“Big Sale. 60-70% discount on all products “.
” Buy one. Get one free.”
” 500 off on purchases above 2000″.
We all have come across this. Haven’t we? When we hear / read something like this, it feels good. Mostly we give in and buy something even though we did not have plans of buying and if we did, we would buy more than required.
Pricing psychology goes deeper than just liking a good deal or discounts. Researchers have uncovered specific psychological motivators that draw shoppers (that is us) to certain types of promotions and encourage us to buy. There is also a sense of urgency created- “The offer ends today” , “Last two days. Hurry up”. Because when we consumers find a good offer, it actually changes the way we think and feel.Feeling of excitement, pleasure, happiness and other positive outcomes.
An increase in the “feel good” hormone known as oxytocin was found in people who received a discount. It’s a win-win situation for both suppliers and buyers.Buyers will continue to seek out deals to keep those good feelings flowing.
It’s a proven statistic that : Coupons/ discounts create happiness,deals boost overall revenue and promotions influence purchases.We shoppers prefer getting something extra free to getting something cheaper.For example, body lotion when offered in a bonus pack is sold more than when it carries an equivalent discount.As emotional creatures, we are more inclined to accept free offers than discounted ones.Whether right or not, we shoppers believe we get a better deal when we walk away with something for free instead of spending less on overall purchase.
There is a lot more psychology involved about discounts and it explains how the suppliers indulge the consumers to buy certain product(s). If interested,do read Psychology of discounts and you will be fascinated by how it works.
Well there is nothing wrong about buying discounted products , freebies and promotional offers .
Discounts may seem simple enough. After all, who doesn’t like saving money?
Please do share your thoughts and experiences in the comments section .Thank you.
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Hi Akshatha ,
I for one ..will move away whenever I see that sale or discount word while shopping !
I enjoy shopping — and enjoy researching before I buy , so would like to buy something that is in trend , and can be used for long .
somehow I have a feeling , only old clearance stock gets on sale or when the style or model is changing be it clothes , accessories or white goods .
I do not like buy one get one free …concept of buying or hording –this is so American and so much of hoarding things you may never want .
I like to buy things that I enjoy rather than giving in to impulsive buying
Absolutely. You are right. Hope all of us could think on the same line. They are clearance stock / damaged products / or as you said out of trend. I have also noticed that unlike when there is a sale of expensive products ( say for eg – iPhone / teak wood furniture) , we think twice to buy. We get all sorts of doubts in our minds – why so less? Is the quality good? Will it last long? On the contrary for something as small as a body lotion, we don’t put in that much of an effort.
I did enjoyed writing this piece as I got to read many things about discounts and how our mind works w.r.t it. I hope you enjoyed reading it too.
Love, Akshata.
I enjoy researching and buying items. I do look at the Sale section. In some countries, the prices of certain items are initially marked up and then the sale season comes on. Not necessarily the goods are damaged or out of trend. It could be a summer sale or a festive sale. I have certainly got items during Sale which have been useful to me and my family for the season ahead. It just gives me the sense of satisfaction that I did not overpay for a particular item. The items are in perfect condition, with an order online it’s delivered to my door in its pristine condition.
So sale on items you definitely need is worth going for !
Absolutely…we all love discounts.