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The psychology behind ecommerce is quite amazing. I’m an avid online shopper and am often surprised at all the things that I buy that I didn’t really need but it was just too cool or too good a deal to pass up! This infographic from Wikibuy, 13 Psychological Pricing Hacks to Increase Sales, describes the impact of pricing and how buying behavior can be influenced easily with some minor tweaks.
Psychological pricing is an effective sales-driving strategy for businesses. By tapping into human psychology and the way consumers perceive price and value, businesses are able to price products more attractively and influence purchasing decisions. In addition to amended price structures, offering discount prices, BOGO offers and coupons is another research-backed way to influence sales. Source: Wikibuy
Don’t let the term psychological pricing and hacks turn you off. The fact is, over the years we’ve educated online users on what to look for in a great deal and our competitors are relying on these methods significantly. While you may feel like this is manipulative, it’s both mainstream and solid best practices in optimizing your pricing online.
Product anchoring is a strategy where the consumer is presented with an immediate product or pricing comparison in order to heavily weigh their buying decision.
When reading prices, there’s a strategy known as the left digit effect where consumers place disproportionate attention to the leftmost digit in a price. So a price like $19.99 conceptually seems closer to $10 than $20. This is known as charm pricing.
Grouping relevant products into a single, discounted purchase is known as bundle pricing. It’s often utilized to eliminate overstocked items that aren’t selling as well.
Here are the 13 pricing optimization methods:
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