What is an advantage of promotional pricing?

Promotional pricing is a strategy where businesses temporarily reduce the price of their products or services to stimulate sales and increase customer interest. Attracting more customers is a primary objective of this strategy, as it creates a sense of urgency to purchase due to limited-time offers. This can lead to increased foot traffic in retail stores or more visits to e-commerce sites, resulting in higher sales volumes during the promotional period. It's also effective in drawing attention to new products or clearing out inventory. By implementing promotional pricing, businesses can boost visibility, enhance brand awareness, and potentially gain new customers who may make repeat purchases in the future.