BUYER DECISIONS
A Re-look At Buyer Decisions
By Daisy Munee
Walking in a supermarket and looking at the price tags of commodities is giving me anxiety . Imagining how much my favorite brands are about to cost me and also trying to figure out how these high prices are going to affect my sales volumes for the month . I am a sales person , and in sales numbers don ’ t lie and I am a customer , looking to buy high quality products at cost effective prices .
Lately , I have found myself putting a lot of thought into the products I am purchasing and how much they will cost me . I have to spend time to calculate and budget , just to ensure that every single shilling counts . Don ’ t blame me , I am an economist , and the economy is becoming tougher day by day .
Initially , before the start of the crazy price increases , I was using system 1 type of thinking when making purchase decisions which is described as fast , intuitive and emotional type of thinking by Psychologist Daniel Kahneman in his book Thinking Fast and Slow . This is because I was willing to make purchase decisions way faster and I could afford to make buying mistakes . I strongly believed in the sixty seconds rule of purchase decisions where we are told that most people decide on the product they want to buy during the first 60 seconds they come into contact with the product .
Lately , I am being very intentional when it comes to purchase decisions and I mostly find myself using System 2 of thinking which Daniel Kahneman describes as slower , more deliberative and more logical when making buying decisions . Many are times when I find myself looking for review from previous users to ensure that what I am buying is worth my money . I have to do my research and ensure that the quality of the product isn ’ t compromised at all cost .
I no longer want to buy something out of curiosity without having a proper reason as to why I am buying that product , gone are the days when I would buy a product just for the sake of it , gone are the days when I would invest in a product just because my friend tried it out and it worked for them . I want a compelling personal experience ; I want to know that the product I am buying is worth every single penny I am spending on it .
“ Lately , I ’ ve found myself putting a lot of thought into the products I am purchasing and how much they will cost me . I ’ ve to spend time to calculate and budget , just to ensure that every single shilling counts . Don ’ t blame me , I am an economist , and the economy is becoming tougher day by day .”
I spend hours or even days preparing my shopping list and budgeting for it . Evaluating the need I want to satisfy and the product I want to use for this purpose . Looking into the details of every single item I want to purchase , looking at the prices different suppliers are charging for similar products .
Luckily , in our country and those around us , every product is a substitute of another which makes sourcing a little bit easier and prices more competitive . There are also many areas to source products from , with the increasing number of retail shops and e-commerce platforms , which are all targeting the same customer , me . With all the information I need at my disposal and with every retailer wanting my attention , then I have to source the very best retailer or supplier to purchase from .
Many are times when I look at the shopping experience the retailer is giving to me , I might sound petty but the look and feel of a store greatly influences the choice of store I will buy from . The customer service I am going to get at a particular store plays a key role in my decision-making process .
Have I talked about how the range I will find in a particular store influences my choice of store ? I guess not , but who wants to drive all over the congested city , consuming more fuel which is barely affordable because they couldn ’ t find what they wanted to buy under one roof ? Definitely not me , either I am too lazy for that , too economical to afford wasting my fuel or I treasure my time and my shopping experience too much to be unnecessarily wasting time galavanting in the city .
If the price of the product is right , which most retailers are fighting to do or even have the cheapest or lowest prices in the market and
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MAL 47 / 22 ISSUE