Psychological Pricing

Domino's 🍕 sell combo packs 25% more than regular meal.

Myntra recent EORS attracted 3.5 million shoppers & sold over 10 million items in 4 days.

Well, the secret for this success lies beyond the #product but in the #price.

Psychological pricing tricks are known to increase the dopamine flow urging the buyer to make a purchase.

Heuristics, when understood by brand strategists, exploit suggestible minds to sell more goods, whether people want it or not.

#Psychological Pricing Types:

🌀Charm Pricing:

An item priced at $1.99 has a 5% conversion as compared to the 2% when priced $2 as our brains subconsciously puts $1.99 closer to $1

🌀Prestige pricing:

We all have been guilty of splurging on high end products because we associate them with good quality. Is it always the case?

🌀 Bundle Pricing:

4 products each costing 250 bundled at a price of 900 sells way more. The want often wins over need!

🌀Price Anchoring:

Ardent users of most platforms choose Yearly subscription plans over monthly as they are heavily discounted. Netflix and Guilty?

Artificial time constraints, price appearances, are tactics that plant our impressionable mind with wants we don’t need. Have you fallen for these tricks?

Read more on Price Unfairness here.