During their pitch on Shark Tank India 2, Co-founders of cosmetics brand Recode (shop.recodestudios.com) running their online store on Shopify, applauded for their super innovative go to market strategy ( you can read about it here) shared how they brought back their business from near death using pricing power.
They had huge stock with an approaching expiry date for their cosmetics. To prevent dead stock they decided as a Hail Mary attempt to run a flash sale at Rs 1 each (0.01 USD), to their surprise they did not just sell out their stock but also started getting repeat orders at higher prices.
What a masterstroke, they inadvertently used pricing power to market their products and acquire a huge audience. The brand is earmarked to make almost 5 million USD in revenue this year.
Kudos to Dheeraj Bansal & Rahul Sachdeva, we're big fans.