January 1, doi:
You too can manipulate the perceived value of your product to raise conversion rates. Ethics and transparency are important — in this increasingly connected online world, the truth will always come out.
And more often than not, it will come out publicly. So what is perception, exactly? The car industry does this all the time. We can just raise the price. But, they were actually tasting the same wine.
Researchers found that the part of the brain that experiences pleasure became more active when the drinkers thought they were tasting the pricier wine. Price is intangible, but holds genuine value — at least in the mind. Those needs are, very often, emotional rather than purely practical.
Chris Howard summed up the issue in this way: When the benefits outweigh perceived costs, your prospect will take action. Costs and benefits are both a matter of perception and emotion, more often than not.
What do we want? We want to feel smart and clever, like we do when we get a real bargain. All of these are ways of altering the perceived value of a product by increasing its benefits. Lowering the price fixes the issue.
Leveraging Assumptions People make assumptions about value. They assume, for example, that higher priced items are of better quality. They assume that larger packages contain greater value. They assume customer reviews are more trustworthy than ads or product descriptions, and that a website featuring real customer reviews is also more trustworthy.
You can use these assumptions to present your product in a way that increases its perceived value. Re-Framing Costs Cost re-framing works like this: When people are told the price in a smaller unit, their routine thought process is disrupted, and the price seems like more of a bargain than it actually is.
In the studythe researchers went door to door selling note cards for charity. Show Your Craftsmanship Anyone can post a picture of a product. Better online retailers make sure that picture is professional and make it possible to enlarge it to show finer detail.
But few online retailers let us peek behind the curtain to see how the product is made. Those that do are raising our perceived value and differentiating themselves in the process. Check out this video Hyundai produced specifically to differentiate its Elantra from the Honda Civic.
Careful Diction Diction, or word choice, is a powerful tool for altering perception.
For example, the man looking at purchasing a Montblanc pen is looking for something subtle that sends a message. Yes, you can use your powers of diction for good or evil, but always remember: Researchers at MIT and the University of Chicago found that prices ending in 9 increase customer demand for product.
People at least in the West read from left to right, and are biased towards the first number they see — so by the time they reach the. No matter what the price, people are more likely to purchase the very last available product, or jump on the soon-to-expire deal.
Offer a time-limited deal that expires in 48 hours and watch the conversions roll in. AmazonSmile promises to donate. Giving a percentage to charity is the quick-and-easy route to appealing to philanthropic consumers. But an increasing number of companies are reinventing the way they do business to source sustainably and support the communities that make their products.Clearly, e-commerce service providers should leverage the attributes of their e-commerce systems to help retain their customers and to maximize business benefits.
Despite its importance to e-commerce practitioners, the mechanism through which the attributes of e-commerce.
|Latest News||Psychology and UX 4 Summary: The perceived value of a site represents the benefit that users expect to derive from using it.|
|The Bizarre Ways This Works in Real Life||Using structuration theory as a lens, this study attempts to provide an explanation as to what E-Commerce means to SMEs with the purpose of unraveling the underlying cause for the lack of E-Commerce institutionalization in LDC - Tanzania.|
|Electronic Commerce Research and Applications||Remove password masking This article summarises the results from an academic study investigating the impact removing password masking has on consumer trust. Tweet TL;DR Results prove that unmasked passwords were unexpected by participants and when forced upon them a mixed result is gained.|
|"E-Commerce Institutionalization is not for us" by Salah Kabanda||Help your marketing and employer branding efforts succeed — get your employees and outside stakeholders involved. HRmarketer Advocacy makes it easy.|
B2B e-commerce is short for business to business e-commerce, which involves businesses selling to other businesses online. This buying group might be formally defined, and bulk-buying benefits may accrue.
Alternatively, one might choose to go the B2B2C route solely for the convenience, or the perceived reliability, in this purchase process. As a California employer, it’s up to you to understand the state’s changing labor and employment laws — to always keep current and resolve challenging situations before they become costly legal headaches.
China leads world on green bonds but the benefits are hazy. Antecedents of trust and perceived riskUnderstanding the antecedents of consumer trust and perceived risk can provide Internet business managers with insights and tools that they can use to build consumer trust (e.g.) and manage the perceived risks that are inherent in the online purchase regardbouddhiste.com traditional commerce, the trust-building .
11 semi-structured interviews were utilised to understand participants general trusting levels. Participants were asked to think aloud as they used a sample ticket sales e-commerce website.