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Psychological pricing is the business practices of setting prices lower than a whole number.

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why businesses are using psychology pricing strategy ?

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why businesses are using psychology pricing strategy ?

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Psychological pricing is a pricing tactic that is designed to appeal to customers who use emotional rather than rational responses to pricing messages.

Sometimes prices are set at what seem to be unusual price points.  For example, why are pair of shoes priced at rs.499.99 or rs.999.99? The answer is the perceived price barriers that customers may have.  They will buy something for rs.399.99, but think that rs.400 is a little too much.  So a price that is one cent lower can make the difference between closing the sale, or not!

The aim of psychological pricing is to make the customer believe the product is cheaper than it really is.  Pricing in this way is intended to attract customers who are looking for “value”.

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1.     Attention boost

2.     Simplified decision-making process

3.     High return

4.     Sense of urgency

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Example 3

Here simply it says that,while offering two simiilar products simultaneously ,But making one product price  more attractive than others.

This satergy work well with fashion brand

Here customer pic the most expensive one.

Thinking that it may have high quality.

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Example 1
Charm pricing, also known as psychological pricing, is a pricing strategy that uses odd numbers—often nines—to demonstrate perceived value to shoppers and convince them to buy.

Ex:  price is end in  99 cents instead of a round number, such as $3.99 instead of $4.00.

Why does charm pricing work?. There are a number of theories, including:

Specificity

Perceived loss

Perceived gain

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Example 2

This is a pricing strategy which customer pay the full price for one product to get another for free.

The thing that here happen is once a customer make the offer logic gets tossed.

The main focus on this strategy is to make the purchase to get the free item.

Examples

1. Buy one , get three for free.

2. Buy one and get 25 % off your next purchase.

3. Purchase one and get four bonuses valued at Rs.60 for free.

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1. It requires consistent demand levels to be effective.

2. It can create long-term pricing expectation

3. It could hurt the reputation of company brand.

4. It doesn’t let you stand out from the competition.

5. customer is paying through methods like debit card, credit card, internet banking For the products

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Visually highlight the different prices

That is sale with a previous price side by side with a new one, you make more sales because customers feel they are getting a bargain and are not interested in researching the drop in price
To make the new pricing strategy work effectively, use the psychological trick of changing the font, size and color of the new price

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Example 4
A prestige pricing strategy in which prices are set at Haigh level recognizing that lower price will inhibit sales rather  than encourage them and that buyers will associate a high price for the product with superior quality also calked image pricing. There is no discounting.