Last week, I shared a tip about finding the right pricing, and I remembered a very interesting tactic that helped me significantly increase sales for some of the products.
As we discussed, American customers, and in general, all customers worldwide, follow patterns - many books have been written on this topic.
So, when we see two similar products, one priced at $20.00, and the other at $19.99, with a probability of about 85%, we will choose to buy the $19.99 product.
What is the strange pricing strategy?
If you are selling a product in a competitive market and have no intention of branding it as a luxury product with high prices, I strongly recommend trying the strange pricing strategy that Walmart has adopted.
In this method, you price your product with a non-standard ending, for example, $17.65 or $23.42.
Did you understand the concept?
Many studies show that this method makes the customer feel like they've found a significant discount, a one-time deal that won't come back, so there is a fairly high chance they will choose your product over the competitors'.
Try it for 7 days, measure the results, and see if it actually affects your niche.
Good luck!
