Three Psychological Pricing Techniques To Increase The Average Size Of eCommerce Baskets
Pricing is one of the most complex aspects of eCommerce. Price too high, and you lose sales. Price too low, and you miss out on potential profit. At least, that’s the conventional wisdom. Psychological studies have shown that the impact of pricing choices is a more complex than a simple dynamic of cheaper and more expensive.
Some pricing rules are downright counter-intuitive because shoppers use a host of value heuristics in their shopping decisions that produce behavior that doesn’t seem “rational” from the perspective of classical economics. Read More »