Many of today’s shoppers are making purchase decision based on a mix of emotional and financial factors.
In times of uncertainty and disruption, people want to save money, reduce frustration and feel confident about their purchase decisions. Shoppers need to believe they are doing the right things to be secure in their buying outcomes.
The most successful brand marketers understand shoppers’ emotional and financial needs and address them throughout the buying journey.
In a recent survey conducted by PayPal, 61% of consumers say they experienced buyer’s remorse within a few hours of making a full-price purchase.
Deal seekers often prefer experiences that help them make confident buying decisions and processes that make shopping easier or even fun. Brand name, quality and retail source matter to them, and they embrace the idea that the pursuit of a great deal reinforces their image as smart, savvy and thrifty.
With more people shopping online and more brands aiming for share of wallet, it’s crucial to deliver personalized experiences tailored to shoppers’ needs and tastes.
Here are three strategies for retailers and manufacturers to reach the most passionate and savvy shoppers:
- Make sure your shoppers are aware that product protection is available for their purchases. Offering an extended service contract early in the buying journey will ease a consumer’s fear that the product may need an unexpected repair. Savvy consumers consider the effort it will take to find a qualified repair vendor as well as the amount of time they could be without their precious appliance or electronic purchase. Product protection assures them they will be covered.
- Understand and explain the many benefits of your extended service plans. Are shoppers worried that food in their refrigerator or freezer could spoil if the appliance stops working? A consumer might need to take their clothes to a laundromat if their washer or dryer breaks. Explaining the laundry and food loss credits built into Centricity’s extended service contract can ease a customer’s emotional and financial concerns.
- Develop a user-friendly eCommerce site that emulates your in-person shopping experience. Optimize web sales including showing product protection options on product pages before shoppers reach their Shopping Cart decisions. Entice and reward shoppers with experiences that ease negative feelings and amplify positive emotions at key stages of the buying journey. Show the details about the extended service plan to answer a consumer’s questions and reduce their purchase anxiety.
Plan to appeal to emotional shoppers by following these 3 tips to offering extended service contracts. Retailers that sell Centricity extended service plans can grow revenue and build customer loyalty that lasts a lifetime.
Centricity partners with retailers and manufacturers to provide customized product protection solutions that drive revenue and result in loyal, happy customers. If you want to learn more about worry-free product protection plans and customized implementation and training for your team, contact us today.