Question: Using Reference Pricing: When shopping for an infrequently purchased product (example: shoes for a wedding, patio furniture), consumers often rely on reference pricing. Many online
Using Reference Pricing:
When shopping for an infrequently purchased product (example: shoes for a wedding, patio furniture), consumers often rely on reference pricing. Many online and traditional stores now have both a reference price and in-store price for their products. This allows consumers to see the value of the product at a particular website or retailer. This use of reference prices is particularly common at discount websites or discount retailers. One online retailer that makes extensive use of reference pricing is Nordstromrack.com. You can click on any category to see how reference prices are used on the site.
Question #2: How effective is Nordstrom Racks use of reference pricing to consumers?
Questions #3: When you see this reference pricing do you ever think that the retailer is trying to deceive the customer?
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