Oct 11, 2022

In today's economy, businesses need to be smart about their pricing in order to stay afloat. With inflation on the rise and discretionary income falling, people are increasingly looking for cheaper options. This means that businesses need to be strategic in how they price their goods and services.

One way to do this is to understand the psychology of price shoppers. Studies have shown that people are more likely to purchase something if it is priced at a "round number" like $10 or $20, rather than an odd number like $11 or $19. This is because our brains perceive round numbers as being "simpler" and thus more appealing. Therefore, businesses should try to price their products at round numbers whenever possible.

Another tactic businesses can use is to offer discounts and coupons. This is because people are attracted to deals and savings, even if the product itself isn't necessarily cheaper than its competitors. By offering discounts and coupons, businesses can make their products more appealing to price-conscious consumers.

Finally, businesses should also focus on providing excellent customer service. In today's economy, people are not only looking for cheap prices, but also for good value. By offering outstanding customer service, businesses can ensure that their customers will keep coming back, even when times are tough.

By using these strategies, businesses can increase their chances of success in today's challenging economy.