No matter which market you are in, chances are you are not alone. In fact, there is a strong chance that it’s crowded? As a retailer, how do you stand out among a sea of other retailers all vying for your customer’s dollar? Many companies have turned to psychological pricing hacks in order to increase sales.
Psychological pricing is a strategy retailers use to drive sales by tapping into the way the human brain works, including how we perceive quality, value, and cost. Products that have been priced using psychological pricing techniques are designed to be more appealing to consumers, thus impacting buying intent.
There have been many studies on consumer behavior and how businesses can influence this behavior to their advantage.
How can you deliberately price your products and services, to boost conversion rates, drive sales and increase revenue? To help get you started, WikiBuy has compiled 13 psychological pricing tactics you can use to effectively price your products.