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 Wedne...