One of the best things that you can do in business is to have some tricks up your sleeve. Today, we will discuss the benefits of using tricks that your rivals aren’t aware of that way you can take advantage of both their limitations and their obliviousness.

1. The first thing that you can do is to increase the number of singles you have while decreasing the number of bundles that you have. Suppose, for instance, that you are looking to purchase your child a PS4. Without the games, the console is essentially unusable. That being said, the games themselves aren’t that cheap either. Therefore, it would be in the retailer’s best interest to bundle these two products that go hand in hand as well as decrease the price of the bundle while showcasing these savings to customers. Through this strategy, customers are more likely to purchase the bundle if they are able to save a bit on each item instead of having to pay full price for each one on its own. To ensure that more customers choose the bundles, you could choose to raise the prices on the individual items. Use this method frugally, though, rather than as a way to reach your ending objective to increase sales. Principally, you should pay attention to the lesser-priced item in the bundle.

2. The next thing that you may want to consider is offering buyers the chance to establish their own prices. For example, when Radiohead released their album Rainbowsback in 2007, they offered their listeners the opportunity to purchase it based on the price that they are willing to pay. Through it, they ended up making more money on digital sales through that album than all of their previous albums combined. Indeed, through discbox, they sold over 100,000 copies resulting in a £3 million in sales from it. This was an incredible feat considering how the music industry had been seeing a downfall in the profits succeeding Napster.

Now, this doesn’t mean that you should incorporate this pricing method towards every single one of your items, but it would be beneficial to use on the products that had been lying around in inventory for some time or that just take a while to move out of inventory. While there is a risk of losing money, there is a much bigger chance that your site will gain much more traffic do to all of the hype surrounding the concept, which is arguably a much stronger approach than any of the typical marketing and advertising strategies used today.

3. Another thing that you should do is explore the psychological effect that different kinds of numbers have. For instance, suppose one water bottle costs £2 while another one costs £1.99. While the cost essentially the same amount as 1p can hardly be called a good saving, to the buyer, it feels like a better deal. In addition, odd numbers such as 5,7, as well as 9 have been proven to psychologically provoke a reduced feeling of loss in the shopper. As a result, they feel as if they are getting a better deal even if, in reality, they are not.

4. We also recommend displaying the variance in prices. While this is a very dependable strategy, an even stronger one is anchor pricing. Through this strategy, you emphasize the difference in two prices by highlighting the more expensive one as the old one, thus taking advantage of the shopper’s buying urges to go after the deal.

Another way that you could utilize this method is by placing a costly product right next to a cheaper one with the intention of trying to sell as much of the cheaper item as possible. Shoppers will take a look at the price and make the assumption that it is a good deal, therefore, they will act with impulse and purchase it.

5. Last but not least, you could give flat pricing a try. You will see this pricing strategy most commonly in dollar stores as everything is priced around the same price points. Therefore, this is an especially great strategy if you have similarly priced items in your inventory. Not only does it make it easier for shoppers, but it also makes it easier for you to manage, thus resulting in much more profit, especially if you can establish a price that is just a tad bit greater than that of the median.

That being said, if you aren’t able to fully commit to this method, you can first dip your toes into it by using it as some kind of short-term promotion. Who knows, the hype and the future sales that you may receive from it could outweigh any kind of momentary loss in profit just like in Radiohead’s case.