WEBVTT - A Viral Moment That This Business Handled Wrong

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<v Speaker 1>Welcome to big Business. This is one of my bonus episodes.

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<v Speaker 1>In case you didn't know, I come out with a

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<v Speaker 1>bonus episode every week as well as my main so

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<v Speaker 1>two of me every week. You're spoiled for bloody choice.

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<v Speaker 1>Someone is Actually I'm just going to answer a question

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<v Speaker 1>that came through in my DMS quite literally, just like

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<v Speaker 1>a couple of days ago. So shout out to Taylor

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<v Speaker 1>for asking me this. It's a bit spicy, it's a

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<v Speaker 1>bit it's a bit of tea Zander. Maybe you can

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<v Speaker 1>weigh in on what you think about this as well.

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<v Speaker 1>So Taylor has said, Heybritt love the pod, I have

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<v Speaker 1>a question I'd be interested to hear your perspective on

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<v Speaker 1>in a Q and A or bonus ep Well, you're

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<v Speaker 1>getting exactly what you asked for, Taylor. What is your opinion?

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<v Speaker 1>Slash thoughts on big clothing brands hiking their prices up

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<v Speaker 1>on clothing items when they go somewhat viral on TikTok

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<v Speaker 1>or Instagram. For example, a massive Australian clothing brand that

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<v Speaker 1>rhymes with I'm not even going to say because it's

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<v Speaker 1>really obvious, had one of their tops go live at

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<v Speaker 1>a hundred nine dollars and it is now one hundred

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<v Speaker 1>and thirty nine dollars. After the top going viral on TikTok.

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<v Speaker 1>Every few days, it would go up by ten dollars

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<v Speaker 1>until someone made a video about it. To me, it

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<v Speaker 1>feels a bit unethical, as they had their price set,

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<v Speaker 1>which would have been profitable regardless, but to make extra

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<v Speaker 1>off consumers, they increased it further as the new customers

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<v Speaker 1>would keep purchasing it. We'd love to know your thoughts

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<v Speaker 1>on these apologies for the long message Spicy.

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<v Speaker 2>That is spicy. My immediate thought is that I no

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<v Speaker 2>longer trust the brand and I'm not going to shop

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<v Speaker 2>with them again.

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<v Speaker 1>I think brands need to be aware of how this

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<v Speaker 1>can make the consumer feel. Like I see it from

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<v Speaker 1>like obviously both standpoints as a business owner and a

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<v Speaker 1>consumer myself. From a business standpoint, they're just seeing that

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<v Speaker 1>this top has gone absolutely viral, and like, fuck, we

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<v Speaker 1>should have charged more for it. I'm also wondering if

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<v Speaker 1>they are putting up their price by ten dollars each time.

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<v Speaker 1>I don't think I've ever bought anything from that brand,

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<v Speaker 1>but like, all of your stock has barcodes on it,

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<v Speaker 1>and they've got prices well, I don't know about theirs,

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<v Speaker 1>but like ours, like every single one of our pieces

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<v Speaker 1>of clothing has a barcode, you know, on the swing tag.

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<v Speaker 1>It's got the barcode and the price. So if they're

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<v Speaker 1>increasing the price by ten dollars every day, they're gonna

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<v Speaker 1>have to be rebarcoding every single fucking unit. But maybe

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<v Speaker 1>they don't have prices on their on their barcodes, but

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<v Speaker 1>then again, they've got stores, so they would have to

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<v Speaker 1>have prices on there, So I'd be interested from the

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<v Speaker 1>logistics standpoint how they went about that. So I guess

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<v Speaker 1>just seeing it from their perspective, they've seen, holy shit,

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<v Speaker 1>this top is so viral. We should have charged more

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<v Speaker 1>for it, like because in their eyes, it's worth more

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<v Speaker 1>because people absolutely love it. And I know myself that

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<v Speaker 1>we've definitely launched pieces and I've kind of looked at

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<v Speaker 1>its popularity and been like, fuck, we should have done

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<v Speaker 1>like ten dollars more for that, because one thing that

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<v Speaker 1>like I guess I never thought of before owning Fate

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<v Speaker 1>is like how drastic of a difference ten dollars can make.

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<v Speaker 1>But then again, like I see it from the customer's standpoint,

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<v Speaker 1>if customers are noticing that you're upping the prices like

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<v Speaker 1>consecutively over days. When something's gone viral, it's gonna leave

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<v Speaker 1>a bad taste in their mouth.

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<v Speaker 2>And people are smart, like people know brand value. So say, hypothetically,

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<v Speaker 2>you've got a brand that isn't quite up market and

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<v Speaker 2>they're upping their prices.

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<v Speaker 1>Cons this brand is up market, it's quite not fancy, like, yeah,

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<v Speaker 1>there's clothing is probably no different to ours, but they

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<v Speaker 1>have this like illusion of it being like premium because

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<v Speaker 1>even but one hundred and thirty nine dollars for a

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<v Speaker 1>top is so fucking expensive.

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<v Speaker 2>So expensive. But that's that's what I'm saying. Like, if

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<v Speaker 2>it is a brand that isn't up market and they're

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<v Speaker 2>lifting the prices, yeah, then people aren't dumb. They're gonna

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<v Speaker 2>be like, well, it's actually not worth that. But then

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<v Speaker 2>when you have a brand that may be more up

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<v Speaker 2>market and they're still raising their prices on a product

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<v Speaker 2>that's already expensive for people, fuck you.

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<v Speaker 1>Yeah, I didn't know that this happened, Like this is

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<v Speaker 1>the first time I've heard of it, But like my

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<v Speaker 1>instant thought is like I can see why they've done it,

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<v Speaker 1>not that I think that warrants them doing it, especially

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<v Speaker 1>in front of their customers. If anything, like if it's

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<v Speaker 1>going to be a popular style that they're going to

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<v Speaker 1>keep around for the next few years kind of thing,

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<v Speaker 1>like maybe they could look at doing an increase, you know,

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<v Speaker 1>in six months, or like, you know, if they bring

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<v Speaker 1>it back again the following season, it can be ten

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<v Speaker 1>dollars more. But don't increase your prices in the hype

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<v Speaker 1>of an item to make an extra buck out of

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<v Speaker 1>your customers, because they're gonna fucking notice, especially if it's

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<v Speaker 1>a hot viral item, like they're gonna go, oh, I

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<v Speaker 1>want that top. The customers are going to know it

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<v Speaker 1>was one hundred and nine dollars and if it gets

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<v Speaker 1>restocked or whatever, like they're going to notice that that's

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<v Speaker 1>twenty dollars more.

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<v Speaker 2>I feel like, what And I'm not someone in business

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<v Speaker 2>in clothing or anything, but I feel like what maybe

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<v Speaker 2>would have benefited them is if they added something gimmicky

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<v Speaker 2>to this viral moment that kind of almost would have

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<v Speaker 2>justified in people's minds them raising their price, Like what's

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<v Speaker 2>what's something that they could throw in or what's something

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<v Speaker 2>gimmicky that they could add, like a gift with purchases

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<v Speaker 2>almost yeah, yeah, something that's going to almost allude people

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<v Speaker 2>to what they're actually doing. I think that made that

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<v Speaker 2>could have worked. But just like raising that price every

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<v Speaker 2>day by ten bucks.

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<v Speaker 1>I know, and ten dollars makes a huge difference to

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<v Speaker 1>a business, like pricing something at eighty dollars and pricing

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<v Speaker 1>something at ninety dollars even though it's just ten dollars,

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<v Speaker 1>Like it makes a massive difference to a business. But

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<v Speaker 1>the fact that they've jumped it up by twenty dollars

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<v Speaker 1>just because it's going viral, Like yeah, I don't know

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<v Speaker 1>on the back end what they'd be thinking, like maybe

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<v Speaker 1>someone's I don't want to give them the benefit of

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<v Speaker 1>the doubt. I'm like if someone priced it wrong and

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<v Speaker 1>then they've rectified. But what like this person said, when

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<v Speaker 1>they send it in, like your prices are set, and

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<v Speaker 1>your prices are set to make a profit from the

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<v Speaker 1>get go, so they're just like adding another twenty dollars.

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<v Speaker 2>And also they're getting all this extra business across the

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<v Speaker 2>business anyway because they've had this viral moment, so it

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<v Speaker 2>just seems like they're wanting to grab more and more

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<v Speaker 2>and it's like, am, oh my god, what's that Robin

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<v Speaker 2>hood saying the rich take from the rich and no,

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<v Speaker 2>but they're not. They just keep the opposite.

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<v Speaker 1>Yeah, it's not a good look at all. And that's

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<v Speaker 1>my opinion from a business standpoint, I can see why

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<v Speaker 1>their mind went there, and I've had that thought before.

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<v Speaker 1>I'm like, fuck, we could have sold this for ten

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<v Speaker 1>dollars more. Like you know, I've had those thoughts, but

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<v Speaker 1>I've never then gone quick jump in and changed the price.

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<v Speaker 1>But again, like it all comes down to barcodes and everything.

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<v Speaker 1>I'm like, how are they changing the barcodes for every

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<v Speaker 1>single one? Because there's a barcode on the outer bag

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<v Speaker 1>and there's a barcode on the swing tag on the

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<v Speaker 1>inside of the item as well, So they'd be creating

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<v Speaker 1>more work for all their staff as well. I don't

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<v Speaker 1>exactly know, because I don't know how it's happened, but yeah,

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<v Speaker 1>you're right to think that this isn't on.

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<v Speaker 2>Yeah, and how would you from your perspective, how would

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<v Speaker 2>you then tackle this like a negative reaction, Like what

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<v Speaker 2>would you do from a business standpoint to kind of

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<v Speaker 2>rectify that? Do you think?

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<v Speaker 1>Good question? They're like, they'd either have to come out,

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<v Speaker 1>you'd have to come out and make a statement.

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<v Speaker 2>Would you acknowledge.

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<v Speaker 1>That you've done it? Yeah, yeah, you'd have to. But

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<v Speaker 1>I think like a lot of businesses and brands, they

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<v Speaker 1>don't give a fuck, Like they just they would just

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<v Speaker 1>leave it and everyone will forget about it, you know. Yeah,

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<v Speaker 1>but if enough people were calling me out, like I'd

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<v Speaker 1>have to make a statement and say why I did it,

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<v Speaker 1>and like be honest, be like we just saw the

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<v Speaker 1>hype of this item, so we wanted to sell it

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<v Speaker 1>for more. Or if they genuinely made a mistake and

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<v Speaker 1>it wasn't meant to be one hundred and nine at

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<v Speaker 1>the start, like give proof as to how that was

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<v Speaker 1>wrong and why it did jump.

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<v Speaker 2>Up, like they'd make up the press.

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<v Speaker 1>Yeah, but like have the receipts. I don't know, but yeah,

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<v Speaker 1>it's just something I guess to be mindful of. And

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<v Speaker 1>you hear of businesses doing this as well, Like like

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<v Speaker 1>you hear stories before sales they like put up the

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<v Speaker 1>retail price and then they say we having thirty percent off,

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<v Speaker 1>but they'd like put all the prices up, which is illegal,

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<v Speaker 1>I'm pretty sure. But yeah, businesses like it's not illegal

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<v Speaker 1>for them to put up the price of something, but

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<v Speaker 1>it does leave a bad taste in the consumer's mouth.

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<v Speaker 1>And I guess it's up to you what you want

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<v Speaker 1>to do with that thought about the business. But fuck,

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<v Speaker 1>it's business at the end of the day, isn't it.

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<v Speaker 1>And people are just wanting to make more and more money.

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<v Speaker 2>They're all trying to play the game exactly right, and

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<v Speaker 2>you can play it wrong sometimes exactly right.

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<v Speaker 1>But yeah, I would never do something like that. Like

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<v Speaker 1>we've increased our prices since Fate started, Like I always

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<v Speaker 1>talk about, you know, back in the day, how I

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<v Speaker 1>was selling my items for way too cheap, Like I

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<v Speaker 1>wasn't making profit. I was breaking even barely if that.

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<v Speaker 1>So we've definitely increased our prices over the years. But

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<v Speaker 1>it's not a twenty dollar jump in a viral moment.

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<v Speaker 1>It might be a twenty dollar jump over four years

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<v Speaker 1>or something because like inflation, et cetera. But yeah, bad

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<v Speaker 1>move on their behalf. No, not that I'm trying to

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<v Speaker 1>throw shade, but yeah, they should have thought twice about that.

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<v Speaker 1>And I don't know, surely they could have predicted that

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<v Speaker 1>the top was going to be popular, but sometimes you don't.

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<v Speaker 1>Sometimes items will take you by surprise. But they should

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<v Speaker 1>just learn better for next time. Like, all our customers

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<v Speaker 1>like this style, so if they make anything similar in

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<v Speaker 1>the future, maybe they can sell it at a higher

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<v Speaker 1>price point. Yeah, that's what I would do anyway.

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<v Speaker 2>I think, especially when we're in like a cost of

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<v Speaker 2>living crisis and people can barely forward the basics, pulling

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<v Speaker 2>something like that now is never going to land.

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<v Speaker 1>It's a bit toned death.

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<v Speaker 2>Yeah, definitely tone death.

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<v Speaker 1>So anyway, Kaylor, feel free to shop at FATE. I

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<v Speaker 1>won't put the price up by twenty dollars when we

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<v Speaker 1>have a viral top