{"id":11203,"date":"2017-11-14T11:09:07","date_gmt":"2017-11-14T11:09:07","guid":{"rendered":"http:\/\/www.repricerexpress.com\/?p=11203"},"modified":"2020-09-24T12:23:06","modified_gmt":"2020-09-24T11:23:06","slug":"psychology-amazon-pricing","status":"publish","type":"post","link":"https:\/\/www.repricerexpress.com\/psychology-amazon-pricing\/","title":{"rendered":"The Psychology of Amazon Pricing (Top Tips for Sellers)"},"content":{"rendered":"

As a reader of RepricerExpress<\/a>, you know we\u2019re all about helping you optimise the price of your products. But one topic that doesn\u2019t come up often enough is the psychology<\/em> of pricing items on Amazon. There are certain Jedi mind tricks you can employ to help bring in more sales to your corner, and we\u2019ve got five you should start testing out right now.<\/strong><\/p>\n

1. Lower the Left Digit by One<\/h2>\n

Say you\u2019ve got a price in mind, like $10. When you lower that by one to $9.99, you\u2019re practising charm pricing<\/em>, which has been shown over and over again to increase the conversion rate. However, it\u2019s important you focus on the left<\/em> digit. A one-penny decrease between other numbers, like $3.79 to $3.78 doesn\u2019t really matter because people don\u2019t perceive it as anchoring the magnitude of the decrease. Lowering the left digit by one feels<\/em> like a bigger decrease than any other one-cent reduction.<\/p>\n

2. Emphasise the Product\u2019s Prestige and Uniqueness<\/h2>\n

At the opposite end to charm pricing is prestige pricing, which means you round up prices to the nearest rounded figure, like $99 to $100 or $149 to $150. This makes buyers think a price feel<\/em> right. As well, consumers tend to equate price with quality. Just look at Starbucks and their higher-than-average prices. Their coffee isn\u2019t any better than the hipster spot down the street, but Starbucks\u2019 prices make it seem like it is.<\/p>\n

\"Automated<\/a><\/p>\n

3. Make Your Prices Easy and Quick to Pronounce<\/h2>\n

The more syllables and tongue-twisters a price contains, the more a person has to use their brain to think about the cost. And the more someone thinks about how much something costs, the more expensive it feels to them (and the fewer syllables, the more affordable a price feels). Try it yourself by saying these prices to yourself: $27.79 (eight syllables) and $30.49 (five syllables). Although the latter is higher in price, it feels lower because it\u2019s easier and quicker to say.<\/p>\n

Another way to use this is to remove the comma and drop the cents off after the decimal. It contains fewer syllables, making it seem less expensive.<\/p>\n

4. Reduce Price Pain Points<\/h2>\n

There are a few different ways you can the price seem not-so-painful to pay.<\/p>\n