Windward Insider Blog

Play 9 Ball with your Prices and Win 24% More

inventory_label_9_ballIn our business experience we have seen many different pricing models.  Walk into any retail store and you may see prices ending in 95, 97 and of course the beloved 99.  We've all heard of the reasons for making the price look lower, but does it really work? Are people really going to be effected by a $9.99 price point versus paying $10?  As it turns out, this tactic does indeed work, and has been dubbed charm pricing. In his book Priceless, William Poundstone distills 8 studies on the use of charm prices, and found that they increased sales by 24% on average, versus closer rounded price points. To further, the University of Chicago and MIT did an experiment testing women's clothing at the price points of $34, $39 and $44.  The results showed a price point of $39 outsold even the less expensive $34 price point. So if the number 9 is so great, what can beat it? Robert Cialdini's book on Influence sheds light on how a jeweler store managed to sell out of turquoise jewelry because it was accidentally priced at double the initial price instead of the intended 50% off.  The higher price made the jewelry irresistible to customers, who previously had ignored the color. Now that the price had been raised, the turquoise jewelry had a high perceived value in the minds eye of the customers. Have some fun and play 9 ball with your pricing.  And Remember that charm pricing and sales will drive sales in your retail business. Label-QR How can I do this in Windward System Five? Adjusting prices can be done easily using our "Price Adjustment" report in Windward System Five.  Select your inventory by category, supplier or brand, pick a table adjustment method and presto, you can round all your prices saving you hours of painstaking rounding done manually. Printing sales labels is also quick to preform.  Pick a label from our repository or design your own.  Select your inventory and print sales labels with a few clicks.  Even place a QR code on the label so your customers can get more information on your website from their smart phone.

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