Have you ever wondered why you sometimes end up buying more than you intended? Or maybe even buying something that you do not really need? Well the good news is that you are not alone, because we have all been there. But the question of why this happens still remains unanswered.
We all know that we can go overdrive when shopping, however, what we do not know is the reason behind it. And the reality of it is that it all goes down to psychology. Our mind controls our behavior, and that is why businesses are using psychology to make people buy more.
Let us take a look at 7 of these psychological tricks:
1. Prices that end with .99
When buyers look at prices that are less by a cent/piastre, they get the illusion that they are paying less even though the difference is not significant. This so-called discount plays an important role in marketing and sales.
2. Not using commas!
Research has shown that removing commas can make prices seem lower. This is largely due to the fact that using commas can increase the number of syllables and based on studies, people tend to perceive prices with more syllables as more expensive. The vocal factor plays a major role on how people see prices and therefore, marketers prefer to add prices without commas.
3. Visual contrast make sale prices stand out
There is some kind of a powerful illusion that comes with writing the original price and the sale price in different ways/forms. For instance, writing the original price in bold and in a different color can make the sale price look more appealing.
4. Showing price in installments
People tend to buy things at lower prices even though the total price can be high. Displaying the items’ prices in installments can be appealing for people instead of having to spend a large lump of money instantly.
5. The Nostalgia trick
Raise your hand if products related to the 80s, 90s era turn your eyes’ pupils into hearts. Yup, that’s what I expected. Sparking nostalgia in people can lead people to care less about money and as a result pay more for items they don’t necessarily need or even want. Targeting emotions in people is a smart way to get people to buy things.
6. Sharing good reviews
It is more likely for someone to buy something when they see everyone else is buying it. Therefore, advertisers tend to use feedback and reviews as a way to lure people in. One way that brands use to endorse their products is by hiring social media influencers. People are highly affected by what influencers do and buy nowadays, and therefore when a product is promoted on social media by individuals and not by the brands themselves, it can boost the sales.
7. Making something feel urgent
FOMO (Fear Of Missing Out) is the “most trending” fear nowadays! And brands use and abuse this against people by arousing the sense of urgency through using sales lines like “Very limited stock” or “Limited-time offer” and so on. As a result, people tend to overlook careful and mindful spending, and buy items they might not need at that time.
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