Research: Smaller, More Precise Discounts Could Increase Your Sales.

This article discusses the effectiveness of discounts in driving sales for retailers. It challenges the assumption that larger discounts attract more customers and proposes that smaller, more precise discounts could be more effective. The authors conducted nine experimental studies involving around 2,000 individuals and found that consumers were more likely to purchase products with precise discount depths. They also found that shorter perceived discount durations drove purchase intentions. The effectiveness of these smaller discounts was particularly strong for relatively low discounts. The article suggests that retailers should use precise discount descriptions and avoid rounding up discounts to the nearest whole number to increase sales. [Extracted from the article]