Blog: Does Psychological Pricing Work? | Wiser
Psychological pricing is a strategy in which retailers appeal to a consumer’s subconscious, unknowingly persuading them to buy.
While this isn’t the first time that retailers have heard about psychological pricing, it hasn’t gotten any less effective. It’s a pricing strategy that can be utilized by all merchants, whether they sell online, in-store or both.
Gone in a Flash
Ever gotten one of those email blasts telling you that the best sale is happening right now, but you only have 48 hours to make the most of it? But then you get it once every two weeks? Retailers are using artificial time constraints, more commonly known as flash sales to draw in consumers. Flash promotions are sales that only last within a certain timeframe. From in-store banners that say “1-day only,” to emails that promote online only deals, flash sales tap into a consumer’s sense of urgency.
Read complete article here:
Does Psychological Pricing Work?
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
