How Discounts Affect Consumer Behaviors
There’s a reason why people love hunting for discount coupons, such as MyPromoCode deals. It allows buyers to incur huge savings in almost any item they can purchase. That said, in this article, we’ll quickly talk about how discounts can affect consumer behaviors.
It Makes Customers Decide Urgently
In the case of most discounts, they operate in principle of urgency. Customers often feel the pressure to decide right there and then. Otherwise, they might let go of an opportunity to save. It is also one of the strategies of most sellers. They often market discounts as time-limited promotions with the hope that customers will instantly make a purchase.
As a result, most people decide to buy on impulse. Chances are, you have already been in a situation where you end up buying one thing you do not need only because it is sold at a discounted price and you felt the need to decide urgently.
People Wait for Discounts
Some people opt to delay the decision to buy certain products and instead, they wait until discounted prices become available. For instance, savvy buyers do not buy winter clothes at the beginning of the winter season. Instead, they opt to buy as spring starts. At this point, the demand is already low, which is why some retailers are willing to offer their products at discounted prices just so they can get rid of the inventory. Christmas items also get heavily discounted prices after the holidays. More so, people often wait for events like Black Friday and Cyber Monday to buy different products at ridiculously low prices.
Can Elicit Doubts about Quality
Price is one of the most important factors in the marketing mix. If the price is too low, it impacts the perception of the product’s quality. If the discount is huge, some customers are smart enough to not just take the bait. Instead, they question the quality. Why would the seller be willing to sell something at a ridiculously low price? Is it because the quality of the product is bad and no one else is buying it at regular prices? This kind of perception is one thing that businesses need to overcome as they offer discounts.
Depends on the Wording
For the discounts to affect the behaviors of consumers, the wording has a crucial role. Sellers can either emphasize achieving a gain or avoiding a loss depending on the word they use in promoting the discount. There were even suggestions to drop the dollar sign out of the price to push sales. The dollar sign reminds people of the pain of purchasing one item, which is why it can help to let go of it.
In sum, discounts are attractive. If you are the buyer, it is easy to be tempted. On the other hand, for some people, this can also make them question the quality of the product. With this, businesses should use discounts with caution.