With every shopper looking for something different, a few different psychological pricing strategies can be used to maximize your selling efforts online.
Taking a lesson out of the real estate broker’s handbook, Odd-Even pricing can be used to imply the value of a particular item. This strategy allows a competitive pricing band to keep the price of the item within certain pricing brackets although the price is only .01 cents less than a whole number. Conversely, the Even or .00 pricing implies a high value product and a standard pricing structure.
Have you ever seen a price at Wal-Mart or H&M that seems to be the lowest price you can get? This strategy can produce a variety of results, mainly, because it is the strategy of options.
Other retailers, mainly bigger, popular brands, can offer their customers a variety of options so they aren’t boxed in to choose one product over the other.
Loreal is another great example, providing the public with three different segments at different prices.
While no one wants to admit that psychological pricing strategies are designed to manipulate; they most definitely do.

Wiser provides a complete suite of solutions to give retailers, brands, and manufacturers the edge to stay both competitive and most importantly, profitable. Arie is the COO, Executive Chairman, and Co-Founder of Wiser, a dynamic pricing and merchandising engine for online retailers and brands.
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Some may be rational, looking for the best quality or value, and some a bit ‘non-rational’ or driven by the lowest price or quantity of what they are buying. Psychologically, this appeals to a buyer’s familiarity with sale pricing, in that they will associate this number with a discounted price. Real estate agents and brokers are notorious for this tactic, pricing a property $1-1,000 lower to make the price seem more affordable. Some online retailers are very successful with this strategy, because they pair several mediocre options with one great option. They have positioned themselves in the luxury market, professional market and consumer market, allowing open purchasing throughout.
The goal of this tactic is to provoke an emotional response, whether excitement (low price), fulfillment (of a need, good value) or intrigue (ideal price).

This type of pricing can appeal to both the rational and non-rational buyer, as these buyers will favor an even number when looking for quality goods.
This pricing strategy is interpreted by the consumer as being precise, cutting the excess fat off the normal $3.99 you would pay for batteries. This option always floats to the top, implying that the consumer can be directed to choose one price or product over another. You can get an iPhone that costs $199-$849 and benefit from the same OS, applications and user interface.
This is because the buyer expects a low priced brand name item to fall into the .99 category. It opens their brand up to several price brackets in the market, providing quality products and services to the masses.

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