Leaflet

Leaflet is a price testing tool that will help you find the most profitable price for each of your products. It tracks the variant price and then automatically calculates the statistical significance of the results to prove the best price to use. So cool!

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With Leaflet, you can design your own price test, or you can use the tests that are suggested by their AI (based on your historical site data). You simply decide which product you want to test, enter the new price and click start. Leaflet then automatically applies your new price to your Shopify store and voila! It's done!

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Leaflet is a price testing tool that will help you find the most profitable price for each of your products. It tracks the variant price and then automatically calculates the statistical significance of the results to prove the best price to use. So cool!

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With Leaflet, you can design your own price test, or you can use the tests that are suggested by their AI (based on your historical site data). You simply decide which product you want to test, enter the new price and click start. Leaflet then automatically applies your new price to your Shopify store and voila! It's done!

Leaflet is not just a testing tool. It literally changes the price of your product in Shopify to one of the test prices, monitors the traffic, conversion and profit of that product at that price point, and then switches to a different test price and monitors the result.

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Its' AI is a great feature that saves you from having to dig through all your data to determine what tests to run. It estimates consumer willingness to pay (WTP), and then adds or subtracts a small amount in order to explore prices that are nearby to WTP.

Leaflet focuses on profitability by product, so that is the metric you would stand to gain the most from. But you can also use it to improve conversion rate / revenue, or maximize new customers (These are the 3 core components that you optimize for in your business). You can understand your revenue per page visitor at each test price, average order size, average margin per visit, unique purchasers, and your conversion rate at each price point.

This tool can be managed by the head of Ecommerce, or maybe even the head of operations or product. You will also want to include your marketing team or agency, to let them know what's going on, and perhaps break out campaigns based on price point to make tracking a little cleaner.

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Once you integrate with Shopify and set up your tests, managing this tool is incredibly simple and can be done once every few days or weeks, depending on how long you want your testing to run.

Most businesses are leaving money on the table when it comes to pricing. If you are selling products that are unique to you, products that don't have an MSRP or Minimum Advertised Price (MAP), then you will see some value in testing your pricing. And this is something you can set up and run relatively easily, you don't have to spend a lot of time getting it going.

When you do have fixed prices, or are a reseller of other companies' products, this tool will be less valuable for you, or not valuable at all.

This can work for subscription companies and those on Recharge because new subscribers will be charged the new price and old subscribers stay at the old price.