Why We Pay More Than Others? Product Pricing Psychology | Future IQ

How often have you seen different pricing for the same products on different e-commerce platforms? Or how about different pricing for different people but for the same seat on the same flight? If you have also experienced this unfair differentiation and gotten frustrated about it, then you might find this episode interesting. This practice is nothing but "customer segmentation" that businesses follow and this episode we have uncovered the truth behind what we believe product pricing is in the market. By gaining insights into how companies charge more and sell more, customers can understand the psychology of product pricing. What is most interesting to note is that the pricing of the product does not depend on the cost of production, raw material, labor, etc.; rather, it is to be decided on the basis of how much a customer is willing to pay for that particular product. We have explained the three broadly three categorizations for pricing based on customer types while also giving real-life examples, so watch till the end if you are curious to find out which category you fall into. Related videos: Why Surge Pricing Feels Wrong: https://youtu.be/IsHPxh-C0Sw The Dollar Value of Your Time: https://youtu.be/C-8gffw9_h4?si=CIWDDMw5vJT736v0 Demand & Supply in Our Lives: https://youtu.be/imweTGK0Myk?si=q-VlSpwU_OgQhCPV Opportunity Cost Explained: https://youtu.be/fgtiC6RkRwg?si=G9tuCCkX214_uiOf Efficiency of Free Markets: https://youtu.be/ULc5aCS_L88?si=g_Ad5mMqr3zHoXMS Compounding Beyond Money: https://youtu.be/KheKQbax0ME?si=Yb0IqaQarWCepcyX Chapters: 00:00 Introduction 00:30 Understanding pricing with example 01:26 How to maximise money 05:36 Where to get the data from, willingness to pay? 07:40 Pricing categorization - Discounts, Premium, Dynamic Pricing 17:00 Is it unfair - price differentiation? #futureiq #productpricing