The Optimal Pricing Strategy of Online Products Based on Anchoring Effect

In order to better meet the needs of the green industrial Internet of things, this paper studies the anchoring psychology of online consumers and proposes a pricing model that considers online consumers to be anchored by the product price. In this model, the cognitive bias of online consumers affected by anchoring effect is described in a utility function by using the anchoring-adjustment heuristic, and the consumer choice behavior and online product pricing strategy are studied with a Multinomial Logit Model (MNL). We study the effect of price anchoring point and anchoring degree on optimal pricing. In particular, when the cost is greater than the price anchoring point, the greater the anchoring degree is, the smaller the profit will be. This paper provides a more flexible pricing mechanism for enterprises based on historical consumption data through customer behavior analysis, and it will accelerate the construction of the green industrial Internet of things.