Jio Cinema Premium Plans Price Analysis
Implement tactic
After streaming the Indian Premier League for free, according to a screenshot from a test website, Jio Cinema is launching paid plans called Jio Cinema Premium. Here is a quick analysis of pricing tactics used by them.
1. Charm Pricing
As shown below, Jio Cinemas is selling the Gold plan, a 3 month subscription for INR 99 (~ 1.21 USD), which is a classic implementation of charm pricing. Charm Pricing has shown to increase conversion rates by ~4%. The 99 pricing tactic has shown to be more effective than other rounding methods in India according to Konigle's Charm Pricing Study. You can read the full study here.
If you would like to implement the charm pricing tactic on your shopify store and optimise your conversion rates, you could automate it using Konigle in under 5 minutes. Sign up here.
2. Compare at Price
Another classic tactic being used by Jio Cinema is to use pricing power is to show a compare at price, In the Daily plan below, we can see that they are offering a 93% discount on a 29 INR plan, which is being shown as struck off. This struck off price gives a visual cue to a buyer of how much money they are saving if they buy a given product or service.
If you are running a promotion or a sale on your Shopify Store, it is absolutely essential to show the old non-discounted price as a compare at price. Using Konigle you can automate adding a compare at price for the duration of a promotion and remove it when you're promotion ends. Sign up here.
Though free streaming may be coming to an end on Jio Cinema, shopify sellers in India can profit from the paid plans by implementing these pricing tactics to make more money from their e-commerce business.
