Some of these billion-dollar tricks might be obvious, but some may just surprise you, according to VisualCapitalist.
These methods help bring in billions in additional revenue that consumers may have passed over if not for these techniques.
These are some of the highlights from the list:
- Reducing a digit 1 cent to appear at $9.99 versus $10. The smaller first digit makes our brains believe that it is a much better deal.
- Using numbers with fewer syllables. Studies have shown that a price such as $24.18 sounds cheaper than $23.78.
- Removing commas from prices. Studies show that $1000 appears cheaper than $1,000.
- Shopping layouts are designed to be confusing so that consumers see more merchandise than they planned.
- Using words that relate to a small amount. Studies show that using the phrase "low maintenance" has a better effect than "high production."
- Breaking the price down into how much it costs per day makes it seem more affordable.
- A false sense of urgency makes consumers feel eager to buy and not miss out on "exclusive deals."
- Using bigger numbers for discounts. For example, 20 percent off $50 sounds a lot better than $10 off $50.
- Phased discounts also create a sense of urgency.
- Men are more likely to purchase products with prices displayed in the color red.
- Making products seem more expensive to produce leads consumers to believe it is better. For example, claiming your product is organic.
- Calm and slow music makes consumers spend more time in the store.
- buy-one-get-one deals encourage consumers to spend more than they originally would have because of the free aspect.
Take a look around the store next time you are out. You may notice some of these tactics right before your eyes. I personally have fallen victim to these schemes in the past.