Chapter
The Psychology of Pricing
1:34:03 - 1:38:32 (04:29)
Precise pricing can lead consumers to believe a product is priced based on research, while rounded pricing can deter consumers from making a purchase. A study by the University of Florida shows that precise pricing leads to smaller mental calculations and increased purchase likelihood.
Clips
A study conducted by psychologists at the University of Florida found that consumers are more likely to purchase a product when it has positive reviews.
1:34:03 - 1:38:32 (04:29)
Psychology
Summary
A study conducted by psychologists at the University of Florida found that consumers are more likely to purchase a product when it has positive reviews. Additionally, when a product is priced precisely instead of rounded, consumers use smaller mental increments to make purchasing decisions.