6 Types of Psychological Pricing
- Charm pricing and odd-even pricing: It removes one cent from the rounded dollar price of an item to trick the brain into thinking it costs less.
- Slashing the MSRP: Some businesses sell right at the manufacturer’s suggested retail price, but others show it next to the lower price they’re selling the item for.
- Artificial time constraintsto create a sense of urgency: Only a few hours left!
- Innumeracy: A box of pasta might be on sale for 50% off if you buy 2.
- Price appearance: $12 feels cheaper than $12.00 because the number itself isn’t as long.
- Consumers like flat rates, even when they cost more.
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