What’s the difference between $1.00, $0.99, and $0.98? More than you might think.
We’re not talking about a few cents here. We’re talking about pricing psychology, which is explained in this infographic from Wikibuy, a browser extension that finds lower prices at other sellers while you shop on Amazon.
Retailers use pricing tricks, based on brain science, to appeal to shoppers’ perception of quality, value, and cost—driving up conversion rates in the process.
With insights like these in mind (and putting them to use in your marketing campaigns), see if you don’t start generating better sales results:
- Prices shown in smaller font sizes are perceived as—you guessed it—smaller/less.
- When three items of varying prices are shown side-by-side, shoppers tend to select the one in the middle.
- Consumers tend to like round numbers (e.g., $100) when making emotional purchases and non-rounded numbers (e.g., $99.56) for rational purchases.
Got you thinking? Don’t miss all 13 of the psychological pricing insights:
You may like these other MarketingProfs articles related to Marketing Strategy:
- Seven Things Ruining Your B2B Marketing Budget—And How to Fix Them
- Three Opportunities B2B Marketers Must Seize During 2021 Planning
- Buyer Personas Demystified: Seven Steps to Success [Infographic]
- What the Airlines Got Right and Why 800 Numbers Are the Worst: Mike Betzer on Marketing Smarts [Podcast]
- 10 of the Best Tools for Market Research
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