Whether it is a brand’s anniversary or a national event, buyers are always eyeing on sales to grab their favorite items in lowest prices. This perception was not as common before until people became brand conscious.
It is absolutely not wrong to say that luxury brands have influenced consumer behavior to a great extent. With the growing competition and saturated market, people are always looking for products that are sold at the cheapest rate but never compromises on quality too.
Here we introduce you a very interesting term that is emphasized in B2B markets and retails as well.
Pricing psychology – the concept that today’s businesses take it more seriously to engage huge shoppers. This practice seems to be exotic but constitutes many aggressive strategies.
Below are some interesting ways that you should not miss when focusing on pricing psychology because the shoppers are everything for a business to grow.
3 Pricing Psychology Tips For Motivating Shoppers To Stay Hooked To Your Business
1. Lowering Digit by One Means Jackpot
One of the biggest strategies to stay on the top in the market is setting prices which are reduced by one digit.
This strategy seems very cheap to the marketers, but it isn’t for the buyers. Marketers use charm pricing in most of the online sales to immensely attract buyers for purchasing products.
For marketers, only a single-digit goes down, but if we see from a buyer’s perspective, it is a huge discount. Such visual manipulation works better when marketers use brains instead of following the traditional rules.
2. Exclude Shipping and Handling Charges
Another important strategy to add in the pricing psychology is not mentioning about shipping and handling charges initially.
Do you know what excites the buyers? When they see only a few digits in the total bill that does not count any delivery fees.
In the case of trade business, the strategy might not work well because shipping charges are everything the buyers are always concerned about.
Similarly, for other niches, the strategy is more effective, and that’s what the shoppers get excited for.
3. Prices that are Multiple of 2 are Even Better
If you think above strategies are not working enough for your business, then go for setting prices that are the multiple of 2.
Most of the manufacturers on the international B2B marketplace follow the practice which is economically better yet profitable too. A marketer must be aware of the human psychology that people get more fascinated by the sale prices, which are multiples of two.
This trend is becoming a norm now – pricing psychology adds the latter concept just to engage the shoppers and let them hooked to the business for a longer period.
The Verdict
Now you must be thinking where your business is standing. Do not worry about anything. The right way to market your products and engage more buyers is following the trends that are common in the competition.
So what if your original prices are higher, you can still influence shoppers by deducting the prices in such a way that plays well with their purchasing psychology.