Product pricing is inseparable from the study of consumer psychology. Only by setting the price in line with the buyer’s wishes can the buyer happily pay for the product. Pricing according to the consumer’s psychology can greatly improve the profitability of the product.
① Buyer’s expected price
Before shopping, the buyer will have an expected price in his mind for the product he wants to buy. He will feel that the product is expensive if it is higher than the expected price, and he will doubt the quality of the product if it is lower than the expected price. For example: If the buyer intends to buy a jacket, the psychological expected price is $20, then the price below $10 will basically not be considered, and it is unlikely to be purchased if it is higher than $30. Under normal circumstances, the price of the product that the buyer finally purchases will not be much different from his previous psychological expected price. Sellers can understand the buyer’s psychological expected price through a simple and feasible method, which is to understand the shopping ability of the buyer in their own store from the store consumption records, and then judge these. Generally speaking, this price is the buyer’s psychological buyer’s preferred price of goods, the expected price.
②The influence of the shape of numbers on buyers
Looking at the products on AliExpress, we can find that the number “9” appears more often in the price of the products. Domestic buyers may like numbers such as “8” and “6” that represent “getting rich” and “smoothness”, but for people in most countries, “9” is a good number. Of course, different countries and regions will have some other numerical preferences, and sellers can determine the price number according to actual conditions.
③Reduce the price sensitivity of buyers
Most buyers are sensitive to prices. Too high a price often scares away some buyers. Therefore, for some products that are relatively high in price, sellers can take some measures to reduce buyers’ sensitivity to prices. This method is more suitable for products sold by weight and number. For example: for high-end tea, the price of $80/kg and the price of $8/100g give buyers a very different feeling.
④ Reducing the price of fractions can make buyers feel the low price
There are many products on the Internet that can be priced at $10, but are priced at $9.99, and those that can be priced at $15 are priced at $14.89. The purpose of such practices is to use fractional prices to stimulate buyers’ desire to buy, which will give buyers a feeling of being accurately calculated and the lowest price; sometimes it will also give buyers a feeling that the original price is discounted and the goods are cheaper. Although in fact, only a small amount of money is saved, such a price can make buyers feel psychologically affordable.
⑤ Reduce buyers’ comparison psychology
Many buyers do not know the cost price of the goods, but they will compare the prices of similar goods to determine which price is high and which price is low. In order to reduce the loss of orders caused by buyers comparing the prices of goods, sellers can sell the goods together and only mark the combined price of the two goods. In this way, it is not easy for buyers to compare the prices of individual goods. The combination of two goods can make buyers feel more cost-effective.