Psychological pricing

Psychological pricing is a pricing strategy used by businesses to get customers to buy a product or service. It is based on the idea that customers will make decisions about what to buy based on how the price of the item looks. For example, if a customer sees an item priced at $19.99, they might be more likely to buy it than an item that is priced at $20.00. This is because the customer thinks that the item is less expensive than it really is.