Econsultancy delve into five ways as to how to use psychosocial pricing. This type of pricing is a strategy in which retailers can take advantage of. When retailers tap into these pricing tactics, they are able to effectively boost sales and conversions. There are a variety of pricing tricks and tips to entice shoppers to buy, so price intelligently to benefit from this phenomenon.
Psychological pricing is a tool that retailers can use to subconsciously increase the chances that a customer will make a purchase, including:
- Charm pricing
- Bundling to reduce purchasing pain
- Flash sales
- Anchored pricing
- Buy one, get on free
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