Let's say that the difference between each watch is its size and the quality of the wrist band. In another scenario, a store may have three types of smartwatches that are comparable. Consumers enjoy comparing and valuing goods and services, and the anchor price allows them to do that. From that point forward, every other smartwatch is compared relative to the $250 price point. It is a watch they want, and therefore that first price becomes the anchor. For example, imagine that someone is planning to buy a smartwatch, and the first price they see online is $250.
Online shopping is a way for consumers to shop around for the same or comparable items with ease. 5 Retailers set prices knowing consumers think about prices relatively (boxed insert, "Are Arbitrary Numbers Powerful Anchors?"). As a result, immediate buying decisions, and many others that follow, are influenced by an original anchor. Still, like a bungee cord, consumers always refer back to the original anchor. When comparison shopping, consumers see there is a range of acceptable prices. The price becomes an anchor only when the consumer contemplates buying the good or service at the stated price. However, the price itself is not necessarily the anchor. According to behavioral economist Dan Ariely, consumers are bombarded by prices. For many people, the MSRP becomes the reference point (anchor) that drives subsequent decisionmaking. The price tags on goods in many retail stores often state the manufacturer's suggested retail price (MSRP). Retailers are very aware that price anchors are an effective tool they can use in their pricing strategy. Consumers also generally trust themselves, which is why anchors feel acceptable, relevant, and well-informed. No one likes to make difficult choices or challenge themselves all the time, so the ease and familiarity of anchoring make this process more appealing and influential than people may think.
Price anchors are a type of heuristic that offer consumers an easy and familiar starting point. The anchoring effect is a type of cognitive bias because people tend to rely on their first piece of information, and they can either decide too quickly and fail to shop for better prices or overlook other information, such as the quality of the product.
For example, when making a budget, people often rely on the following heuristic: "I'll save 10 percent of my income while I am working so that I have emergency funds to pay for daily expenses if I lose my job." While heuristics can help people make decisions quickly, they can lead to cognitive biases that limit the information they should consider when making shopping decisions. People often use heuristics, or mental shortcuts, to make decisions. Anchoring plays a role in decisions that involve numerical values such as prices. 2 The anchoring effect is a type of cognitive bias-a systematic error in thinking that affects people's judgment and decisionmaking. The tendency for a person to rely heavily on the first piece of information they receive when making decisions is known as the anchoring effect. However, it's the initial price a consumer is exposed to that becomes a consistent reference point when shopping around. Whether online or in a physical store, shopping around for a good or service usually involves constant reference to the prices. How do consumers decide if something is a good deal? How many times do you say, "Wow, that is expensive! I know it costs a lot less at the other store"? Or "Wow! Check out this steep discount!" The importance of a good deal is on many consumers' minds when they purchase goods and services. "Which would you buy? A dress shirt priced at $60 or the very same dress shirt, priced at $100, but 'On Sale! 40% off! Only $60!'?"
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