The Belgium Phone Number List researchers

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The strategy of charm pricing involves using a price that ends in "9" or "99". Why ? Because we read from left to right. With the charm price, the number left is reduced by one with a penny difference. Our brain treats € 9.99 and € 10 as two different values. As we read from left to right, when we come across a price of € 9.99, we perceive the price to Belgium Phone Number List be closer to € 9 than to € 10. Don't take my word for it. Instead, believe this study conducted by the University of Chicaco and MIT to test the effect of prices ending in 9 on retail sales. The hypothesis formulated is as follows "Prices ending in a 9 are capable of outperforming lower prices for the same product." The study compared women's clothing that was priced at $35 and $39.

The $ 39 price outperformed the $ 35 price by 24% ! And yet it is more expensive! The Belgium Phone Number List researchers went even further by testing these 2 options for a sale product $ 45 instead of $ 60 $ 49 instead of $ 60 Again, the $ 49 product was the best-selling product. In conclusion, while we all know this old technique of ending prices with 9, it seems that it works anyway! Ask Apple whose prices for all of its devices end with a 9. 3 The prestige price set the Belgium Phone Number List right price The prestige price is the perfect opposite of the charm price. The prestige pricing strategy involves converting your numerical values ​​into round numbers. For example, $ 99.99 becomes $ 100. While prices ending in a 9 connote a "competitive price",prices ending in a 0 connote a "prestigious price". Why ? I am again relying on the Belgium Phone Number List results of a very interesting study conducted by two economists from Singapore, Monica Wadhwa and Kuangjie Zhang. The two economists published the article in 2015 in the Journal of Consumer Research.

The aim was to assess the impact of round prices on product valuation. It's all about emotion, they explain. "A round price $ 100 encourages consumers to Belgium Phone Number List follow their feelings when reviewing a product, where a non-round number $ 98.76 encourages them to rely on reason ," they write. And when a purchase is driven by desire, a round price will lead the consumer to a sense of well-being. " This means that the round numbers will seem "right" to us because the purchase is guided by feelings and the Belgium Phone Number List price is processed more quickly by our brain. In their study, Zhang and Wadhwa found that consumers were more likely to purchase a bottle of champagne for $ 40, rather than $ 39.72 or $40.28. When to use the prestige price?