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Do you know how to increase sales on your website or online store? Do you know how to use psychology to price your products and boost your sales?
Here are some psychology tips you need to know.
The Psychology of Pricing: 5 Tips to Boost your Sales
Cut the clutter
The left-digit effect
Keep it low and small
Encourage value over bargain shopping
Deploy the decoy effect
Psychological Pricing – Explanation
Psychological pricing (also price ending, charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact.
In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, $19.99 or $10.99, etc.
There is evidence that consumers tend to perceive just-below prices as being lower than they are.
Prices such as $1.99 may be associated with spending $1 rather than $2. The theory that drives this is that pricing practices such as this cause greater demand than if consumers were perfectly rational.
The researchers found that when pairing nine-ending prices with positive messages, advertisements were much more positively received by consumers.
This tip increased their likelihood of making a purchase decision.
More info – https://en.wikipedia.org
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