Have you ever noticed that on eBay there are sellers that seem to be able to sell anything, even though there are multiple others offering the exact same item for less? If you've ever stopped to wonder why, you may have thought it has to do with the seller's reputation.
But if you've ever wondered if there was more to making a sale than that, you're right. There are many different reasons for why any particular customer decides to make a purchase from any given retailer. One prominent aspect that comes into play with a purchase-making decision is emotion. In this article, we'll talk specifically about the emotional trigger of getting a bargain.
We can see how this works with the following real-life example.
A retail store manager received an order for ski jackets. However, one of them had a long cut in it, the result of being slashed by a zealous employee when cutting open the box it was shipped in. All other ski jackets were in perfect condition. Knowing he'd be unable to sell the jacket in his store, the manager decided to list it on eBay. As a test, the manager also decided to put an undamaged jacket up at the same time.
Both eBay auctions were listed at the same time under the same account, both for a period of five days. But because he felt the damaged jacket would not sell well, he started it with an opening bid of just ninety-nine cents. The other auction he opened at the retail price of $75.
At the end of the five days, the auction for the new, undamaged jacket received few page views and just a single last minute bid. The damaged jacket, on the other hand, received well over a dozen bids and sold for just short of $75, almost reaching the full retail price. Now why did the damaged jacket received so much more interest and sell for nearly the same price as an identical item that was in perfect shape?
It has to do with the low starting price and planting the thought that there was a great deal to be had. Even after several bids had been placed, the price was slow in rising and therefore continuing to attract deal seekers. By the time the price was out of the "good deal" range, those who already placed a bid had already invested time in hoping to get the jacket at a great deal, and continued hoping to win the item even after the "good deal" was no longer available.
Moral of the story? Emotions are a powerful thing, especially when you're trying to sell something.
But if you've ever wondered if there was more to making a sale than that, you're right. There are many different reasons for why any particular customer decides to make a purchase from any given retailer. One prominent aspect that comes into play with a purchase-making decision is emotion. In this article, we'll talk specifically about the emotional trigger of getting a bargain.
We can see how this works with the following real-life example.
A retail store manager received an order for ski jackets. However, one of them had a long cut in it, the result of being slashed by a zealous employee when cutting open the box it was shipped in. All other ski jackets were in perfect condition. Knowing he'd be unable to sell the jacket in his store, the manager decided to list it on eBay. As a test, the manager also decided to put an undamaged jacket up at the same time.
Both eBay auctions were listed at the same time under the same account, both for a period of five days. But because he felt the damaged jacket would not sell well, he started it with an opening bid of just ninety-nine cents. The other auction he opened at the retail price of $75.
At the end of the five days, the auction for the new, undamaged jacket received few page views and just a single last minute bid. The damaged jacket, on the other hand, received well over a dozen bids and sold for just short of $75, almost reaching the full retail price. Now why did the damaged jacket received so much more interest and sell for nearly the same price as an identical item that was in perfect shape?
It has to do with the low starting price and planting the thought that there was a great deal to be had. Even after several bids had been placed, the price was slow in rising and therefore continuing to attract deal seekers. By the time the price was out of the "good deal" range, those who already placed a bid had already invested time in hoping to get the jacket at a great deal, and continued hoping to win the item even after the "good deal" was no longer available.
Moral of the story? Emotions are a powerful thing, especially when you're trying to sell something.
About the Author:
Stuart Lisonbee is a marketing consultant at Doba where they strive to simplify access to hundreds of drop shipping companies offering millions of wholesale products ready to be drop shipped direct to the end customer.
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