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In today's video, Alex discusses the four essential policies for Shopify stores: refund, privacy, terms of service, and shipping. Setting these policies up incorrectly can cost money and even lead to legal issues. It is important to understand why these policies are crucial, how to create them, and how to implement them on your website. Alex demonstrates using a free plush ship promo store as an example. Starting from the settings in the bottom left corner, he provides a step-by-step guide on setting up these policies effectively.