Do you fall for $ 2.99...?
Onion - Rs.14.95/kg; Tomato - Rs. 9.95/kg; Kashmir Apple - Rs. 99.95/kg. When we enter a Mall or a Super Market or any grocery mart for that matter, we can see the above type of pricing for almost all products. When you buy just a kg of onion and pay Rs. 15, are you going to get back Rs. 05 (5 paise) as the balance change? NO. Then why price it as Rs. 14.95 instead of the honest price of Rs. 15/kg? This is what is universally known as 'psychological pricing'. This is designed to play on your emotion rather than rational thinking. It aims to make you (the customer) believe that the actual pricing is lower than what you rationally think it is! To attract the customer. Today, this type of pricing is prevalent in most of the products across all product-mix. Though most of us realize the fact, we still fall for it. It is proved by a statistical study. That is why traders still continue to do the pricing thus. Our mind perceives the 'first left digit' as the price point. ...