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Post by PickyChicky on Jan 27, 2016 18:30:28 GMT -6
I found this Etsy conversation of the same title very interesting. I was once told by a restaurant distributor that ending prices with a 9 is best. I once used to end everything in $0.99, but now end prices with $0.95. However, I still try to end the whole number with a 9. The only time I don't is when the market value would make ending a price with 9 too high or too low. I try to keep the total cost of the item at or below its market value, so shipping does play a factor in my pricing. Well, after reading this thread, it would seem I need to rethink my pricing strategy. While the total cost of the item will still come into play as it relates to market value, it looks like times have changed and that I should be aiming to end prices with different numbers -- and maybe even not including any cents at all. So, I was just curious what y'all's thoughts are about this subject and what's being suggested: www.etsy.com/teams/7722/discussions/discuss/17341185/
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Post by Deleted on Jan 27, 2016 19:53:23 GMT -6
Most of the time I still see brick and mortar stores using numbers that end in .99, so I have no problem with doing this. I am old school and this is what I was taught and, like said, the majority of brick and mortar stores are still doing it. So I do not think it is a thing of the past. It's actually pretty natural.
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Post by Deleted on Jan 27, 2016 20:35:47 GMT -6
To answer your question. I guess I'd have to say I am for the odd numbers. lol.
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Post by Deleted on Jan 28, 2016 6:17:55 GMT -6
Welllllllll
I have been using .02 for ecrater/ clothing and .07 for ecrater/ miscellaneous. Then I know that the purchases have come from eCrater.
ok even, well I have been said to be odd.
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Post by PickyChicky on Jan 28, 2016 14:12:19 GMT -6
On Ruby Plaza, they didn't allow cents to be entered -- only whole dollar amounts. I have to say it always felt awkward not having the cents (as in money -- I do happen to possess a healthy level of common sense LOL). That one poster, Ellen Danai, said that she had read an article on pricing 30 years ago and it was stressing the use of even numbers. I find that a bit odd because the use of .99 was in full swing back then. Soooo, naturally, I did a bit of research on the subject. LOL I read through a number of articles and the only one I found that discusses what to end prices with is Pricing Psychology: 10 Timeless Strategies to Increase Sales, by Gregory Ciotti (Sep 2015). It offers a good deal of info that you may find helpful and goes into brief detail about each of the 10 strategies. Not only does he mention how ending prices with 9 works best (although, he doesn't use cents in his examples), but he also discusses the importance of proper placement of your items in your shop -- placing lower-priced items next to higher-priced items to break the monotony. He even mentions things like how pricing similar items similarly can have a negative effect on converting views to sales. With everything I've read, I still have some thinking to do. Maybe ending my prices with .95 wasn't the best move. Maybe I should drop the cents altogether and end whole dollar amounts with 9. Although, there are some items where that strategy simply won't work -- like items that are currently priced at say $11.95 and $14.95. That's where I'll have to give it some more thought, but it's not a pressing issue, so will have to save that for a later date.
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Post by Deleted on Jan 28, 2016 15:30:21 GMT -6
Not only does he mention how ending prices with 9 works best (although, he doesn't use cents in his examples), but he also discusses the importance of proper placement of your items in your shop -- placing lower-priced items next to higher-priced items to break the monotony. That would definitely be me then. Although I'd like for my lower priced listings to be a little higher. I was proud of myself today. I was going to get an item I could price at $5.99 and I decided to put it back. That's where I'll have to give it some more thought, but it's not a pressing issue, so will have to save that for a later date. The to do list never ends that's for sure.
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Post by Deleted on Jan 28, 2016 16:05:16 GMT -6
When Similarity Costs Sales "Limiting choices helps combat “analysis paralysis,” as too many options can be demotivating. You might expect, then, that having identical price points for multiple products would be ideal, right? Not always, according to research from Yale: if two similar items are priced the same, consumers are often less likely to buy one than if their prices are even slightly different.
In one experiment, researchers gave users a choice of buying a pack of gum or keeping the money. When given a choice between two packs of gum, only 46% made a purchase when both were priced at 63 cents. Conversely, when the packs of gum were differently priced—at 62 cents and 64 cents—more than 77% of consumers chose to buy a pack. That’s quite an increase over the first group.
The implication isn't to set your identical vintage T-shirts at variable prices. Rather, recognize the why behind the inertia: when similar items have the same price, consumers are inclined to defer their decision instead of taking action."
When I've had two similar items before, I wanted to price one higher than the other but I felt that the buyer would feel they were getting ripped off. I've wanted to do this, for example, when I liked one over the other.
I do price my Littlest Pet Shop at different prices when I have two frogs that are similar but different because I see that on eBay one mpn sold at a different price than the other. I wonder if this is partly why they purchase more than one. I hope that what I've said makes sense.
I do think that the experiment mentioned above makes sense.
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Post by Deleted on Jan 28, 2016 16:14:46 GMT -6
Time Spent vs. Money Saved "Why would a bargain beer company like Miller Lite choose “It’s Miller Time!” for its slogan? Shouldn’t they emphasize their lower prices? Stanford University’s Jennifer Aaker argues that in many product categories, customers recall more positive memories when asked to remember time spent with the product over the money saved.
“Because a person’s experience with a product tends to foster feelings of personal connection with it, referring to time typically leads to more favorable attitudes—and to more purchases,” Aaker says. In a discussion published by the Wharton Business School, Aaker notes that many purchases tend to fall in either the “experiential” or “material” categories. Purchases like concert tickets benefit more from “time spent” messaging, whereas designer jean sales are aided by reminders of money and prestige."
Maybe I should change my slogan to "it's treasure time." lol.
I rarely sign up for thing but I did for this site. It's pretty cool. Thanks for sharing.
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Post by Deleted on Jan 28, 2016 16:43:39 GMT -6
Hmmm I'm not going to give you my 2 cents worth.
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Post by PickyChicky on Jan 29, 2016 14:23:25 GMT -6
Hey @tam ...what happened to your avatar and shop banner in your siggie?
Hmmm....I just noticed my shop banner is missing, too. I guess ProBoards must be having issues.
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Post by Deleted on Jan 29, 2016 17:21:16 GMT -6
I think Proboards is being weird today. I saw where Cindy quoted me and some of the letterings were all around the place.
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Post by PickyChicky on Jan 29, 2016 18:14:06 GMT -6
I haven't noticed ProBoards being weird, but I did find out that Photobucket is the problem related to the missing images. They've been down since early this morning and STILL no word about when they'll be back up.
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Post by thecornerstonecowboy on Jan 30, 2016 6:18:38 GMT -6
When we had the b&m store most everything ended in 0.95 or 0.99. That was really old school since the original store started back in the 50's.
These days I have started using whole dollar amounts after reading in a couple of chat rooms on what seemed to be the most popular. I think it gives a "cleaner" look overall.
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Post by sheepish on Jan 30, 2016 6:46:37 GMT -6
When I first started at Bonanza I listed a lot of 9's in my pricing. I gradually changed them to either a whole dollar or .50 ending during the many excursions in which I had to re-enter info that had mysteriously disappeared. I do have a few ending in .25 for small game parts. I agree with cornerstone in that it gives it a "cleaner" look.
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Post by PickyChicky on Jan 30, 2016 8:36:16 GMT -6
So, thecornerstonecowboy and sheepish, have you noticed any difference in the volume of sales since changing your pricing? The one Etsy poster claims that her sales have increased rather significantly, so I'm just curious. I might go ahead and try doing whole dollar amounts to see if it makes any difference.
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