Skip to content
  • Home
  • Why Nayax
  • Business Types
    • Unattended

      Air/Vac

      Car Wash

      Cashless Payment Solutions for EV Chargers

      Donations

      Ice Cream Vending

      Kiddie & Amusement Rides

      Kiosks

      Laundry

      Massage Chair

      Office Coffee Services

      Photo Booths

      Public Restrooms

      Ticket Machines

      Transportation

      Vending

      Retail
      e-Commerce

      Air/Vac

      Car Wash

      Cashless Payment Solutions for EV Chargers

      Donations

      Ice Cream Vending

      Kiddie & Amusement Rides

      Kiosks

      Laundry

      Massage Chair

      Office Coffee Services

      Photo Booths

      Public Restrooms

      Ticket Machines

      Transportation

      Vending

      Quick links
      Tigapo
      Arcade management & monetization
      Weezmo
      Connect customers in-store & online activity
      EV Meter
      The Complete EV Charging Solution
  • Products
    • POS and Cashless Payments

      Retail

      Nova 156

      Nova 45

      Nova 55

      Retail One

      Unattended

      Cashless Payment Solutions

      DOT

      EV Meter (Electric Vehicle) Charging Solutions

      Nova Market

      Onyx

      VPOS Fusion

      VPOS Touch

      Management Suite and Telemetry

      Unattended

      Amit 3.0 Vending Machine Monitoring and Telemetry System

      MoMa

      NayaxVend Management Suite

      The Hive

      Retail

      Retail Management Cloud

      Marketing, Loyalty and Consumer Engagement Platform

      Customer Loyalty

      Marketing, Loyalty, & Consumer Engagement Platform

      Monyx Wallet

      Omni-Channel Solutions

      Weezmo

      Quick links

      Consumer Engagement
      Marketing and loyalty tools
      Shop
      Stock up on everything Nayax
      Support
      Here when you need us most
  • About
    • Company
      About Us
      Investor Relations
      Partner Program
      Events
      Careers
      Privacy Hub
      Resources
      Blog
      Press Releases
      News
      Webinars
      Videos
      Developer Zone
      Contact
      Support
      Sales
      Ethics
      Quick links
      Global presence
      Taking the world cashless
      Investor Relations
      Now traded on the Tel Aviv Stock Exchange
      Careers
      Join our growing team
      Contact
      We’re here to help you
  • Contact
  • EN
    • Dutch
    • French
    • German
    • Spanish
    • Italian
    • Swedish
    • Turkish
    • Hungarian
    • Japanese
  • Home
  • Why Nayax
  • Business Types
    • Unattended

      Air/Vac

      Car Wash

      Cashless Payment Solutions for EV Chargers

      Donations

      Ice Cream Vending

      Kiddie & Amusement Rides

      Kiosks

      Laundry

      Massage Chair

      Office Coffee Services

      Photo Booths

      Public Restrooms

      Ticket Machines

      Transportation

      Vending

      Retail
      e-Commerce

      Air/Vac

      Car Wash

      Cashless Payment Solutions for EV Chargers

      Donations

      Ice Cream Vending

      Kiddie & Amusement Rides

      Kiosks

      Laundry

      Massage Chair

      Office Coffee Services

      Photo Booths

      Public Restrooms

      Ticket Machines

      Transportation

      Vending

      Quick links
      Tigapo
      Arcade management & monetization
      Weezmo
      Connect customers in-store & online activity
      EV Meter
      The Complete EV Charging Solution
  • Products
    • POS and Cashless Payments
      • Retail

        Nova 156

        Nova 45

        Nova 55

        Retail One

        Unattended

        Cashless Payment Solutions

        DOT

        EV Meter (Electric Vehicle) Charging Solutions

        Nova Market

        Onyx

        VPOS Fusion

        VPOS Touch

        e-Commerce

        Cashless Payment Solutions

        DOT

        EV Meter (Electric Vehicle) Charging Solutions

        Nova 156

        Nova 45

        Nova 55

        Nova Market

        Onyx

        Retail One

        VPOS Fusion

        VPOS Touch

    • Management and Telemetry Suite
      • Unattended

        Amit 3.0 Vending Machine Monitoring and Telemetry System

        MoMa

        NayaxVend Management Suite

        The Hive

        Retail

        Retail Management Cloud

    • Consumer Engagement, Loyalty
      • Customer Loyalty

        Marketing, Loyalty, & Consumer Engagement Platform

        Monyx Wallet

        Omni-Channel Solutions

        Weezmo

  • About
    • Company
      About Us
      Investor Relations
      Partner Program
      Events
      Careers
      Privacy Hub
      Resources
      Blog
      Press Releases
      News
      Webinars
      Videos
      Developer Zone
      Contact
      Support
      Sales
      Ethics
      Quick links
      Global presence
      Taking the world cashless
      Investor Relations
      Now traded on the Tel Aviv Stock Exchange
      Careers
      Join our growing team
      Contact
      We’re here to help you
  • Contact
  • Shop
    Login
  • EN
    • Dutch
    • French
    • German
    • Spanish
    • Italian
    • Swedish
    • Turkish
    • Hungarian
    • Japanese
Shop
Login

4 Retail Psychological Price Tricks You Can Apply to Vending Machine Pricing

  • Nayax Nayax
  • 26/03/2018

Table of Contents

  • Retail Psychological Price Tricks You Can Apply to Vending Machine Pricing
  • 1. Charm Pricing
  • 2. Price anchoring
  • 3. Prestige pricing
  • 4. Price variation
    • Customize your pricing strategy

Retail Psychological Price Tricks You Can Apply to Vending Machine Pricing

Nayax strives to help vending operators transition into a cashless world. Our cashless payment solution can help you change the way you would traditionally price your products. With Nayax,  operators can look to the world of retail, which has employed many psychological price strategies to influence consumers. A lot of these tried and trusted tricks can be applied to vending to get your consumers to spend more money at your machine.

1. Charm Pricing

In the past operators were limited by round numbers since they needed their vending machines to return banknotes and coins to consumers. Without the need to consider cash, Nayax operators can consider charm pricing – prices that end in 90, 95 or 99 cents. Because consumers pay more attention to the numbers to the left of the decimal points this strategy makes the price appear cheaper than it is.

In retail this strategy is applied to items large and small, and it can also be effective in small amounts such as $1,49 vs. $1.50. Even though the difference can be only a few cents, charm prices drive sales more than whole prices. With Nayax’s cashless payment solutions installed on your vending machine, this strategy can now be applied to your pricing. This strategy could also be effective with kiddie rides, laundromats and photo booths and other unattended machines.

Retail psychological price strategies are applicable to vending machine and other unattended machine pricing strategies
Retail psychological price strategies like charm pricing can be applied to vending machine pricing

2. Price anchoring

Sometimes consumers need a little context before they are prepared to buy a product. To boost vending sales of items consumers regard as too pricey, operators can consider a well-known retail tactic: price anchoring.

 This is where retailers place premium products directly next to standard items to create a sense of pricing relativity for consumers. This is why you sometimes see one or two high-end items in a store that don’t seem to sell much. The expensively priced item makes the consumer comfortable with the standard item’s pricing and can influence consumers to think the standard item’s pricing is reasonable.

This approach can also be used in vending where several items in similar categories are sold in one machine, such as different types of snacks and beverages. This increases the sales of items that would otherwise be considered expensive.

3. Prestige pricing

With cashless payment options, vending operators are now able to sell larger and pricier items including technology, brand cosmetics, luxury food items, or even wearables like clothing or shoes. If you sell more high-end products in your vending machine, prestige pricing might be the strategy for you.

In prestige pricing, unlike charm pricing, vendors price items in whole numbers and leave off the decimals. Whole-numbered prices communicate to consumers that items are high end and luxurious. The markup in pricing is not for any reason beyond the fact that if the item is marked too low, the consumer will wonder if the item is faulty or think it undesirable.

Vending machine pricing can look to retail psychological price strategies
Pricing variation is another psychological price strategy from retail that can be applied to vending machine pricing

4. Price variation

If there are too many options in a category it can be difficult for consumers to choose what product they want. A large range of products can even discourage a purchase. Similarly, if there are too many options in the same price category, shoppers may have a hard time deciding which product to buy.

In this situation consumers might choose not to act and put off the decision, deterring impulse shopping. With cashless payments, operators can vary the prices by tens of cents, and defuse any indecision. Operators can also look at the most and least popular selling items in a machine via Nayax’s Management Suite and play with price to determine the best pricing for their product mix.

Customize your pricing strategy

These are a handful of popular retail psychological price strategies that vending operators can adapt when pricing their product mixes. We encourage you to try some of these strategies out and see how your sales rise. Don’t forget to use the data in Nayax’s management software to find a happy medium for your pricing strategy.

  • cashless, vending

There’s more to see

Why Your Kiddie Rides Should Feature Cashless Payments

  • Nayax
  • 04.04.18
Read more
EMV card reader

Why You Should Switch to an EMV Card Reader

  • Nayax
  • 29.03.22
Read more

Which Country Will Be the First Cashless Country In The World?

  • Nayax
  • 07.06.18
Read more
1 2 … 26

There’s more to see

רכז\ת תפעול ושירות

  • 08.06.22
Read more

דואלי עמוד תודה

  • levadmin
  • 26.12.21
Read more

אפליקציית הניהול החדשה – MoMa 2.0

  • eliran
  • 14.09.21
Read more

Get more valuable content straight to your inbox

Sign up now
Subscribe to Our Newsletter
Nayax

Nayax is a global commerce enablement and payment platform designed to help merchants scale their business. Our mission is to improve our customers’ revenue potential and operational efficiency.

Menu
  • About Nayax
  • Why Nayax
  • Business Types
  • Careers
  • Become a Partner
Menu
  • About Nayax
  • Why Nayax
  • Business Types
  • Careers
  • Become a Partner
Products
  • VPOS Touch
  • Nova Market
  • Monyx Wallet
  • Weezmo
  • Management Suite
Menu
  • VPOS Touch
  • Nova Market
  • Monyx Wallet
  • Weezmo
  • Management Suite
Resources
  • News
  • Webinars
  • Investor Relations
  • Support
  • Contact
Menu
  • News
  • Webinars
  • Investor Relations
  • Support
  • Contact
Connect
  • LinkedIn
  • Facebook
  • Instagram
  • Twitter
  • YouTube
Menu
  • LinkedIn
  • Facebook
  • Instagram
  • Twitter
  • YouTube
All rights reserved © 2022
  • Privacy Policy
  • Cookie Policy
  • Terms and Conditions
Sign up to our newsletter
  • Menu
    • About Nayax
      Why Nayax
      Business Types
      Careers
  • Products
    • VPOS Touch
      Nova Market
      Monyx Wallet
      Weezmo
      Management Suite
  • Resources
    • News
      Webinars
      Investor Relations
      Support
      Contact
  • Connect
    • LinkedIn
      Facebook
      Instagram
      Twitter
      YouTube
  • Privacy Policy
  • Cookie Policy
  • Terms and Conditions
Nayax
All rights reserved © 2022
Shop Now
Want to stay ahead of the curve?
Sign up for our newsletter

¡AVISO IMPORTANTE AL PÚBLICO EN GENERAL!

NAYAX no es una empresa que promueva inversiones y/o negocios multinivel.

Le informamos que nuestro equipo ha detectado un modo operativo de estafa a través de diversas páginas de internet, tales como https://mexinvestdigital.com/ y otras, las cuales utilizan de manera ilegal el nombre y marcas de NAYAX, con el fin de ofrecer al público un esquema de negocio multinivel*en el que supuestamente se generan comisiones a través de rentas de máquinas expendedoras de productos.

Lo anterior ha sido puesto en conocimiento de las autoridades correspondientes con el objeto de ejercitar acción penal en contra de quién y/o quienes resulten responsables.

Atentamente nos permitimos recordarle que NAYAX es una empresa de tecnología financiera que ofrece un sistema operativo y una plataforma de pago integrales para muchos minoristas.