Sustainable, successful pricing involves taking more than your competitors’ rates into account — you also have to consider what drives your buyers to make a purchase. Psychological pricing allows sellers to stay ahead of competitors without needing to resort to low, unprofitable prices.
To help sellers gain this competitive edge, we’ll take a look at the most effective psychological pricing principles and tactics, organized by four categories: branding, user wants, social proof, and numbers.
420shares 420shares Pricing for ecommerce is a tricky beast. You need to account for competition with other sellers, but you don’t want to de-value your products in a race-to-the-bottom. Purely competitive pricing can lead to disappointing results: you might not sell enough to compensate for offer…