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A/B Testing Idea #78 - For high numbers, more than five digits, prices should not be rounded
Description
Careful and precise pricing is particularly important when dealing with a large sum of money. It has been shown that when purchasing a car, for example, people will actually pay more money when the prices are very precise and feature lower figures (i.e. would be willing to pay £26,213 over £25,000). This can be explained by the fact that we associate the small numbers used in precise pricing (1,2,3, etc.) as having small values and therefore automatically see these numbers and think the price is smaller.
Inspired by Nick Kolenda
Principles
- Perceived Value Pricing (Lee & Zhao, 2014; Poundstone, 2010; Mazumdar; Raj; Sinha, 2005; Thomas; Simon; Kadiyali, 2007)
The Research
Perceived Value Pricing
Perceived Value Pricing explains how our perceptions of a price and its value can be altered depending on how it is presented to us.
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