Lots of Magento stores have nice-looking pricing on their products, like "9.99", "204.95" and so on. These smart prices make buyer misjudge the real value of the product, giving the physiological feelling that the price is lower, even though the difference is minimal.
This pricing technique is often called ‘left digit effect’, where customers tend to ignore cents on the right and it subconsciously convinces them to round price down to the total value they see on the left.
How to Set Smart Prices in Magento?
That's easily done as well if you enter prices manually, but let's say if prices in database are daily updated using file from supplier, not all the prices there might look nice for the eyes. Manually checking each product’s price one-by-one and adjusting them to be "presentable" might take considerable amount of time.
Since there is no way to perform operation with default Magento means, you avoid tedious updating prices using Store Manager for Magento application. This is multi-functional desktop solution and one of its capabilities allows rounding and modifying product prices in bulk with a few clicks.
Try price adjusting FREE via Store Manager without obligations!
Make Magento Prices End in Closest 0.99
With Store Manager for Magento we can make massive price modifications to a bunch of selected products with the help of Multi-Editor tool built-in the application.
To adjust Magento prices the steps will be as follows:
- Select goods to adjust prices for (from the same attribute set, as was mentioned above). You can use powerful filtering possibilities of Store Manager for Magento.
- Open Multi-Editors -> Product Multi Editor window from products grid or context menu.
- Navigate to Prices tab (or Product Details tab if you use Magento 2) and find ‘Price’ field. Next to it you will see sell with “Expression” caption. Click at the button with three dots to open Expression editor.
- Press Ok and tick “Update” box next to price field you modify. After that you will see process logs.
- Check the results.
We can apply the ROUND function to round a price (as they are usually different) and make it end with .99. To do this you need to use the following formula -ROUND([ATTRIBUTE(price)]) - 0.01
95 Versus 99: Choose Price Delta for Adjustment
Another point that may have crossed your mind: why do some companies use .99 and others use .95? Well, this is absolutely individual. Find what works best for you. It’s a good idea to run AB testing to check and see which pricing and discounts trigger your customers to purchase the most.
Try changing some to .99 and see how your customers respond. Then make prices end .95 and then compare results.
By the way, for prices to end .95 the price delta will be 5, so the formula is the following:ROUND([ATTRIBUTE(price)]) - 0.05
Test out different techniques from time to time to see if your customers’ purchase behaviors change.