Pricing Psychology & Number 9 impact

The impact of the pricing strategy for psychological items utilizing the number nine was investigated in a study carried out at the Massachusetts Institute of Technology . 

The identical products were provided at three different prices: $34, $39, and $44. for Identify the product with the greatest sales rate? , It may surprise you to know that product costing $39 sold more than those costing $34. 

Economist William Poundstone mentioned in his book "Priceless" that putting fractional numbers adjacent to whole numbers as part of a psychological pricing strategy increased sales by.%24.

"Psychological pricing" depends on how the price is presented in order to elicit a response from the customer and encourage him to make a purchase.One of the most well-known instances of this is the price we just mentioned: charging $99.99 instead of $100 in order to give the impression that the consumer is getting a better deal. 

Pros

Utilize the psychological impact of "fractional" pricing to draw in more clients by making them perceive the product as a profitable offer that would be foolish to pass up. 

Cons 

Customers may lose trust in product as a result of their perception that your pricing strategy defies logic or reason.

Customers' propensity to choose particular brands or prices over others that might be better or even less expensive is proof that the purchasing process is, in general, a psychological one. The whole thing is a psychological process that relies on psychology to determine product pricing, and the process of setting prices has an impact. essentially in this area. 

You have surely noticed when shopping that some items are offered at prices that seem high, but they are nevertheless quite enticing. Has this ever occurred to you?

Farhan Hassan Al Shammari

Twitter: @farhan_939

E-mail: fhshasn@gmail.com