Yesterday we shared with you some absolutely crazy Online Purchase Return Statistics that are sincerely shocking! So today we are going to delve into the topic of Buyers Remorse:
As an online seller you will eventually deal with a buyer who is unhappy with their purchase, even though the listing was perfect, the shipping was fast and flawless and the item is 5-star. Why aren’t they happy when they must have been happy enough to buy it?
Buyers Remorse, also called Buyers Regret, isn’t just a term for a buyer changing their mind. It has been discovered that Buyers Remorse actually triggers feelings of illness that can include fear and anxiety that can range from mild symptoms to extreme.
When it comes to online purchases, Buyers Remorse typically falls into two main categories: Expensive Purchases and Impulse Buys
Expensive Purchases - I think everyone has, at some point, experienced Buyers Remorse over an expensive buy. You saw a handbag online and rushed to buy it then you start thinking “Did I really need a $400 purse?”. Then, the item ships and you get that tracking number and the Remorse hits even harder.
The problem for online sellers who have to deal with buyers who are suffering from Buyers Remorse is that the buyer has to justify the purchase to themselves, so the buyer begins telling himself “It’s ok. This will be the best bag I have ever seen. It will be perfect. It will change my life.” … which sure is a LOT of expectations for a handbag. I drive a 2021 Mercedes SUV and I can tell you it’s not nearly as nice as you would think it would be. So if a brand new Mercedes isn’t all it’s chalked up to be, a $400 handbag is likely not going to solve all of your life's problems.
Impulse Buys - I’m looking at you, Amazon Prime Day! Prime Day gets me every year. So do the Yankee Candle emails. Speaking of Yankee Candle, did you get their Fall 2021 mail catalog? IT’S SCRATCH AND SNIFF! And yes, you’ll want to buy everything from the catalog. The catalog is like 20 pages of Impulse Buy heaven (or hell, depending how much money you have to spend).
Anyways, impulse buys typically are priced at $19.99 or less, hence the reason you always see the infomercials with this price point. When you go to a retail store you’ll find tons of impulse buy items right by the cash registers, so while you’re standing in line, waiting to pay, you impulse buy a pack of gum or a pop.
The problem online sellers face with buyers who purchase the Impulse Buy items is that the buyer doesn’t really need the item, they might never use the item and when it arrives the buyer thinks “Why did I buy this?”. Then, because the buyer regrets purchasing something they won’t use, they suddenly find reasons to blame the item instead of themselves. This is why data shows that Low Priced Items Attract the Worst Buyers (<--read our blog post! It’s super interesting info)
And God forbid you end up with an Expensive Item that was also an Impulse Buy… as a seller, you’re going to be dealing with a very upset buyer.
So, we know what causes buyers remorse. Next Read: How to Stop Buyers Remorse Returns for Online Purchases - it's seriously GREAT info!
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