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A/B Testing Idea #214 - When displaying promotions, exhibit the previous prices, to accentuate them
Description
When offering discounted prices, it is essential to always still display the previous higher prices as well (crossed out is advisable to avoid confusion).
Studies have shown that people tend to use the first piece of information they receive as an anchoring point to then judge subsequent information. In this way, showing the previous higher prices will ensure that their initial reference point is higher and will therefore help to make the current offered price seem even lower and cheaper than it actually is.
Leaving the previous prices displayed in this way will also highlight the deal that the customer is getting, increasing the chances that they will see it as a real bargain, not to be missed out on.
Inspired by Nick Kolenda
Principles
- Anchoring Effect (Tversky & Kahneman, 1974)
The Research
Anchoring Effect
The Anchoring Effect describes the way in which people utilise the first piece of information they receive as a point of reference for making judgements about subsequent pieces of information.
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