Price increases have worked for many businesses, but can the same strategy work in tech? E-commerce company Shopify (NYSE: SHOP) certainly hopes so, as it has announced some hefty price increases this year. After a disastrous 2022 where its growth rate nosedived and the stock lost 75% of its value, the company is looking for a better performance in 2023. And one way to do that is to help improve its growth rate.

Shopify announced on Jan. 24 that it would be making changes to its pricing plans this year, with its basic plan jumping by $10 to $39 per month and its highest tier, the advanced plan, rising by $100 to $399 per month -- roughly 33% higher than where it was before.

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Source Fool.com