Many shop owners have prices set just under a whole number, for example $9.99 instead of $10.00 or $89.95 instead of $90.00 . Most people assume that this is done because the price seems lower to the visiting consumer. However, this is not the reason this product pricing practice started.The practice of setting prices just below the whole number was initiated to ensure that the sales clerk had to open the till and give proper change for each transaction, thus recording the sale and preventing him/her from pocketing the cash.
While we certainly have more advanced means of preventing theft now, the pricing of your products is a very important marketing tool. In fact, I am guessing you have never considered this much and will be quite surprised at the tips we are going to share with you.
Product Pricing Tips
- If you have your products priced with .99 or .95, then when you put it on sale or have a very special product use a whole number like $10.00. This grabs the shoppers attention as different and tracks their eyes to the product you are promoting.
- Another highly successful technique is called Odd Pricing. Odd pricing is a very simple concept in which consumers are psychologically more sensitive to certain ending digits, odd ones to be exact. For example $2.97 or $11.95. The most commonly successful numbers are 5, 7, and 9.
- Bargain shopper will jump for small product savings. So when you are listed in the comparison engines like Google Shopping for example, you will get a great deal of price shopping. Believe it or not, many shoppers will click in for a few cents savings…$2.47 over $2.99. Not to mention the real savvy bargain shoppers sorting by price!
Be creative and remember that everything you do to promote your store is not such an obvious marketing technique, yet it’s all part of the puzzle for success.
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