In addition to effects that can be better adapted to stationary retail,for example, the placement effect.Many tricks of price psychology can also be applied in e-commerce. Among them, for example, is the anchor effect, according to which it makes sense to offer the customer a reference price.
→ List the original price in addition to the discount price.
Particular price images represent another branch of price psychology. Here, a personal reference to prices can be established (usually subconsciously).
→ Sequences of numbers (e.g. €3.33) stand out.
Price images also include price endings, whose effect can vary starting from the last digits of a price and often have a significant impact on conversion in the store.
→ Just below and accurate prices often have a significantly more favourable effect than smooth prices, although they are also qualitatively weaker.
In addition, prices can trigger certain stimuli that can lead to either cognitive (cues) or subconscious (primes) reactions.
→ The visual design of the online store can trigger stimuli here, such as security, expertise, or well-being.
And finally, the question remains for retailers as to what image their prices should radiate. Here, "good" and "bad" seem to walk a fine line.
→ Online retailers should think about the light in which their items should stand (luxury items vs. discount items).
In summary, price psychology has arguably been applied since the dawn of retail. Every price makes a statement about how the retailer feels towards his negotiating partner as well as about the valuation of an item. Price changes through different price effects and strategies can usually be applied quite easily and thus often lead to great successes. It can therefore also be worthwhile for online retailers to take a look at the various facets of price psychology.
