The number nine strategy: pricing perception People like to know they’re getting the lowest possible price, and one of the oldest tactics in the book is to price an item that ends in '9' rather than rounding up. For example, instead of charging $60 for a new pair of sneakers, it would cost $59. In William Poundstone’s book Priceless, he found that sales increased by 24% when utilizing the '9 strategy' because people perceive they are getting the best deal. This is why if you go to any online or physical retailer you will see various prices ending in 9. Sale price comparison Another tried and true method is the sale price comparison. When a consumer sees the original price next to the sales price, studies have shown that it increases sales compared to just displaying the lower price. In addition, if you’re using the 'number nine strategy' and comparing it to the previous higher price, it’s proven that there is an even greater increase in sales. To use this pricing tactic, you need to have a good grasp on your product margins. Knowing the lowest you can price an item and still make profit is important in offering sales. However, you also need to make sure you don’t price too low because then your customers will expect the lower prices always and you’ll end up making less profit. Get the full story at Econsultancy