Blog: 5 Ecommerce Pricing Experiments that Will Make You Want to Run an A/B Test Today | Shopify
This is a guest post by Gregory Ciotti from Help Scout.
When we last examined some research on pricing and behavioral economics the topic was very well received, but apparently I raised as many questions as I answered, because I got a ton of emails that day!
Perhaps that is somewhat my fault — in addressing topics like ‘bundling,’ I definitely left out a large majority of online store owners who will never deal with that issue.
This time around, I compiled a list of five pricing experiments that I believe will have every ecommerce entrepreneur taking notes for a future A/B test.
Should you compare your prices to competitors? Are similarly priced products on your store cannibalizing sales? Does the number ‘9’ really work that well?
Keep reading!
Is Similarity Costing You Sales?
By now, you’ve likely heard about how excessive choices can be demotivating. The classic example is the jam study from Columbia professor Sheena Iyengar.
You would expect that since too many options can reduce consumer commitment, it might make sense to have identical price points for similar items… right?
Perhaps not: according to new research from Yale, if two similar items are priced the same, consumers are much less likely to buy one than if their prices are even slightly different.
Read complete blog here:
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