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Don’t Fall For These 5 Pricing Tricks | Linkis.com

Everything from product placement to music to scent can subconsciously coerce you into opening your wallet. But perhaps the most pervasive and effective strategy retailers employ in their quest for you to spend as much as possible is pricing. They know even savvy consumers often don’t understand the complexities of retail pricing, and they’ve done their Psych 101 homework in an effort to obtain maximum mind control over their customers.

It’s time to break the shopping spell and take back the power. Here are five retail pricing strategies that are currently working against your pocketbook — and some clever antidotes to combat them.

1. Charm pricing

One of the most omnipresent strategies is to price items just “below price,” a tactic sometimes referred to as “charm pricing.” Items that end in .99 or .95 sell significantly more than items priced only a few cents higher, attributable to what’s known as the “left-digit effect,” meaning we pay most attention to the number to the left of the decimal point. This strategy also makes us cumulatively purchase more: In a study in the Journal of Consumer Research, researchers found that individuals estimated they could buy more items with their $73 when presented with items that ended in .99 — so we mentally round down, while racking up a higher bill than we mentally tallied.

Price check: Download the Shopper Tally app (of course, priced at $0.99) to enter the price of your items while you shop. Having a real time reality check of the bill you’re accruing makes you more likely to discriminate while you shop, diminishing checkout line sticker shock.

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Don’t Fall For These 5 Pricing Tricks

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