When it comes to how we view pricing, there are several subliminal processes that occur. Factors such as the placement of a product and its price tag, font size, visual contrast, and purchase intent all play a role in our purchase decisions.
As humans, we are more likely to buy a product when we perceive it as a good deal. Unfortunately for the average consumer, there are several pricing tactics that rope customers into spending more money. Fortunately for your business, these psychological pricing hacks can drive sales.
The key pricing strategy is to make prices look more attractive. This can be done in numerous fashions, and even one slight change could increase your revenue. Showing the premium option first, using bundle pricing, and adjusting how the price is displayed are examples of “dressing up” the price.
Check out the infographic from Wikibuy below to learn of these pricing ploys. As a consumer, you may be able to notice and resist them in the future. As a businessperson, you may help your company implement some of these techniques and make a positive impact on your sales.
Please include attribution to Wikibuy with this graphic.