Psychological pricing is a marketing method based on the theory that certain prices have a psychological impact.
Schindler & Kibarian (1996) tested "odd" prices using three versions of a direct mail catalog for women's clothing. The catalogs were identical except for prices that ended in 00, 99, or 88. Using the version with prices ending in 99 resulted in an 8% increase in sales and more customers compared to the version with prices ending in 00. Using the catalog with price endings 88 resulted in sales and customer numbers similar to using the version with zero price endings.
Formula:
IF({Price list: Price}>0, CONCAT(LEFT(ROUND({Price list: Price}), LENGTH(ROUND({Price list: Price})) -1),'9'), 0)
Check the order in which the transactions are applied so that the formulas are applied after the revaluation transaction
Price before applying the formula
Price after applying the formula
Another option is to round prices to 90 at the end. For example prices
5200 > 5190
5250 > 5290
Formula:
IF(RIGHT(pp. price, LENGTH(pp. price)-2)='00', pp. price-10, if(ABS(90-RIGHT(pp. price, LENGTH(pp. price)-2)) < 50, TRUNCATE(pp. price, -2)+90, TRUNCATE(pp. price, -2)-10))
Prices in multiples
For example, you need all product prices to end with 5. Use this mathematical calculation with rounding
FLOOR(({Price list: RRP price} + 5 - 0. 01) / 5) * 5
where 5 is the multiplicity value
