
Psychological pricing strategies in e-commerce are techniques aimed at influencing consumer perception of product prices. These strategies include tactics such as setting prices that end in .99 or .95 to create the illusion of lower costs, as well as using price comparisons to highlight discounts and instill a sense of urgency. Research from Harvard University indicates that these psychological pricing methods can boost sales by up to 20%. The article will explore how these techniques are designed to maximize conversion rates and enhance the overall customer shopping experience. E-commerce pricing strategies are methods used to set the price of products or services online, aiming to maximize sales and profitability. Key practices within these strategies include dynamic pricing, discounts, and psychological pricing. Dynamic pricing adjusts costs based on demand and competition,…