And all I did was increase my prices (anywhere from 40% – 60%).
My competitors were all charging 50% more than me and they're doing really well, so I decided to randomly up my prices… and our ATC %, checkout %, and purchase % hasn't dropped at all. In fact, they've gone up a little bit lol.
I used to have some of the lowest prices in the industry and I thought it would give me a competitive advantage, but in the end I guess customers really don't care as long as the product itself is good.
This, of course, doesn't mean anyone can raise their prices with no impact to their conversion rate, but you should really take a good look at your industry/competitors and see what you CAN charge, because you might be leaving a lot of money on the table.
This isn't any groundbreaking advice but just something to keep in mind. Don't be afraid of charging higher prices.
Edit: One other cool thing about this is that you can use it as a customer service opportunity. I've had a handful of previous customers contacting me saying that they noticed the price is much higher than it used to be, and we simply just hand out a discount code to them so they can get the product for the original price. We don't lose out on any of the profits since we were okay with those lower prices before, and now we have customers who feel like they're special and will probably come back and buy more than they initially would have if we didn't change the price.