On the Evolution of Work Systems in the Digital Economy
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Whether you are a consumer or a business owner, you might find the following information on consumer psychology enlightening and useful. This content was submitted on behalf of Wikibuy.
When it comes to product pricing, we’re funny creatures. Our perception of cost is not as simple as reading what’s listed on the tag — in fact, it’s far more complex. The physical appearance of pricing sends subliminal messages, which in turn plays a role in our purchasing decisions and whether or not an item makes it to check out.
So, as we approach the busiest time of year for shopping – i.e. the holiday season, it becomes increasingly important for both small and large retail businesses to understand what their product pricing is really saying to customers.
It’s all about perception —
Human brains blur visual and numerical size, leading us to believe that a decreased font size, appealing layout, and even contrast means a decrease in price. But it’s not just small font size that has consumers fooled. Did you know that even something as simple as the removal of the dollar sign or comma are proven to augment customer spending?
The placement of the item and price are also crucial. Surround it with far lower prices, organize it from high to low, or let it rest between two extreme prices. In the above scenarios, customers are more likely to buy an item because they think they will get the most “bang for their buck.” In other words, people look for an affordable price without a loss of quality.
To expand on this concept and help businesses boost sales during the busiest time of the year, Wikibuy put together this comprehensive list of psychological pricing hacks to help you gain that competitive edge when you need it most.