“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.