In the bookselling world, we have a unique situation in which pricing is not only set for us, it’s printed directly on the book. But there might be other areas in the store where to consider pricing strategies, like sideline, gift or cafe items. I’m not talking about setting the actual price, but instead, how it is presented.
Studies have shown that when restaurant menus show the price as 11 instead of $11.00–with no dollar sign or decimals–customers will spend more money. That is because when individuals see a dollar sign, they instinctively try to protect their money. They ask,”How much will this cost me?” (This will cost $11.00 out of my pocket.) But without the dollar sign, they’re more inclined to think of the item as having a value instead of a cost. (I am receiving 11 dollars worth of value.)
In your store, testing the theory by trading out printed menus and menu boards to show prices without dollar signs or decimals might not be economical. But you can test it on smaller items. If you print price stickers for sideline or gift items, it might be worth the effort.