{"id":4842,"date":"2023-04-26T08:00:00","date_gmt":"2023-04-26T06:00:00","guid":{"rendered":"https:\/\/www.logicommerce.com\/?p=4842"},"modified":"2023-07-19T08:46:47","modified_gmt":"2023-07-19T06:46:47","slug":"psychological-pricing","status":"publish","type":"post","link":"https:\/\/www.logicommerce.com\/blog\/psychological-pricing\/","title":{"rendered":"How Psychological Pricing Can Improve Conversion in Your eCommerce"},"content":{"rendered":"\n
In the world of eCommerce, the price of a product can be a determining factor in a customer's purchasing decision. While pricing can be largely subjective, psychological pricing is a key concept that retailers can use to improve conversion in their online store.<\/p>\n\n\n\n
Psychological pricing is pricing that is set based on the customer's perception of value, rather than the true cost or market price. These prices are based on human psychology, trying to influence the customer's perception of the value of a product. Here are some psychological pricing strategies that you can incorporate into your eCommerce <\/a>to increase your sales.<\/p>\n\n\n\n The \"anchored\" pricing strategy is a psychological pricing technique that focuses on setting a seemingly high price for a product before displaying its actual price. By initially presenting a higher price, customers see the actual price as a low price, which creates a sense of savings or profit.<\/p>\n\n\n\n This technique is based on the psychological principle of \"cognitive dissonance,\" which refers to the incongruence between beliefs, attitudes and behavior<\/a>. When a person sees the higher price, his or her brain begins to construct justifications for that amount, but then feels surprised with the lower price, generating the perception of an offer or promotion.<\/p>\n\n\n\n For example, one way to apply this technique would be to publish an ad that shows two products: a shirt that costs 100 euros and another shirt that costs 150. This ad makes customers believe that 100 is a reasonable price for a shirt, and then when they see the real price, they are attracted by the apparent offer to buy it for less. This can generate a positive effect in the consumer's mind and increase the likelihood that they will make a purchase.<\/p>\n\n\n\n In short, the anchored pricing strategy involves presenting a higher price before showing the true price of a product, so that the real price appears lower and more attractive to customers' eyes. This technique requires an understanding of how consumer psychology works and can be very effective in increasing sales in your online store.<\/p>\n\n\n\n One technique that has been shown to work well in relation to psychological pricing is odd numbers. Prices that end with odd numbers, such as 29, 39, 49, etc., are often seen as a more attractive offer <\/a>by consumers compared to round numbers.<\/p>\n\n\n\n The reason behind this is that odd numbers make a price seem more \"specific\" or \"precise,\" leading to a higher perception of value in the consumer's mind. For example, a price of \u20ac39 might be perceived as fairer relative to a price of \u20ac40.<\/p>\n\n\n\n In addition, prices that include a small number can also encourage a sense of impulse buying. When the price seems affordable and fair, the customer is more likely to make the purchase immediately.<\/p>\n\n\n\n An example of how you can apply this technique in your eCommerce is to set the final prices of your products in odd numbers such as 59, 69, 89, instead of rounding them to 60, 70, 90. This can increase the perceived value of your product in the eyes of the consumer and, as a result, increase the likelihood that they will make a purchase.<\/p>\n\n\n\n In short, the odd number strategy is an effective psychological pricing technique that can increase the perceived value of your products. By using odd numbers, you are creating a sense of fair pricing and accuracy that can encourage impulse purchases from your customers.<\/p>\n\n\n\n5 strategies to create psychological pricing and increase sales<\/h2>\n\n\n\n
Anchored Pricing<\/h3>\n\n\n\n
Odd numbers<\/h3>\n\n\n\n