More and more online shopping platforms now offer consumers a detailed look into products’ historical prices. But how does this information influence buying decisions?
To explore this question, we conducted a series of experiments with a total of more than 5,000 business school students and working adults. We measured the impact of different kinds of price shifts on people’s interest in purchasing products and identified several consistent trends:
First, when consumers saw that the price today was lower than it had been in the past, they were more likely to buy now, because the current price seemed like a good deal.
However, the picture gets more complicated when you consider the frequency of historical price shifts: In our studies, we found that if consumers were shown at least three changes in the same direction, they were likely to assume the price would continue to move in the same direction. While if they were only shown one or two changes in the same direction, they expected the price to change in the opposite direction.
So what does this mean for sellers? It may be tempting to slowly lower the price over time. However, our data shows that this can lead consumers to assume that the price will continue to fall, making them hesitant to buy. But if they just see a single price drop, they ‘re more likely to expect a reversal in the near future, pushing them to buy the product now.
Our findings can also help buyers make more informed decisions about whether and when they choose to make a purchase. As with any irrational bias (非理性的偏见), awareness of the natural tendency to expect trends to continue and single large changes to reverse can help consumers question this assumption before acting on it. Instead of letting this arbitrary (武断的) expectation guide buying decisions, consumers may benefit by doing a bit more research around the underlying factors driving price shifts. Buyers may also benefit from learning more about a product’s longer-term price history, fluctuations (波动), and typical industry-wide price ranges, to avoid being disproportionately influenced by near-term price changes. It’s also always a good idea to think about both how urgent your need for a given product is, and your own risk tolerance for a potential price increase, as this can affect whether it’s worth it for you to wait and see if the price falls.
Of course, there are countless factors that influence both consumers’ decisions around whether and when to buy and sellers’ decisions around how to price their products. But it’s important for both sides to recognize the key role that expectations play in influencing these decisions.
【小题1】Which of the following is true about the experiment?A.It proves that people’s interest in the product drives the purchasing behavior. |
B.E-commerce platforms turn to it to connect with customers and boost sales. |
C.It’s designed to figure out the purchasing decision process based on pricing. |
D.Business school students make up the whole control group for comparison. |
A.![]() | B.![]() |
C.![]() | D.![]() |
A.decide on the assumptions that long-term price trend will continue |
B.research longer-term price history, price ranges and hidden factors |
C.put off the purchase for better deals because of the unsustainable market |
D.cooperate with sellers while putting aside the personal risk and urgency |
A.How do price changes influence buying decisions? |
B.Why should products’ historical prices be shown? |
C.When is the best time for consumers to purchase? |
D.What do businesses need to price their products? |
For many consumers, low prices are often equal to cheap products. While everyone loves a good bargain (特价商品), low prices can harm how your product is viewed. Instead of getting a great deal, customers often believe that you get what you pay for. Though everyday low-pricing strategies can work for some companies, they’re not always the best idea for certain lines of business.
Consumer perceptions play a significant role in strategic pricing. Despite all the promotions surrounding great deals, it turns out that cheaper isn’t always better. Research from Vanderbilt University suggests that low prices can backfire because consumers sometimes see them as signs of low-quality products. However, researchers also found that consumers sometimes see low prices as simply good deals. Shoppers’ perceptions depend on what they’re thinking about when deciding whether or not to buy a product.
If consumers come across a low-priced product or service, they may see it as either a good deal or not worth their time and money. How consumers think about price is just as important as the actual price itself.
Consumers rarely have complete information and use various strategies to fill gaps in their knowledge when considering products. One strategy involves using naive theories: informal explanations used by consumers to make sense of their environment. A consumer may perceive an upscale (高档的) company’s prices are too high or assume discount retailers’ (零售店) products are inferior (次的) due to its reputation being associated with lower quality items than other stores selling similar goods.
Companies can influence how customers feel about their low prices by conducting market research and improving marketing strategies focused on highlighting product quality rather than just value alone which tends towards making people rate cheaper products more favorably. When companies focus on the product quality in marketing materials, consumers look more favorably upon more expensive products. However, when companies focus on value, consumers rate cheap products more favorably.
Businesses can also identify their customer base and narrow their marketing efforts to become perceived as a specialist. This leaves customers less likely to question pricing strategies because they trust that the company knows what it’s doing and has done its research into what works best for them.
【小题1】What does research from Vanderbilt University suggest?A.Strategic pricing determines shoppers’ perceptions. |
B.Promotions are linked with high-quality products. |
C.Consumers only see low prices as a real bargain. |
D.Consumers’ perceptions of low prices vary greatly. |
A.Produce an opposite result. | B.Cause a serious explosion. |
C.Meet people’s expectations. | D.Have a positive effect. |
A.By emphasizing product quality. | B.By targeting a wider audience. |
C.By offering more promotions. | D.By lowering prices even further. |
A.Low prices are always a good thing for businesses |
B.Low prices can sometimes scare off customers |
C.Companies should focus on value rather than quality |
D.Companies should ignore consumers’ perceptions of price |
Store owners have been inventing new tricks to get consumers into their stores and purchasing their goods. Even as we find new strategies to resist, neuroscientists (神经科学家) are employed at marketing agencies across the country to best figure out what is going through a consumer’s brain at each point in the decision process.
We consumers overspend due to the fact that we have a fear of missing the really good deal or having to pay more for the same thing and lose money. Normally, the prefrontal cortex ( 前 额皮 层 ) controls our emotional reactions to things, and keeps us from acting unreasonably by calming down our fears. But an advertiser can disturb our prefrontal cortex just by displaying flashy deal signs, encouraging it to do math on how much money we might save now by buying more of something we don’t actually need yet.
Nostalgia, that regretful affection for past events, is another strong influencer during the holiday season, and it’s shaped by emotion. Emotion—whether good or bad—enhances the formation of memories, engaging more parts of the brain. So hearing a nephew singing a carol, for instance, might reawaken memories associated with that particular song in a much more powerful way than hearing that same nephew sing another song. These kinds of memories are brought back even more easily by sensory input. This might be why we are often greeted by a sensory reminder everywhere we go in a month.
Wherever you purchase gifts, there are social influences on what you buy as well. The holidays are a time when we are especially conditioned to pay more for the label because we’re buying gifts. Receiving a brand-name gift sends the message that “this person has spent more on me, so he or she must value me more.” And it makes sense. If two things seem pretty much the same, how do I know which to choose? Humans have survived as a social species, and we have to rely on each other. So when our brains are trying to make decisions, one of the shortcuts is to assume that if a lot of other people prefer something (and higher cost is often a predictor of that), then there must be a reason.
Much of our holiday spending is driven by unplanned purchases. Plan ahead, resist the urge to purchase in the moment, make notes for comparison shopping, and if the deal is actually good, then it will hold up to inspection and you’ll feel good about your purchases later. Before you blow your budget this season, remember that your brain might be fooling you into that next purchase.
【小题1】From Paragraph 2, we learn that ______.A.the prefrontal cortex is the calculation center |
B.the common consumers always act unreasonably |
C.the sight of flashy deal signs may fill consumers with fear |
D.the advertisers make consumers pay more for the same thing |
A.Creating a festival atmosphere. | B.Following the current fashion. |
C.Preparing more free samples. | D.Offering a bigger discount. |
A.They are more reliable. | B.They are a sign of social status. |
C.They make people feel valued. | D.They are favored by most people. |
A.buy in the moment | B.reduce our budget |
C.return unnecessary products | D.make a plan in advance |
Your local grocery store is a psychological minefield (布雷区),where even the bananas are ripe with mystery.
1.Southpaws (左撇子) have an invisible (看不见的) advantage
You've probably seen that stores keep go-to items—produce,meats,dairy—on the outer edge.But did you notice that most of them are set up to make you run counterclockwise (逆时针)? Ninety percent of us are right-handed,so we buy more when it's counterclockwise.You'll also often find the dairy section in the back left corner:Because dairy is likely on your list,stores make sure you take the longest route to get there.In fairness,it's also a more convenient place to put a fridge.
2.Everything is in its place
It's safe to say that nothing you see on a shelf is there by chance.The cookies on sale at the end of a passage are likely the result of smart product placement.More expensive items are usually placed at an adult's eye level,while colorful treats and other products for kids are positioned lower—to catch the attention of children.
3.Time goes by so slowly
Stores rarely have windows or clocks.With no reference to the outside world,customers can easily lose track of how long they've been there so that they can buy more.Grocery stores may use another trick to control your sense of time: small floor tiles (瓷砖).
【小题1】Why do stores usually put dairy in the back left corner?A.Because it is a quiet place. |
B.To attract people's attention. |
C.To make people buy more. |
D.Because most people are right-handed. |
A.in corners | B.at the end of a passage |
C.at an adult's eye level | D.on lower shelves |
A.They are useless. | B.To make customers stay longer. |
C.There is no space for them. | D.To allow customers to enjoy themselves. |
A.Advantages of stores | B.Secrets of stores |
C.How to shop in stores | D.How to operate a store |
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