Many times the prices of clothes and other daily use products are written as 99, 149, 599? What is the main reason for paying such a price? Is there any kind of psychological reasoning in this regard? Why?
There is undoubtedly psychological reasoning. Such pricing is also called magic pricing. Other hands it was also called “psychological pricing” or “charm pricing”. There are various explanations in this regard.
However, as a buyer, I think,
1. Usually, when looking at prices, we look from left to right, in the case of fifty dollars, we see the first five numbers, but, in the case of the fifty-nine dollar, we see the first four numbers. Four out of five, say less, in terms of price, comes a positive feeling for the buyer. The same thing applies with urgency.
2. Instead of 100 dollars, if the price is 99 dollars, a thought comes to mind, that no, it is below 100 dollars. Similarly, instead of 500 dollars, if it is 499 dollars, he says, no, not 500 dollars or 499 dollars. If it is only 1 dollar difference, but that is 500 dollars, and less than 500 dollars makes the matter clear. Not saying 500 dollars for less than 1 dollar, there is a satisfaction in saying less than 500 dollars.
3. Many buyers do not think it is essential to get a refund from the shopkeeper. The shopkeeper earned 1 dollar.
4. Many times, saying “no retail”, it is not possible to return 1 dollar. The shopkeeper earned 1 dollar.
5. Many times instead of 1 dollar, chocolates are given. The price of the chocolate, according to the purchase price of the shop, 20 or 30 cents. If, at 50 dollars, the profit of the shopkeeper is 50 cents.
As a result, this one dollar, in most cases, is identified as income in the case of shopkeepers.
This “Ninety Pricing” is a fantastic business strategy and guaranteed success. As a result, the shop opened using the name of the store, “Ninety Nine Stores”.
In some places “Ninety Nine Market” is running. Various shops are selling multiple things that will be purchased by 99 dollars. There is no facility to bargain and that one money will remain with the shopkeeper.
If shopkeepers sold to one million customers at $99 pricing per year, even if one dollar refunded in 50 percent of the cases, then $50,000 is going to the shopkeeper.
However, this strategy does not work in cases where the purchase is being made online (via account or card), or the buyer is willing to pay the correct price. One of the downsides of this pricing is the buyer decides to buy the item for a minimum amount of $500, he can decide whether to buy it or not.
However, in most cases, this pricing strategy, in the case of shopkeepers, is profitable.
Wouldn’t it be marvelous if there was an enchantment value point that would entrancingly convince your clients to purchase a higher amount of your items?
It turns out there is. Also, you’ve likely previously observed it in real life.
All you must do is ensure that every one of your costs ends with the number nine.
It’s that basic. (Well, nothing’s ever actually that straightforward.)
I realize that it may appear to be crazy, yet as indicated by an ongoing report in Quantitative Advertising and Financial aspects, finishing your costs in nine (for example $19, $99,$149, and so forth.) can lead to more clients to purchase.
In one test, scientists found that the $39 cost surpassed the lower $34 value point by over 24%.
How cool is that? More significant expenses can prompt a higher change rate.
The investigation indicated in any case, that deal costs (i.e., was $100, presently decreased to $99) do change over deals all the more successfully that the number 9.
The Enchantment Evaluating Equation
There’s as yet one evaluating methodology; however, that had the option to beat the deal cost. Would you be able to think about what it is?
Joining the discoveries about the number nine with a deal cost is a definitive entertainer. Magic pricing works also in this way, between these two values choices.
A) Unique cost $100, presently at a bargain for $79
B) Unique cost $100, presently at a bargain for $89
… Choice B brought about the most noteworthy deals transformations even though it was the more significant expense.
This may very well be the sacred goal of selling: more significant expenses and higher deals volume. This is what I need you to do straight away.
Since you’ve found out about this ground-breaking estimating system, I need you to test it on your site.
Keep in mind Don’t naturally expect that because these outcomes demonstrated in the investigation that they would necessarily remain constant overall ventures and all sites. Run an A/B test and perceive how utilizing a 9 in your costs impacts your change rates.
Do you know someone who is selling items on the web (or even disconnected) that may profit by this evaluating technique? Offer the connection to this article with them and assist them with beginning creation more cash.
So, here magic pricing working on your mind as It helps me to remember those optical hallucinations where you see a glass or two faces, the witch or the youthful lady – we see $99, and our brains bounce to and fro somewhere in the range of $90 and $100.
Magic pricing may appear to be something limited to awful around the world infomercials. Be that as it may, actually it’s a useful asset to have in your armory .magic pricing causes cause to notice your items, and can give reluctant buyers the little push they have to click “purchase now.”
Keeping up your magic pricing, in any case, accomplishes some work. What’s more, that is the place robust valuing programming (or even a contender evaluating bits of knowledge programming) can have a significant effect. Both of these virtual products will assist you with sparing long periods and catch more benefits.