Advice: analyze the sales level of those items whose price ends with “9”, compare with those that have other endings. Introduce the number “9” into those that sell worse.
5. Reduce the “pain of payment”
People don’t really like to part with their honestly earned money. In order to reduce this “pain of payment”, you can safely make discounts and promotions, break the price into parts – do everything that will illusorily reduce the costs, and, therefore, act as a “painkiller” for the loss.
Advice: feel free to use promotions like “1+1=3”, offer discounts, implement savings systems and loyalty programs. Experiment!
6. Time Trap
A person’s desire to get something here and now can play into the seller’s hands. Practice shows that people are ready to overpay for urgency. This is how our psychology works – we want to have something right here and right now. Take advantage of this human weakness.
Advice: indicate delivery times next to the product that are advantageous compared to competitors – and the customer is yours!
7. Expensive = good
When it comes to luxury goods, complex technology or pharmaceuticals, we no longer try to save money. We firmly believe that if the price is high, the product is of high quality. Robert Cialdini wrote about one case when a woman selling jewelry could not sell her collection, and only by doubling the prices did the customers buy everything.
Advice: if you can’t sell out of an item, try raising the price instead of discounting it. Don’t be afraid to raise prices, you’ll always have time to lower them anyway.
8. The Power of Context
If you want customers to pay more for your product, create the appropriate environment (context). It is a well-known fact that people are willing to pay different amounts of money for the same brand of beer, depending on who sells it. Design, image, existing customers – all this can either increase the cost of your product or reduce it.
Advice: create all the conditions on the site so that the client himself wants to pay you more. This can be achieved with the help of web design, quality content, and social proof (reviews, awards, achievements).
9. The power of freebies
The opportunity to get something for free – what could be more tempting? In the book”Behavioural Economics”Dan Ariely devotes an entire chapter to the power of free stuff, citing a number of studies to prove that people lose all rationality when faced with the possibility of having something free.
Tip: Offer something for free – be it shipping, a bonus item or a trial. The power of freebies works wonders
Read on the topic: Robert Cialdini “Psychology of Influence”, Dan Ariely “Behavioral Economics”.