Pricing ending in .99 or .95 makes customers perceive the product as cheaper even though the difference is very small. A study by the University of Chicago found that using numbers ending in 9 can increase sales by up to 24% .
For example, pricing a product at $299 instead of $300 can generate significantly more sales. b. Anchoring Effect When customers see a higher price before they see the actual price, they feel the latter price is more reasonable.
This is a common tactic used by retailers, where greece telegram data they list a much higher original price and then offer a large discount. For example, the original price is 1,500,000 VND, but the promotional price is 999,000 VND. This discount makes customers feel like they are getting a superior value.
c. Create Product Bundle (Bundle Pricing)in a bundle at a lower price than if you bought each product separately. According to McKinsey research, 30% of customers are more likely to spend more when they see a good bundle deal.
For example, “Buy 2, get 1 free” or “Buy 3 products for only 500,000 VND” will encourage customers to spend more on each purchase. d. Scarcity and Urgency Scarcity creates a sense of urgency. According to behavioral psychology theory, when customers feel that a product is in limited supply or that a deal will end soon, they tend to buy faster.