The Psychology of Pricing

Digital Marketing Services

Some people don’t have the short attention or the time to interpret the commas and decimal places when they are going to buy something at the store. Pricing strategy can be challenging on based on the science of the consumer behavior to provide inspiration and insight on how to effectively set your prices.

Consumers ignore the least significant digits rather the do the proper rounding, the cents are seen and not totally ignored. When you see the 1 cent difference can actually skew people to buy a product. This is called a pricing strategy and it’s designed to play with your psychology. But when you understand pricing from a business perspective, as well as from a psychological and customer one, you have a better chance to know how pricing works.  

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