Price anchoring - A/B test
A/B test for price anchoring.
Anchoring is a cognitive bias that describes the common human tendency to rely on the first piece of information offered (the "anchor") when making decisions. During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments.
Hypothesis: by using price anchoring and setting a high anchor price on the product list page we would increase the conversation of the page overall.
This test ran for 4 weeks to get the required volumes for statistical significance. The results we found were that car hire conversation increased by 4.8% and with that people adding insurance 6%.
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