This is my own store, not a case study. Over six months I handed back about 40% of gross in discounts. Roughly $14,100. I knew the codes were running. I had never once checked what they were buying me. So I put discount rate and conversion rate side by side, by month. The month with the LOWEST discount rate (11.4%) had the HIGHEST conversion (1.54%). The month with the highest discounting (39.5%) converted at 0.099%. The discounting was not driving the sales. I was paying a toll on revenue I already had. Two codes did most of it. One was 15% off, unlimited, reusable by the same customer, no expiry, 821 uses. The other was 40% off with the same settings, live since 2024. On a store with "love" in the brand name, LOVE15 is the first thing a shopper types into the discount box. That is not a promotion. That is a price cut you did not decide to make. Go run this now, it takes four minutes: Analytics, Reports, Discounts, last 90 closed days. Put it next to your conversion rate by month. Then check every code for three things - unlimited, reusable, no expiry. Any code with all three is a permanent price change hiding in your promotions tab. I wrote the whole thing up as prompts you can paste straight into Claude. It is in the Classroom now, Bleed Audit, Lesson 5 - The Leak-Finder Prompt Pack. Ten prompts, free, open to everyone, including a "what breaks" section so you do not get confidently wrong answers out of it. What is your discount percentage of gross? Post the number even if it stings. Especially if it stings.