Understanding the psychology of pricing will help you price your apparel at competitive rates that your consumers will find lucrative. Find out how below:
Offer ‘free’ incentives
Introduce incentives like ‘buy one get one free’ or ‘get a free cookie’, or ‘enroll into a lucky draw’ after meeting a minimum shopping limit. If you price your apparel and accessories along these lines, then surely you will be able to witness a rise in your sales, because no one can resist free stuff. It not only builds consumer confidence and a congenial understanding between customers and your brand, but it also boosts your image as a customer friendly, reputable brand.
The Number 9
Prices that end on 9, 99, or 95 are called charm prices for a reason. We humans are culturally conditioned to associate the prices that end at 9 with better deals and discounted rates. At a quick scan, human brain reads $8.99 as $8 only, it is called the left digit effect, as we encode the left digit in our minds before reading further. Pricing your offerings this way is an excellent way of boosting your sales.
Up your font game
Marketing strategists all over the world believe that consumers perceive sales prices to be at a better value if they are written in small fonts, rather than in bold type faces and in large letters. This is because the human mind perceives physical magnitude in terms of numerical magnitude. So putting in small and gentle fonts will not cause this confusion, and your consumers will not get scared of the prices just because of the font type you used.