{"id":4497,"date":"2021-04-11T11:59:39","date_gmt":"2021-04-11T11:59:39","guid":{"rendered":"https:\/\/conversion.com\/?p=4497"},"modified":"2024-08-19T22:04:39","modified_gmt":"2024-08-19T22:04:39","slug":"using-pricing-psychology","status":"publish","type":"post","link":"https:\/\/conversion.com\/blog\/using-pricing-psychology\/","title":{"rendered":"How to use pricing psychology to motivate your shoppers"},"content":{"rendered":"<section class=\"c-post-content\" data-ref=\"case-content\">\n\t<div class=\"post-content\">\n\t\t<div class=\"post-content__container container container--medium\">\n\t\t\t<aside class=\"post-content__sidebar post-content__sidebar--links\">\n\t\t\t\t<div class=\"sticky-menu\" data-ref=\"case-content-menu\">\n\t\t\t\t\t<h3 class=\"sticky-menu__title\">Contents<\/h3>\n\t\t\t\t\t<ul class=\"sticky-menu\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t                            \t\t\t\t\t\t\t<li class=\"sticky-menu__item\">\n\t\t\t\t\t\t\t\t<a class=\"sticky-menu__item-link  active\" href=\"#introduction\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t<span class=\"arrow\"><svg viewBox=\"0 0 16 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M10.6875 9.34375V7.34375L13.3438 10L10.6875 12.6562V10.6562H2.65625V9.34375H10.6875Z\" fill=\"#F6876F\"\/><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"sticky-menu__item-text\">Introduction<\/span>\n\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t                            \t\t\t\t\t\t\t<li class=\"sticky-menu__item\">\n\t\t\t\t\t\t\t\t<a class=\"sticky-menu__item-link \" href=\"#whatispricingpsychology\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t<span class=\"arrow\"><svg viewBox=\"0 0 16 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M10.6875 9.34375V7.34375L13.3438 10L10.6875 12.6562V10.6562H2.65625V9.34375H10.6875Z\" fill=\"#F6876F\"\/><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"sticky-menu__item-text\">What is pricing psychology?<\/span>\n\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t                            \t\t\t\t\t\t\t<li class=\"sticky-menu__item\">\n\t\t\t\t\t\t\t\t<a class=\"sticky-menu__item-link \" href=\"#pricingpsychologyisallaboutperception\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t<span class=\"arrow\"><svg viewBox=\"0 0 16 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M10.6875 9.34375V7.34375L13.3438 10L10.6875 12.6562V10.6562H2.65625V9.34375H10.6875Z\" fill=\"#F6876F\"\/><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"sticky-menu__item-text\">Pricing psychology is all about perception.<\/span>\n\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t                            \t\t\t\t\t\t\t<li class=\"sticky-menu__item\">\n\t\t\t\t\t\t\t\t<a class=\"sticky-menu__item-link \" href=\"#aredollaroffdiscountsorpercentageoffdiscountsmoremotivatingforonlineshoppers\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t<span class=\"arrow\"><svg viewBox=\"0 0 16 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M10.6875 9.34375V7.34375L13.3438 10L10.6875 12.6562V10.6562H2.65625V9.34375H10.6875Z\" fill=\"#F6876F\"\/><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"sticky-menu__item-text\">Are dollar-off discounts or percentage-off discounts more motivating for online shoppers?<\/span>\n\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t                            \t\t\t\t\t\t\t<li class=\"sticky-menu__item\">\n\t\t\t\t\t\t\t\t<a class=\"sticky-menu__item-link \" href=\"#howdoesthevisualpresentationofsalepricesaffectonlinebuyersperception\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t<span class=\"arrow\"><svg viewBox=\"0 0 16 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M10.6875 9.34375V7.34375L13.3438 10L10.6875 12.6562V10.6562H2.65625V9.34375H10.6875Z\" fill=\"#F6876F\"\/><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"sticky-menu__item-text\">How does the visual presentation of sale prices affect online buyers\u2019 perception?<\/span>\n\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t                            \t\t\t\t\t\t\t<li class=\"sticky-menu__item\">\n\t\t\t\t\t\t\t\t<a class=\"sticky-menu__item-link \" href=\"#whyyoushouldtesttoseehowyourcustomersreacttothepricingpsychologytactics\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t<span class=\"arrow\"><svg viewBox=\"0 0 16 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M10.6875 9.34375V7.34375L13.3438 10L10.6875 12.6562V10.6562H2.65625V9.34375H10.6875Z\" fill=\"#F6876F\"\/><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"sticky-menu__item-text\">Why you should test to see how your customers react to the pricing psychology tactics<\/span>\n\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/aside>\n\n\t\t\t<div class=\"post-content__content\">\n\t\t\t\t<ul class=\"post-content__sections\">\n\t\t\t\t\t                        \t\t\t\t\t\t<li class=\"post-content__section\" id=\"introduction\" data-ref=\"case-content-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"post-content__section-content\"><p>Black Friday, seasonal sales, and post-holiday blow-outs: Throughout the year, marketers rely on deals and discounts to get rid of inventory and boost sales. And your shoppers rush to fill their real and virtual carts with the best deals they can find.<\/p>\n<p>You may be spending time and money to drive more traffic to your deals and discounts, but\u00a0<b>traffic doesn\u2019t necessarily lead to sales<\/b>. Instead, you need to optimize the shopping experience so that browsers convert to buyers.<\/p>\n<p>One way of converting more shoppers is to incorporate\u00a0<b>pricing psychology<\/b>\u00a0into your testing strategy. And that\u2019s what I\u2019m going to explore in today\u2019s post.<\/p>\n<p><b><i>Note:<\/i><\/b><i>\u00a0If you are considering testing pricing psychology tactics during the holiday season, be aware that there are\u00a0<\/i><i>risks for skewed results<\/i><i>. Make sure you are testing responsibly!<\/i><\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"post-content__index\">\n\t\t\t\t\t\t\t\t<h3 class=\"post-content__index-title\">Contents<\/h3>\n\t\t\t\t\t\t\t\t<ul class=\"post-content__index-links\" data-ref=\"case-content-menu\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-content__index-link\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#introduction\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t\t\t\tIntroduction\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-content__index-link\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#whatispricingpsychology\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t\t\t\tWhat is pricing psychology?\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-content__index-link\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#pricingpsychologyisallaboutperception\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t\t\t\tPricing psychology is all about perception.\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-content__index-link\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#aredollaroffdiscountsorpercentageoffdiscountsmoremotivatingforonlineshoppers\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t\t\t\tAre dollar-off discounts or percentage-off discounts more motivating for online shoppers?\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-content__index-link\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#howdoesthevisualpresentationofsalepricesaffectonlinebuyersperception\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t\t\t\tHow does the visual presentation of sale prices affect online buyers\u2019 perception?\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-content__index-link\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#whyyoushouldtesttoseehowyourcustomersreacttothepricingpsychologytactics\" data-ref=\"case-content-menu-item\">\n\t\t\t\t\t\t\t\t\t\t\t\tWhy you should test to see how your customers react to the pricing psychology tactics\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t                        \t\t\t\t\t\t<li class=\"post-content__section\" id=\"whatispricingpsychology\" data-ref=\"case-content-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h2 class=\"post-content__section-title\">What is pricing psychology?<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"post-content__section-content\"><p>Every business leader knows the power of pricing. You make calculated decisions on how to price your products:<\/p>\n<ul>\n<li aria-level=\"1\">You consider the cost of goods.<\/li>\n<li aria-level=\"1\">You analyze competitor pricing.<\/li>\n<li aria-level=\"1\">You judge the supply and demand for a product.<\/li>\n<\/ul>\n<p>Internally, your company has likely experimented with pricing and markdowns for the holiday season to find a process that works.<\/p>\n<p>In fact, you probably know a lot more about pricing psychology than you think. When you price an item at $9.99 instead of $10, for example, you have implemented a pricing psychology tactic called\u00a0<a href=\"https:\/\/www.nickkolenda.com\/psychological-pricing-strategies\/#pricing-t1\"><b>charm pricing<\/b><\/a>.<\/p>\n<p>Despite your customers only being a penny richer, they see it as a better deal because the dollar digit on the left will seem lower by comparison.<\/p>\n<p>When you position a high-ticket item so it is the first thing the customer sees, you are using a pricing psychology tactic called\u00a0<a href=\"https:\/\/www.nickkolenda.com\/psychological-pricing-strategies\/#pricing-t16\"><b>anchoring<\/b><\/a>.<\/p>\n<blockquote>\n<p>\u201cThe order in which you display prices influences your prospects\u2019 perception of their value. People can be primed to perceive prices as higher or lower by being exposed to other numbers, even if those priming numbers are unrelated and irrelevant.\u201d<\/p>\n<p>\u2013 Chris Goward, Conversion Managing Director and author of \u201cYou Should Test That!<\/p>\n<\/blockquote>\n<p>Because this high-ticket item is the first thing the customer sees, they compare all prices and products to that item to determine value. This influences greater spending.<\/p>\n<p><a href=\"https:\/\/www.widerfunnel.com\/using-pricing-psychology\/anchoring\/\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/conversion.com\/wp-content\/uploads\/2023\/08\/Anchoring-700x347-1.png\" alt=\"Anchoring Pricing Tactic WiderFunnel \" width=\"589\" height=\"292\" \/><\/a><em>In this example, notice that the higher price is positioned on the left where the visitor will see it first.<\/em><\/p>\n<p>When you consider charging a small fee for shipping, versus including it in your retail prices, you are considering another pricing psychology tactic called\u00a0<b>unbundling<\/b>.<\/p>\n<p>The idea is that, because the customer sees the lower cost of the product, they are more likely to buy even with the added shipping costs.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/conversion.com\/wp-content\/uploads\/2023\/08\/Unbundling-Example.jpg\" alt=\"Unbundling Pricing Tactic WiderFunnel \" width=\"596\" height=\"304\" \/><em>Airlines use this tactic when they charge for luggage separately, rather than including the service in the ticket price.<\/em><\/p>\n<p>In his\u00a0<a href=\"https:\/\/www.nickkolenda.com\/psychological-pricing-strategies\/\">round-up of psychological pricing tactics<\/a>, psychology and marketing expert and blogger, Nick Kolenda, outlines many of the pricing psychology tactics that you could test.<\/p>\n<figure class=\"alignfull\">\n<div class=\" container\">\n<div class=\" row\">\n<div class=\"offset-md-2 col-md-8 col-md-8\"><em>\u201cMost tactics of pricing psychology are based on numerical cognition, which is comprised of fundamental principles of perception,\u201d explains Nick.<\/em>\u00a0<em>\u201cFrom a small B2B company to a large enterprise B2C company, all customers abide by those same cognitive principles. So pricing tactics should work in any market.\u201d<\/em><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t                        \t\t\t\t\t\t<li class=\"post-content__section\" id=\"pricingpsychologyisallaboutperception\" data-ref=\"case-content-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h2 class=\"post-content__section-title\">Pricing psychology is all about perception.<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"post-content__section-content\"><p>If you want to communicate why your prices are above or below your competitor\u2019s prices\u2026<\/p>\n<p>If you want to demonstrate to your customer that your offering is worth the cost\u2026<\/p>\n<p>If you want to increase up-sells, cross-sells, or just plain sell\u2026<\/p>\n<p>\u2026consider how you are framing your prices and merchandise on your product pages.<\/p>\n<p>Pricing psychology tactics work especially well if your company struggles to compete with other e-commerce websites in terms of price.<\/p>\n<figure class=\"alignfull\">\n<div class=\" container\">\n<div class=\" row\">\n<div class=\"offset-md-2 col-md-8 col-md-8\">\n<p><em>\u201cIf you\u2019re in a situation where price is a determining factor, you could reframe your price into a different format\u2014a format that depicts yours as the better price,\u201d Nick Kolenda explains.<\/em><em>\u201cConsider a commodity, like steel. Even if your competitor offers a cheaper price, you could reframe the situation to make it seem like you\u2019re superior on price.<\/em><em>\u201cBy mentioning costs associated with a delay in a shipment, and by mentioning your stellar reputation for on-time shipments, you could portray a price that\u2019s cheaper than your competitor.\u201d<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>Framing is an important part of a company\u2019s pricing strategy and can be leveraged in your testing to create a lift in sales.<\/p>\n<p>Conversion\u2019s optimization experts use <b>the LIFT Model\u00ae<\/b>\u00a0to determine the quality of the shopping experience through the 6 points of conversion:\u00a0<b>clarity<\/b>,\u00a0<b>relevance<\/b>,\u00a0<b>distraction<\/b>,\u00a0<b>anxiety<\/b>,\u00a0<b>urgency<\/b>, and\u00a0<b>value proposition<\/b>.<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/conversion.com\/wp-content\/uploads\/2023\/04\/LIFT_model.png\" alt=\"\" width=\"595\" height=\"335\" \/><br \/>\n<em>Conversion\u2019s LIFT Model.<\/em><\/div>\n<p>Framing within these conversion factors can help make pricing more enticing for customers. For example:<\/p>\n<ol>\n<li aria-level=\"1\"><b>Urgency<\/b>: A sale can create a sense of urgency by being time-bound (flash sales) or in terms of limited product quantities (while supplies last).<\/li>\n<li aria-level=\"1\"><b>Clarity<\/b>: It needs to be clear visually to a shopper that a sale is a good deal.<\/li>\n<li aria-level=\"1\"><b>Relevance<\/b>: You can time a sale so that it is most relevant to a customer\u2019s budget cycle. For example, a smaller discount before Christmas can be more effective in moving merchandise than deeper discounts in January, because it is aligned with when people are buying.<\/li>\n<li aria-level=\"1\"><b>Distraction<\/b>: Complicated pricing or pricing structures can be a distraction for your customer because they are too complex to calculate.<\/li>\n<li aria-level=\"1\"><b>Anxiety<\/b>: An overload of product information or options can lead to\u00a0<a href=\"https:\/\/hbr.org\/2006\/06\/more-isnt-always-better\">analysis paralysis<\/a>, where it is difficult for a customer to decide on the best product for them.<\/li>\n<li aria-level=\"1\"><b>Value proposition<\/b>: The right emphasis on product qualities, features, or benefits can justify pricing through the product\u2019s value proposition.<\/li>\n<\/ol>\n<p>Our team of experts put two pricing psychology tactics to the test in recent experiments for two of our e-commerce clients. Here\u2019s what happened:<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\n\t\t\t\t\t\t                            <div data-target=\"post-newsletter-anchor\" data-device=\"mobile\"><\/div>\n                        \t\t\t\t\t                        \t\t\t\t\t\t<li class=\"post-content__section\" id=\"aredollaroffdiscountsorpercentageoffdiscountsmoremotivatingforonlineshoppers\" data-ref=\"case-content-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h2 class=\"post-content__section-title\">Test #1: Are dollar-off discounts or percentage-off discounts more motivating for online shoppers?<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"post-content__section-content\"><p>In his book,\u00a0<a href=\"http:\/\/jonahberger.com\/books\/contagious\/\"><i>Contagious: Why Things Catch On<\/i><\/a>, marketing professor, Jonah Berger, explains how our perception of numbers affects how we understand a discount price. He called this theory, \u201c<b>The Rule of 100<\/b>.\u201d<\/p>\n<p>Based on his research, he found that:<\/p>\n<ul>\n<li aria-level=\"1\"><b>A percentage discount<\/b>\u00a0off an item under $100 off will always look larger than the dollar discount. For example: 25% off of $75 appears larger than $18.75 off of $75<\/li>\n<\/ul>\n<p><b>A dollar discount<\/b>\u00a0off an item over $100 dollars will always look larger than a percentage discount. For example: $93.75 off of $375 appears larger than 25% off of $375<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\"entered lazyloaded aligncenter\" src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/Ruleof100_1-700x392.jpg\" alt=\"Jonah Berger's The Rule of 100 WiderFunnel\" width=\"600\" height=\"336\" data-lazy-src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/Ruleof100_1-700x392.jpg\" data-ll-status=\"loaded\" \/><br \/>\n<em>Jonah Berger\u2019s The Rule of 100 dictates when you should use a percentage or a dollar discount depending on whether the original price is over or under $100.<\/em><\/div>\n<p>The shopper perceives the discount to be larger in these contexts because the number representing the discount will be larger depending on whether the original price is below or above $100.<br \/>\nIn reality, the markdowns are exactly the same amount, whether you present them in a percentage or a dollar value.<\/p>\n<blockquote>\n<p>\u201cThe Rule of 100 is all about controlling perception. Research has shown that users can misattribute a larger numerical value to a larger discount, and favor one discount over another despite them being mathematically the same.<br \/>\nFor example, on a $20 T-shirt, a discount of 25% off may be perceived as greater than $5 off because 25 is greater than 5. This won\u2019t make much of a difference with the average person, but on such a large scale the idea has promise.\u201d<\/p>\n<p>\u2013\u00a0Michael St Laurent, Director of Experimentation Strategy and Product Development Lead, Conversion<\/p>\n<\/blockquote>\n<p><b>Let\u2019s see how this works in practice.<\/b><\/p>\n<p>Your merchandiser wants to move your fall jackets because you are nearing the the holiday season.<\/p>\n<p>She realizes by the inventory levels that she likely over-ordered, since the weather was unusually warm for this time of year. So, she decides to mark down the entire jacket category by 25%. She also marks down other inventory categories with a mix of both percentage and dollar discounts.<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\"entered lazyloaded aligncenter\" src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/ClosetOfJackets.jpg\" alt=\"Product Inventory WiderFunnel\" width=\"597\" height=\"383\" data-lazy-src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/ClosetOfJackets.jpg\" data-ll-status=\"loaded\" \/><br \/>\n<em>Your merchandiser is facing an overstock of Fall jackets. What can you do to make the 25% off sale more enticing?<\/em><\/div>\n<p>On your website, prices are updated automatically from the inventory system. She expects these sale items to sell through during the holiday sale season because there isn\u2019t much stock left.<\/p>\n<p>She\u2019s the expert on the inventory\u2015that\u2019s why you hired her\u2015but you want to make sure that the sale prices motivate online shoppers to buy. You want to maintain a good margin, but you also don\u2019t want to be left with excess inventory when sales slow down in January.<\/p>\n<p>You should consider pricing through the eyes of your customer. You should consider pricing psychology.<\/p>\n<p><b>We put this situation to the test.<\/b><\/p>\n<p>One of our clients is a large retailer of sporting goods and apparel. As with any retailer, sales and discounts make up a large portion of their online sales. One recurring question they\u2019ve had is whether or not a discount is more effective displayed in a \u201c% off\u201d format or a \u201c$ off\u201d format.<\/p>\n<p>Before running this test, discounts on the website would change from one format to another, based on the specific sale or promotion. This resulted in a variety of different discount types on the site.<\/p>\n<p><b>We asked the question:\u00a0<\/b>Will displaying price as entirely % off or $ off be more effective in encouraging visitors to purchase?<\/p>\n<blockquote>\n<p>\u201cWe couldn\u2019t change the prices but we could control the perception. Since this client had thousands of products\u2015targeting all of their sale items is actually affecting a huge portion of web visitors and could provide serious impact for the client.\u201d<\/p>\n<p>\u2013\u00a0Michael St Laurent<\/p>\n<\/blockquote>\n<p>The Conversion team wanted to magnify the perception of value in the shopper\u2019s eyes, without making any changes to the discounts themselves.<\/p>\n<p>The test was fairly simple.<\/p>\n<p>In the\u00a0<b>Control<\/b>, all of the markdowns were displayed as a percentage off the original price.<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\"entered lazyloaded aligncenter\" src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/Sports_Control-700x695.jpg\" alt=\"Displaying Discounts Control WiderFunnel\" width=\"599\" height=\"595\" data-lazy-src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/Sports_Control-700x695.jpg\" data-ll-status=\"loaded\" \/><br \/>\n<em>The Control displayed percentage off discounts on their product pages.<\/em><\/div>\n<p>In<b>\u00a0Variation A<\/b>\u00a0all of the markdowns were displayed in dollars off the original price.<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\"entered lazyloaded aligncenter\" src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/Sports_VarA-700x695.jpg\" alt=\"The Rule of 100 Variation WiderFunnel\" width=\"604\" height=\"599\" data-lazy-src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/Sports_VarA-700x695.jpg\" data-ll-status=\"loaded\" \/><br \/>\n<em>In Variation A, we wanted to know if $ off was a more compelling offer.<\/em><\/div>\n<p>In\u00a0<b>Variation B<\/b>, we wanted to get creative. All of the markdowns were displayed in either percentage or dollars off the original price, according to The Rule of 100. The displayed discount changed based on the product\u2019s original price and which method of discount would show a larger number.<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\"entered lazyloaded aligncenter\" src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/Sports_Control-700x695.jpg\" alt=\"Displaying Discounts Control WiderFunnel\" width=\"602\" height=\"598\" data-lazy-src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/Sports_Control-700x695.jpg\" data-ll-status=\"loaded\" \/><br \/>\n<em>Variation B incorporated an algorithm that switched between a percentage or dollar-off discount based on whether the product was price above or below $100.<\/em><\/div>\n<p><b>Remember:<\/b>\u00a0We did not change the discounts. We just changed the way they were being perceived.<\/p>\n<p><b>So what happened in the test?<\/b><\/p>\n<p>After three weeks, Variation B confirmed The Rule of 100, and our own hypothesis. Success!<\/p>\n<p>As suspected, Variation B seemed to have the most positive effect on user motivation and resulted in a\u00a0<b>2.29% revenue per visitor increase<\/b>\u00a0over the Control, and also slightly outperformed Variation A.<\/p>\n<p>A result like this can mean a number of great things for any retailer:<\/p>\n<ul>\n<li aria-level=\"1\">Discounted items can be moved earlier in the season to avoid inventory issues<\/li>\n<li aria-level=\"1\">Greater perceived discounts can increase motivation and conversion rates<\/li>\n<li aria-level=\"1\">Seeing higher margin on items by not waiting for them to be discounted even further<\/li>\n<\/ul>\n<p>After seeing the results, our client implemented the winning script on their website so that the presentation of markdowns was consistent with Jonah Berger\u2019s The Rule of 100.<\/p>\n<p>While the changes would be logistically challenging for them to implement internally, the Conversion script made the change automatic.<\/p>\n<p>The merchandising team didn\u2019t have to change their internal processes for determining markdowns in percentages or a dollar figure.<\/p>\n<p>Here\u2019s another scenario where we implemented pricing psychology tactics in our testing:<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t                        \t\t\t\t\t\t<li class=\"post-content__section\" id=\"howdoesthevisualpresentationofsalepricesaffectonlinebuyersperception\" data-ref=\"case-content-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h2 class=\"post-content__section-title\">Test #2: How does the visual presentation of sale prices affect online buyers\u2019 perception?<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"post-content__section-content\"><p>This may or may not surprise you, but how you present a sale\u00a0<i>visually<\/i>\u00a0on your website can make that sale price extra enticing to online shoppers.<\/p>\n<figure class=\"alignfull\">\n<div class=\" container\">\n<div class=\" row\">\n<div class=\"offset-md-2 col-md-8 col-md-8\">\n<p><em>\u201cWe don\u2019t conceptualize numbers in absolute quantities,\u201d<\/em>\u00a0Nick Kolenda explains.<em>\u201cWe conceptualize numbers by using an abstract perception of size (often referred to as analog magnitude). You can think of it as a visual representation of size.<\/em><\/p>\n<p><em>\u201cThat conceptualization is at the heart of our perception of numbers. So when we evaluate numbers, including prices, those evaluations are based on that abstract conceptualization.<\/em><\/p>\n<p><em>\u201cThat\u2019s why changes in perception are sometimes more powerful than changes in the numerical quantity.\u201d<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p><b>Did you know?<\/b>\u00a0Consumers generally relate visual difference to numerical size. The online shopper looks at the larger original price and then compares the difference both visually and numerically against the sale price.<\/p>\n<p>In theory, this could include size, font, color, position, and boldness of the original and sale price on the website.<\/p>\n<p><b>Let\u2019s see how this works in practice.<\/b><\/p>\n<p>You want to offer a promo code to online shoppers as a way of increasing customer purchases during Cyber Monday. The promo code is already live in your POS system, but you are considering the visual presentation of your sale prices.<\/p>\n<p>Sale prices are typically presented on product pages in big, bold numbers to try to draw attention to the resulting sale price, but you wonder if another visual presentation would be more enticing.<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\" wp-image-23394 aligncenter entered lazyloaded\" src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/pg00001_mt00001_63500027-700x281.gif\" alt=\"Cyber Monday Sale Example WiderFunnel \" width=\"600\" height=\"241\" data-lazy-src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/pg00001_mt00001_63500027-700x281.gif\" data-ll-status=\"loaded\" \/><br \/>\n<em>An example of how sale prices are typically presented online.<\/em><\/div>\n<p>After all, if you are going to offer the discount, you\u2019d like to see a significant increase in sales. So, how can you increase your sales without offering a deeper discount?<\/p>\n<p><b>We put this to the test.<\/b><\/p>\n<p>For another client that sells specific industry courses online, our team tested a different pricing theory. When the original price is larger in font size than the reduced price, the online shopper perceives the discount to be larger.<\/p>\n<p>The shopper relates the size difference to the discount magnitude in this pricing psychology tactic.<\/p>\n<blockquote>\n<p>\u201cThe larger the perceived difference, the more likely you are to interpret that as a larger discount.\u201d<\/p>\n<p>\u2013 James Flory, Director of Strategy, Conversion<\/p>\n<\/blockquote>\n<p><b>We asked the question:<\/b>\u00a0Considering pricing psychology, will swapping and increasing the visual distinction of the sale price from the reference price result in more conversions.<\/p>\n<p>In\u00a0<b>the Control<\/b>, the price of the course package was reduced from $299 to $239.20 with the promo code. Even though the discount wasn\u2019t stated specifically as a percentage, the promo code of Launch20 implied a 20% discount.<\/p>\n<p>The sale price was highlighted over the original price through increased text size and bolded font.<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\"entered lazyloaded\" src=\"https:\/\/www.widerfunnel.com\/wp-content\/uploads\/2017\/09\/RealEstate_Control-700x989.jpg\" alt=\"Font Size Magnitude WiderFunnel \" width=\"415\" height=\"989\" data-lazy-src=\"https:\/\/www.widerfunnel.com\/wp-content\/uploads\/2017\/09\/RealEstate_Control-700x989.jpg\" data-ll-status=\"loaded\" \/><br \/>\n<em>The Control shows the sale price in a larger font than the original price.<\/em><\/div>\n<p>In\u00a0<b>Variation A<\/b>, the team wanted to visually emphasize the difference between the original price and the sale price. We increased the size of the original price and reduced the size of the sale price. We also changed the sale price to the color green.<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\"entered lazyloaded aligncenter\" src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/RealEstate_VarA-700x989.jpg\" alt=\"Font Size Pricing Psychology Tactic WiderFunnel\" width=\"415\" data-lazy-src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/RealEstate_VarA-700x989.jpg\" data-ll-status=\"loaded\" \/><br \/>\n<em>ariation A demonstrates the pricing psychology tactic where the sale price is visually differentiated through size.<\/em><\/div>\n<p>In\u00a0<b>Variation B<\/b>, the team wanted to continue the same visual distinction between the original and the sale price, but they also introduced The Rule of 100 into the test. In front of the promo code, the customer could see that the promo code discount was equal to $59.80.<\/p>\n<div class=\"main-content__image-component\"><img decoding=\"async\" class=\"entered lazyloaded aligncenter\" src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/RealEstate_VarB-1-700x989.jpg\" alt=\"Variation B Jonah Berger's The Rule of 100 WiderFunnel\" width=\"415\" data-lazy-src=\"https:\/\/cdn.conversion.com\/wp-content\/uploads\/2017\/09\/RealEstate_VarB-1-700x989.jpg\" data-ll-status=\"loaded\" \/><br \/>\n<em>Variation B made the sale price visually distinct and incorporated The Rule of 100.<\/em><\/div>\n<p><b>So what happened in the test?<\/b><\/p>\n<p>After one month, both Variation A and Variation B saw an increase in the number of transactions against the Control variation. Variation B saw a transaction increase of\u00a0<b>5.3%<\/b>. Variation A was the winner with a transaction increase of\u00a0<b>6.9%<\/b>.<\/p>\n<p>Greater differentiation between the original price and the sale price appears to signal a greater markdown to the shopper. In this test, making the sale price stand out in a green, smaller font emphasized the price reduction in visual form.<\/p>\n<p>It is worth noting that our team was able to observe that the addition of the $ amount discount in Variation B actually hurt transactions by\u00a0<b>-1.5%<\/b>. Displaying the dollar value discount may have been slightly distracting for shoppers.<\/p>\n<p>Because this test was structured properly\u00a0fractional factorial design\u00a0\u2015 Variation B was built off of Variation A, rather than the Control \u2015 we could isolate the effect of the additional change in Variation B.<\/p>\n<p>If we had simply combined both pricing psychology tactics into one variation, we would have seen a lift in sales of 5.3%, but we would not have known that we were missing out on an additional 1.5% lift.<\/p>\n<p>Both variations confirmed the hypothesis that differentiating the sale price visually in terms of size and color affected conversions on the website.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t                        \t\t\t\t\t\t<li class=\"post-content__section\" id=\"whyyoushouldtesttoseehowyourcustomersreacttothepricingpsychologytactics\" data-ref=\"case-content-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h2 class=\"post-content__section-title\">Why you should test to see how your customers react to the pricing psychology tactics<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"post-content__section-content\"><p>Sale pricing is dependant on every business and product offering. If your company is at a disadvantage when competing on price, you may want to also consider your overall\u00a0<a href=\"https:\/\/conversion.com\/blog\/how-to-create-an-awesome-value-proposition\/\">value proposition<\/a>: Do the perceived benefits of buying your offering outweigh the perceived costs?<\/p>\n<p>You should test communicating the features and benefits of your offering that will offset the costs in your shopper\u2019s mind (including price). These valuable additions make the decision to buy from you that much easier.<\/p>\n<p><i>For an example of how we refined a company\u2019s value proposition to justify a higher product price, check out \u2018A-ha!\u2019 Moment #4 in\u00a0<\/i><i>5 test results that made us say \u201cA-ha!\u201d<\/i><\/p>\n<p>If your value proposition is strong, you can layer in tests that incorporate the principles of pricing psychology, to help you achieve even more sales lift.<\/p>\n<p>You should make sure you understand how to frame your sale price before the increased traffic for the holiday season. After all, you want to catch shoppers when they feel the pressing need to buy! And pricing psychology can help you do it.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\n\t\t\t\t\t\t                            <div data-target=\"post-newsletter-anchor\" data-device=\"mobile\"><\/div>\n                        \t\t\t\t\t\n\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\n\t\t\t<aside class=\"post-content__sidebar post-content__sidebar--form\">\n\t\t\t\t<div class=\"sticky-newsletter\" data-target=\"post-newsletter-anchor\" data-device=\"desktop\">\n                \t<div class=\"post-newsletter\" data-target=\"post-newsletter\">\n    <h4 class=\"post-newsletter__title\">Real-world growth experiments. In your inbox. 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