In their recent study on The Psychology of Shoppers Criteo have identified a fascinating new shopping behavior known as Self Care. Almost half (47%) of UK shoppers have self-gifted in the last 12 months, claiming bargains are the number one reason.
But what’s particularly interesting about this trend is that they define Self-care shoppers as ‘fuelled by the thrill of the chase and the hunt for totally a bespoke shopping experience, self-care shoppers get their enjoyment from the careful consideration of a purchase earned. The guilt of senseless splurging simply doesn’t come in to the equation.’
So two challenges for retailers:
- How to make the shopping experience even more rich or convenient?
- How to create bargain mentality without discount?
But as we’re lovely people at The Behaviours Agency we thought we’d give you a few FREE ideas to help you along the way using the amazing power of behavioural economics to inspire our thinking.
Reciprocity – It’s time to give a little to receive a lot. What do you have in your armoury to gift to shoppers to make them feel ever so slightly indebted to you? As humans we are more likely to respond favourably to people (ergo brands in this case) when they have acted kindly towards you. Could you build this into an pleasurable unboxing experience or use it to combat discounts?
Scarcity – Rather than discounting – what if you made your products more exclusive or create super duper limited versions. The thrill of the chase is still happening as shoppers hunt for those rarest of items.
Happy Shopping.
As a behavioral marketing company, influencing behaviours is core to what we do and applying Behavioural Economics to marketing communications is a natural progression. If you are interested in understanding more about how we do this get in touch now.
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By Sue Benson
Managing Director