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Price Anchoring

Price Anchoring

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    Ecommerce A/B Test Idea: The Hypothesis

    By showing the previous price next to the discounted price, we increase the attractiveness and value perception of the product. This is turn creates a sense of urgency due to its new perceived value, further increasing its purchase rate.

    Why You Should Test It

    If discounting is a fit for your brand and its values, then showing the regular price next to the original will increase the perceived value of the product. And if we perceive something to be more valuable than its current price, then it?s a great deal and we?ll jump at the chance to buy it. I?m sure you?re already making use of this, but there?s something you could add to make it work better. Take the first example of instance, they show three prices… was, then, and now. This gives the impression the price is as low as it?s going to get, and it?s almost a steal having been discounted twice already.

    Why It Works

    Our perception of quality ties so closely to price. Only showing us a discounted price for a product creates a false sense of value and quality. If it?s cheap, it?s often not good quality. But if we anchor the price in the visitors mind as being high (the original price), then we show the now discounted price and allow for the visitor to see the difference? the products perceived value increases and so does the urgency to grab it while it?s at a discount.

    Persuasion Theory

    Scarcity, Price Anchoring


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