All language subtitles for 10. Left-digit effect

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Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 00:00:00,030 --> 00:00:02,040 - Hi. I'm William Lidwell. 2 00:00:02,050 --> 00:00:05,070 And this is Universal Principles of Design. 3 00:00:05,080 --> 00:00:08,070 In this movie, the Left-Digit Effect 4 00:00:08,080 --> 00:00:12,040 when the price is right. 5 00:00:12,050 --> 00:00:14,990 Walk the aisles of any grocery store, 6 00:00:15,000 --> 00:00:17,990 or browse any e-commerce site online, 7 00:00:18,000 --> 00:00:20,000 and you'll find that most products 8 00:00:20,010 --> 00:00:23,050 have prices that end in "99". 9 00:00:23,060 --> 00:00:25,030 Retailers clearly believe there is 10 00:00:25,040 --> 00:00:27,990 some benefit to ending prices this way. 11 00:00:28,000 --> 00:00:29,040 But what is it? 12 00:00:29,050 --> 00:00:34,050 And where did this idea come from? 13 00:00:34,060 --> 00:00:36,000 The convention first appeared in 14 00:00:36,010 --> 00:00:39,020 newspaper ads in the late 1800s. 15 00:00:39,030 --> 00:00:41,990 Nobody knows for sure what started the trend, 16 00:00:42,000 --> 00:00:45,070 but one theory is the introduction of the cash register. 17 00:00:45,080 --> 00:00:48,000 Or, as it was named at the time, 18 00:00:48,010 --> 00:00:50,060 the "Incorruptible Cashier". 19 00:00:50,070 --> 00:00:53,050 You see, prices ending in "99" 20 00:00:53,060 --> 00:00:56,000 required cashiers to make change, 21 00:00:56,010 --> 00:00:58,060 announcing sale with the rings and dings 22 00:00:58,070 --> 00:01:00,070 of the mechanical register. 23 00:01:00,080 --> 00:01:02,990 This prevented unscrupulous clerks 24 00:01:03,000 --> 00:01:04,080 from silently pocketing bills 25 00:01:04,090 --> 00:01:06,080 when checking out customers. 26 00:01:06,090 --> 00:01:11,010 But that was then. What about now? 27 00:01:11,020 --> 00:01:14,010 Researchers have found that consumers overweigh 28 00:01:14,020 --> 00:01:16,040 the left-most digits of prices, 29 00:01:16,050 --> 00:01:20,040 a tendency they dubbed the Left-Digit Effect. 30 00:01:20,050 --> 00:01:23,010 This effect suggests that our emotional reaction 31 00:01:23,020 --> 00:01:25,070 to the difference between, for example, 32 00:01:25,080 --> 00:01:31,000 $29.99 and $30 is not as if it was $0.01, 33 00:01:31,010 --> 00:01:35,080 but as if it was $1. Or in some cases, even more. 34 00:01:35,090 --> 00:01:38,030 When we consciously think about the pricing, of course, 35 00:01:38,040 --> 00:01:40,990 we know the difference is only a penny. 36 00:01:41,000 --> 00:01:44,030 But our subconscious emotional reaction responds 37 00:01:44,040 --> 00:01:46,030 as if the difference is greater. 38 00:01:46,040 --> 00:01:49,070 This likely happens because we read from left to right, 39 00:01:49,080 --> 00:01:51,060 and our emotional reaction happens 40 00:01:51,070 --> 00:01:53,020 as soon as we process 41 00:01:53,030 --> 00:01:55,070 the first digit in the sequence. 42 00:01:55,080 --> 00:01:57,060 The result of the Left-Digit effect 43 00:01:57,070 --> 00:02:01,990 can mean an increase in sales of up to 15%, 44 00:02:02,000 --> 00:02:03,990 which is why this pricing strategy 45 00:02:04,000 --> 00:02:07,060 continues to be used today. 46 00:02:07,070 --> 00:02:09,050 But employing the Left-Digit Effect 47 00:02:09,060 --> 00:02:11,990 isn't always a good strategy. 48 00:02:12,000 --> 00:02:14,060 For example, one study found that prices 49 00:02:14,070 --> 00:02:17,060 ending in 99s not only indicated 50 00:02:17,070 --> 00:02:19,080 discounted pricing to consumers, 51 00:02:19,090 --> 00:02:22,010 but also low quality. 52 00:02:22,020 --> 00:02:25,000 Or as prices ending in round numbers indicated 53 00:02:25,010 --> 00:02:28,020 high prices, but also high quality. 54 00:02:28,030 --> 00:02:30,060 So 99s may be good for Walmart, 55 00:02:30,070 --> 00:02:33,010 but not so good for Neiman-Marcus. 56 00:02:33,020 --> 00:02:35,040 And in many non-Western cultures, 57 00:02:35,050 --> 00:02:38,020 The additional complexity of 99s in prices 58 00:02:38,030 --> 00:02:40,020 is perceived as the retailer being 59 00:02:40,030 --> 00:02:44,000 tricky or deceptive. 60 00:02:44,010 --> 00:02:45,080 So whether you use your knowledge 61 00:02:45,090 --> 00:02:49,060 of the Left-Digit Effect to increase sales in your business, 62 00:02:49,070 --> 00:02:51,040 or, merely to help you resist those 63 00:02:51,050 --> 00:02:53,070 bargain-basement holiday specials. 64 00:02:53,080 --> 00:02:56,000 Remember: There is power in knowing 65 00:02:56,010 --> 00:00:00,000 when the price is right. 4836

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