What is psychological pricing in eCommerce?
An example of an AI chatbot conversation about psychological pricing in eCommerce.
What is psychological pricing in eCommerce?
Psychological pricing is a strategy that uses consumer psychology to influence purchasing decisions, often by setting prices just below a round number, like $9.99 instead of $10.
How does it affect consumer behavior?
It can create a perception of value, making products seem cheaper and encouraging impulse buys. Consumers often associate lower prices with better deals.
Can you give me some examples of psychological pricing?
Sure! Common examples include charm pricing (e.g., $19.99), price anchoring (showing a higher original price next to a sale price), and bundle pricing.
Are there any risks associated with using psychological pricing?
Yes, overusing it can lead to consumer skepticism. If customers feel manipulated, it may harm brand trust and loyalty.
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