If you’ve hit a wall when it comes to driving sales for your e-commerce business, you’ve come to the right place.
Of course, advertising plays a large role in e-commerce. From email campaigns to push notifications, there are a lot of options when it comes to getting a consumer’s attention.
You pay for display ads on social media that drive traffic to your website. You maintain a relationship with current customers through digital communication and exclusive deals. You even offer discounts for first-time buyers.
What else can you do to help your sales figures? Price — and we don’t mean the number.
Price psychology is how the human brain perceives quality, value, and cost based on the subconscious interpretations of what the price looks like. Products that take advantage of psychological pricing are proven to be more appealing to consumers, leading to an increased likelihood to purchase.
The placement, order, color, and size of the price tag all affect a consumer’s comprehension of the cost. For example, using a smaller font size and ending the price in “$9” makes the cost seem less expensive.