“Massive Sale: Enjoy 60-70% Off on All Items.” “Buy One, Get One Free!” “Avail Rs 500 Discount on Purchases Over Rs 2000.”
We’re all familiar with these phrases, aren’t we? Whenever we come across such offers, it triggers a positive response. Often, we succumb to the temptation and make purchases, even if they weren’t initially on our list, and sometimes, we end up buying more than we intended.
Pricing psychology delves beyond mere deals and discounts. Researchers have uncovered specific psychological triggers that attract shoppers (that’s us) to particular types of promotions, motivating us to make purchases. These promotions are often coupled with a sense of urgency like “Offer ends today” or “Last two days. Act fast!” When consumers stumble upon enticing deals, it alters their thinking and emotions, invoking feelings of excitement, pleasure, happiness, and other positive outcomes.
Research reveals that receiving a discount triggers an increase in the “feel good” hormone called oxytocin. This phenomenon is a win-win situation for both sellers and buyers, as shoppers seek out deals to sustain those positive feelings.
Here’s a fact backed by statistics: Coupons and discounts generate happiness, deals drive overall revenue, and promotions heavily influence purchasing decisions. Shoppers are more inclined towards receiving something extra for free rather than just a price reduction. For instance, a bonus pack offering a free hand lotion along with a purchase attracts more attention than the same lotion with an equivalent price reduction. As emotional beings, we’re naturally drawn to free offers, perceiving them as better deals than mere discounts.
The realm of discounts involves intricate psychology that elucidates how sellers entice consumers to purchase specific products. If you’re intrigued, delve into the Psychology of Discounts; you’ll be captivated by its mechanisms.
Purchasing discounted items, enjoying freebies, and availing promotional offers isn’t inherently wrong. Discounts are seemingly straightforward — who doesn’t appreciate saving money?
Please do share your thoughts and experiences in the comments section .Thank you.
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