04:25,600 Speaker 1: it back again the following season, it can be ten 89 00:04:25,640 --> 00:04:28,960 Speaker 1: dollars more. But don't increase your prices in the hype 90 00:04:29,120 --> 00:04:31,359 Speaker 1: of an item to make an extra buck out of 91 00:04:31,360 --> 00:04:34,000 Speaker 1: your customers, because they're gonna fucking notice, especially if it's 92 00:04:34,040 --> 00:04:36,840 Speaker 1: a hot viral item, like they're gonna go, oh, I 93 00:04:36,880 --> 00:04:38,560 Speaker 1: want that top. The customers are going to know it 94 00:04:38,560 --> 00:04:40,040 Speaker 1: was one hundred and nine dollars and if it gets 95 00:04:40,080 --> 00:04:42,880 Speaker 1: restocked or whatever, like they're going to notice that that's 96 00:04:42,920 --> 00:04:43,760 Speaker 1: twenty dollars more. 97 00:04:43,960 --> 00:04:47,280 Speaker 2: I feel like, what And I'm not someone in business 98 00:04:47,320 --> 00:04:49,680 Speaker 2: in clothing or anything, but I feel like what maybe 99 00:04:49,680 --> 00:04:53,240 Speaker 2: would have benefited them is if they added something gimmicky 100 00:04:53,720 --> 00:04:56,600 Speaker 2: to this viral moment that kind of almost would have 101 00:04:56,800 --> 00:05:01,120 Speaker 2: justified in people's minds them raising their price, Like what's 102 00:05:01,440 --> 00:05:03,760 Speaker 2: what's something that they could throw in or what's something 103 00:05:03,839 --> 00:05:06,360 Speaker 2: gimmicky that they could add, like a gift with purchases 104 00:05:06,480 --> 00:05:11,840 Speaker 2: almost yeah, yeah, something that's going to almost allude people 105 00:05:11,960 --> 00:05:15,080 Speaker 2: to what they're actually doing. I think that made that 106 00:05:15,160 --> 00:05:18,479 Speaker 2: could have worked. But just like raising that price every 107 00:05:18,560 --> 00:05:20,400 Speaker 2: day by ten bucks. 108 00:05:20,040 --> 00:05:22,440 Speaker 1: I know, and ten dollars makes a huge difference to 109 00:05:22,520 --> 00:05:25,200 Speaker 1: a business, like pricing something at eighty dollars and pricing 110 00:05:25,240 --> 00:05:28,160 Speaker 1: something at ninety dollars even though it's just ten dollars, 111 00:05:28,160 --> 00:05:30,960 Speaker 1: Like it makes a massive difference to a business. But 112 00:05:31,040 --> 00:05:33,320 Speaker 1: the fact that they've jumped it up by twenty dollars 113 00:05:33,360 --> 00:05:36,680 Speaker 1: just because it's going viral, Like yeah, I don't know 114 00:05:36,720 --> 00:05:38,559 Speaker 1: on the back end what they'd be thinking, like maybe 115 00:05:38,560 --> 00:05:41,320 Speaker 1: someone's I don't want to give them the benefit of 116 00:05:41,360 --> 00:05:43,000 Speaker 1: the doubt. I'm like if someone priced it wrong and 117 00:05:43,040 --> 00:05:46,640 Speaker 1: then they've rectified. But what like this person said, when 118 00:05:46,640 --> 00:05:48,840 Speaker 1: they send it in, like your prices are set, and 119 00:05:48,880 --> 00:05:50,599 Speaker 1: your prices are set to make a profit from the 120 00:05:50,640 --> 00:05:53,200 Speaker 1: get go, so they're just like adding another twenty dollars. 121 00:05:53,240 --> 00:05:56,120 Speaker 2: And also they're getting all this extra business across the 122 00:05:56,160 --> 00:05:59,560 Speaker 2: business anyway because they've had this viral moment, so it 123 00:05:59,640 --> 00:06:02,960 Speaker 2: just seems like they're wanting to grab more and more 124 00:06:03,240 --> 00:06:07,800 Speaker 2: and it's like, am, oh my god, what's that Robin 125 00:06:07,800 --> 00:06:10,559 Speaker 2: hood saying the rich take from the rich and no, 126 00:06:10,640 --> 00:06:12,480 Speaker 2: but they're not. They just keep the opposite. 127 00:06:12,640 --> 00:06:16,080 Speaker 1: Yeah, it's not a good look at all. And that's 128 00:06:16,120 --> 00:06:19,160 Speaker 1: my opinion from a business standpoint, I can see why 129 00:06:19,200 --> 00:06:21,839 Speaker 1: their mind went there, and I've had that thought before. 130 00:06:22,000 --> 00:06:24,680 Speaker 1: I'm like, fuck, we could have sold this for ten 131 00:06:24,760 --> 00:06:26,920 Speaker 1: dollars more. Like you know, I've had those thoughts, but 132 00:06:26,960 --> 00:06:29,400 Speaker 1: I've never then gone quick jump in and changed the price. 133 00:06:29,800 --> 00:06:32,080 Speaker 1: But again, like it all comes down to barcodes and everything. 134 00:06:32,080 --> 00:06:34,440 Speaker 1: I'm like, how are they changing the barcodes for every 135 00:06:34,520 --> 00:06:36,880 Speaker 1: single one? Because there's a barcode on the outer bag 136 00:06:36,920 --> 00:06:39,159 Speaker 1: and there's a barcode on the swing tag on the 137 00:06:39,200 --> 00:06:41,360 Speaker 1: inside of the item as well, So they'd be creating 138 00:06:41,880 --> 00:06:44,240 Speaker 1: more work for all their staff as well. I don't 139 00:06:44,279 --> 00:06:47,760 Speaker 1: exactly know, because I don't know how it's happened, but yeah, 140 00:06:47,800 --> 00:06:50,600 Speaker 1: you're right to think that this isn't on. 141 00:06:51,080 --> 00:06:56,920 Speaker 2: Yeah, and how would you from your perspective, how would 142 00:06:56,960 --> 00:07:01,120 Speaker 2: you then tackle this like a negative reaction, Like what 143 00:07:01,160 --> 00:07:03,240 Speaker 2: would you do from a business standpoint to kind of 144 00:07:03,240 --> 00:07:04,400 Speaker 2: rectify that? Do you think? 145 00:07:04,680 --> 00:07:08,880 Speaker 1: Good question? They're like, they'd either have to come out, 146 00:07:08,960 --> 00:07:10,480 Speaker 1: you'd have to come out and make a statement. 147 00:07:11,080 --> 00:07:14,040 Speaker 2: Would you acknowledge. 148 00:07:13,560 --> 00:07:16,160 Speaker 1: That you've done it? Yeah, yeah, you'd have to. But 149 00:07:16,240 --> 00:07:18,040 Speaker 1: I think like a lot of businesses and brands, they 150 00:07:18,040 --> 00:07:20,360 Speaker 1: don't give a fuck, Like they just they would just 151 00:07:20,440 --> 00:07:22,840 Speaker 1: leave it and everyone will forget about it, you know. Yeah, 152 00:07:23,000 --> 00:07:24,880 Speaker 1: but if enough people were calling me out, like I'd 153 00:07:24,880 --> 00:07:27,200 Speaker 1: have to make a statement and say why I did it, 154 00:07:27,720 --> 00:07:29,680 Speaker 1: and like be honest, be like we just saw the 155 00:07:29,760 --> 00:07:31,680 Speaker 1: hype of this item, so we wanted to sell it 156 00:07:31,680 --> 00:07:34,720 Speaker 1: for more. Or if they genuinely made a mistake and 157 00:07:34,760 --> 00:07:36,200 Speaker 1: it wasn't meant to be one hundred and nine at 158 00:07:36,200 --> 00:07:38,640 Speaker 1: the start, like give proof as to how that was 159 00:07:38,680 --> 00:07:40,160 Speaker 1: wrong and why it did jump. 160 00:07:40,000 --> 00:07:42,200 Speaker 2: Up, like they'd make up the press. 161 00:07:42,400 --> 00:07:45,280 Speaker 1: Yeah, but like have the receipts. I don't know, but yeah, 162 00:07:45,320 --> 00:07:47,240 Speaker 1: it's just something I guess to be mindful of. And 163 00:07:47,320 --> 00:07:50,480 Speaker 1: you hear of businesses doing this as well, Like like 164 00:07:50,520 --> 00:07:52,760 Speaker 1: you hear stories before sales they like put up the 165 00:07:52,800 --> 00:07:55,480 Speaker 1: retail price and then they say we having thirty percent off, 166 00:07:55,480 --> 00:07:57,680 Speaker 1: but they'd like put all the prices up, which is illegal, 167 00:07:57,680 --> 00:08:01,560 Speaker 1: I'm pretty sure. But yeah, businesses like it's not illegal 168 00:08:01,600 --> 00:08:03,920 Speaker 1: for them to put up the price of something, but 169 00:08:04,160 --> 00:08:06,880 Speaker 1: it does leave a bad taste in the consumer's mouth. 170 00:08:07,360 --> 00:08:08,720 Speaker 1: And I guess it's up to you what you want 171 00:08:08,760 --> 00:08:13,160 Speaker 1: to do with that thought about the business. But fuck, 172 00:08:13,320 --> 00:08:14,720 Speaker 1: it's business at the end of the day, isn't it. 173 00:08:14,800 --> 00:08:16,960 Speaker 1: And people are just wanting to make more and more money. 174 00:08:17,200 --> 00:08:19,760 Speaker 2: They're all trying to play the game exactly right, and 175 00:08:19,800 --> 00:08:22,040 Speaker 2: you can play it wrong sometimes exactly right. 176 00:08:22,120 --> 00:08:24,520 Speaker 1: But yeah, I would never do something like that. Like 177 00:08:24,560 --> 00:08:27,559 Speaker 1: we've increased our prices since Fate started, Like I always 178 00:08:27,560 --> 00:08:29,240 Speaker 1: talk about, you know, back in the day, how I 179 00:08:29,280 --> 00:08:31,280 Speaker 1: was selling my items for way too cheap, Like I 180 00:08:32,280 --> 00:08:35,160 Speaker 1: wasn't making profit. I was breaking even barely if that. 181 00:08:35,280 --> 00:08:37,640 Speaker 1: So we've definitely increased our prices over the years. But 182 00:08:37,679 --> 00:08:40,280 Speaker 1: it's not a twenty dollar jump in a viral moment. 183 00:08:40,440 --> 00:08:42,600 Speaker 1: It might be a twenty dollar jump over four years 184 00:08:42,679 --> 00:08:47,600 Speaker 1: or something because like inflation, et cetera. But yeah, bad 185 00:08:47,640 --> 00:08:51,160 Speaker 1: move on their behalf. No, not that I'm trying to 186 00:08:51,160 --> 00:08:54,360 Speaker 1: throw shade, but yeah, they should have thought twice about that. 187 00:08:54,600 --> 00:08:57,000 Speaker 1: And I don't know, surely they could have predicted that 188 00:08:57,040 --> 00:08:59,640 Speaker 1: the top was going to be popular, but sometimes you don't. 189 00:08:59,640 --> 00:09:02,200 Speaker 1: Sometimes items will take you by surprise. But they should 190 00:09:02,240 --> 00:09:05,440 Speaker 1: just learn better for next time. Like, all our customers 191 00:09:05,520 --> 00:09:07,720 Speaker 1: like this style, so if they make anything similar in 192 00:09:07,720 --> 00:09:09,319 Speaker 1: the future, maybe they can sell it at a higher 193 00:09:09,320 --> 00:09:11,640 Speaker 1: price point. Yeah, that's what I would do anyway. 194 00:09:11,840 --> 00:09:13,439 Speaker 2: I think, especially when we're in like a cost of 195 00:09:13,520 --> 00:09:17,480 Speaker 2: living crisis and people can barely forward the basics, pulling 196 00:09:17,559 --> 00:09:20,840 Speaker 2: something like that now is never going to land. 197 00:09:20,960 --> 00:09:21,880 Speaker 1: It's a bit toned death. 198 00:09:22,000 --> 00:09:23,360 Speaker 2: Yeah, definitely tone death. 199 00:09:23,880 --> 00:09:28,080 Speaker 1: So anyway, Kaylor, feel free to shop at FATE. I 200 00:09:28,160 --> 00:09:30,240 Speaker 1: won't put the price up by twenty dollars when we 201 00:09:30,240 --> 00:09:31,080 Speaker 1: have a viral top