Using strategies rooted in psychology can increase bedding sales.
Bedding retailers who price mattresses at, say, $1,299 instead of $1,300 understand one aspect of the psychology of pricing. Although it’s only a $1 difference, consumers view $1,299 as appreciably lower.
“Psychological pricing is a marketing strategy that leverages consumer psychology to influence purchasing decisions by setting prices that appear more attractive,” says Alexa Collins, an e-commerce strategist with online shopping platform Shopify based in Ottawa, Canada.
Rounding down a price to a “9” is called “charm pricing,” and William Poundstone, author of “Priceless,” says it can increase sales by 24%. But it’s just one psychological pricing strategy. If you have products languishing on your store floor or not moving through your e-commerce site, try one or two psychological pricing tactics before you start slashing prices.
“When you apply price psychology, it doesn’t matter if you’re the cheapest. Instead, what’s most important is that potential buyers perceive they’re getting value or quality,” says Neil Patel, co-founder of Los Angeles-based marketing firm NP Digital and owner of SEO firm Ubersuggest.
Sell more mattresses: Offer Irresistible Bundles to Drive Mattress Sales
Packaging pillows or other sleep accessories with a mattress purchase at a discounted price can make shoppers feel more comfortable making a larger purchase. This tactic has the added benefit of streamlining the buying process for customers.
Increase Sales with Buy One Get One Free Deals
You can give customers 50% off two equally priced pillows — or you can offer them one pillow free with the purchase of another pillow. In the end, the price is the same but consumers like the idea of a buy one, get one free offer better.
Highlight Competitive Pricing to Drive Sales
Are you consistently offering products for less than your competitor? Let shoppers know by placing the prices side by side.
Make Purchases Easier with Financing
Paying $3,999 for a mattress today can feel like a bigger pinch to the pocketbook than paying $3,999 a year from now or over time. Partnering with financing companies can make it easier for shoppers to step up to better bedding. “Do installments make consumers buy more? According to the many companies facilitating monthly payments, the answer is a resounding ‘yes.’ Afterpay says consumers that use its service spend 40% more,” Patel says.
Boost Sales with Time-Sensitive Promotions
Sell more mattresses by following these tips: Limited-time offers can encourage consumers to buy now instead of delaying — and maybe never completing — the purchase. On e-commerce sites, countdown clocks make this even more effective.
Visual Presentation of Pricing
Displaying higher prices in smaller fonts can make the item seem less expensive.
But when it comes to any pricing strategy, it’s important to maintain the trust of your customers, who don’t want to feel like they are being taken advantage of or treated unfairly, Collins notes. In the long run, it’s far better to build a reputation as a trustworthy retailer than squeeze a few more bucks out of shoppers.
Read more selling tips and strategies.
