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Choose your anchor price to be substantially higher than your standard price.
Leigh Caldwell • The Psychology of Price: How to use price to increase demand, profit and customer satisfaction
How to beat Amazon with your e-commerce startup:
- Make it feel like a video game
- Compete on community, not price
- Ad-free
- Spatial
- Extra curated, extra niche
- Education first, commerce second
NEW: I just wrote a post on where ecomm is going
https://t.co/5PtmxIBQtf
descriptiontwitter.comInterestingly enough, people make some fascinating rationalizations for fractional prices. For example, Schindler (1984) found that consumers who see a price ending in 98 or 99 are more likely to believe that the price was not recently raised. (How anyone jumps to that conclusion I’ll never understand.) According to Quigley and Notarantonio (1992),
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