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6 Ways Wholesalers Can Sell More With Psychological Pricing

Here, we’ll explore 6 ways in which wholesalers can harness human psychology to influence customers in their buying decisions.

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6 Ways Wholesalers Can Sell More With Psychological Pricing

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  1. 6 Ways Wholesalers Can Sell More With Psychological Pricing

  2. Psychological pricing hacks can equally be applied to retail prices Using these psychological tools, you’re really trying to understand how your customers think.

  3. WAYS In which wholesalers can harness human psychology to influence customers in their buying decisions

  4. Emphasize Value, Not Price 1 VALUE SERVICE You should not engage in a price war as it will generally result in an unfavorable outcome

  5. Highlight your product’s features that set it above the competition PERCEIVED VALUE In the eyes of your customers

  6. Time is Indeed Money 2 TIME IS MONEY Your retail customers will gladly shop elsewhere if they face a re-stocking time of 1 to 3 weeks Immediate stocks for delivery

  7. Sales forecasting, and thus production and purchasing planning INVENTORY FORECASTING How fast you sell your stock Use of inventory management software Find your reorder points by adding lead time demand to safety stock Lead time demand is the time taken to order or produce new stock

  8. Play With Numbers 3 Humans dealing with our modern alphabet have a habit of reading from left to right This is how we read text and numbers in order to digest and understand the information before us

  9. Don’t Price Things With A  ZERO Never have a price ending in a nice double zero, i.e. 00 $100 Difference is only 1 or 2 cents worth This number looks awfully big next to price tags with $99.98 or $99.99

  10. The More Prices The Merrier 4 Buyers are unlikely to spend the time to research into the features of each similar product Customers look at a range of prices for a similar product, think that the low-priced one is a bargain

  11. Give your customers something to digest first ANCHORING Then they will rely on this initial information to base their future purchasing decision

  12. Make Little Adjustments Along The Way 5 Negative changes such as reducing the product size or increasing prices should not be noticeable to your customers Positive improvements such as improved packaging, larger size or lower prices should be made apparent to customers without being wasteful or excessive

  13. Most wholesalers are likely to engage in negative stuff like reducing the product size or increasing prices DON’T RAISE THE PRICE IN 10% INCREMENTS Just 5% will do at a time ->> Know the Best Inventory Management Software Features

  14. Bundle Things Together 6 Suggests a time-limited or seasonal special that won’t run for much longer OFFERING A DISCOUNT FOR BULK PURCHASES

  15. Effective 20% discount for purchasing five items BUY FOUR AND GET ONE FREE Buy two of the same products together with one other product

  16. The best part of about understanding human psychology and applying them to your price lists is that they cost absolutely nothing to use https://emergeapp.net/sales/wholesalers-can-sell-psychological-pricing/

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