The Thrill of the Chase


So many people complain about the difficulty in making decisions while shopping. Do you buy Brand X that gives 20% extra free? Or Brand Y that has 10% off? Or Brand Z that gives something else free with it? Do you buy that flat screen TV today or wait for the sale at Diwali?

Now since the customer is king, shouldn’t companies be simplifying pricing choices? Like maybe offering consistently low prices all the time?

Not so fast, as the US store, JC Penney discovered to its cost. Turns out that while people do complain about pricing choices, they are irrational. Also, they enjoy the thrill of the chase.

Huh? The word “sale” acts like a siren call for many people: it lures them in to make that purchase. Consistently low prices don’t do the same. Besides, if a competitor lowers their prices just one time of the year, and Poof! Suddenly that low price claim becomes suspect in shoppers’ eyes.

Then there are those sites that offer coupons: have lunch at Restaurant A on Wednesday and you’ll get half price, it says. And with the smartphone, you can now see such deals anytime, anywhere, including right when you are about to enter a store. Irrational us prefer the coupon discount store over the plain-Jane no-coupon-or-discount (but low cost) store.

And then there’s that feeling we have but which we don’t want to acknowledge, something Gore Vidal phrased so well: “It is not enough to succeed. Others must fail.” Most people feel good to know that they bought something at a lower price than their neighbour or that jerk at the workplace. That possibility only comes into the picture with sales and coupons, not flat price stores.

If that sounds too negative, then know this too: there are plenty of people who get a rush from checking out deals and finding that low(est) price.

Which is why when JC Penney stopped doing sales or offering coupons and instead tried to make a big deal about its everyday low prices, many customers dropped off because like, Tracie Fobes, an avid deal and coupon hunter, they just weren’t having fun anymore.

Ask any woman, and she’ll confirm that shopping is fun!

Comments

  1. KumarMay 22, 2013 at 9:59 AM

    The discussion is both relevant and insightful. I feel uncomfortable when I write "insightful" because, we all seem to sense the crux of the situation all the time, but we are deliberately wishing it away. In that sense, it can almost be said that it is "less insightful and more obvious"!

    As you are hinting, the difficulty is in surmountable. Commercialism mixed with the ability to take advantage of human psychological weakness, puts us in these situations which we love and hate simultaneously!

    ReplyDelete

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