What is consumer discount skepticism and why it’s good to be afraid of it?
Whether you’re a B2B or B2C, you are likely to lose count of the ups and downs in your sales cycle. It happens for a number of reasons. Some customers may go with your competitors, while the other may just be waiting for a perfect moment to snap up your discounts.
This July, Black Friday 2018 is going to explode the market. It was even called the biggest online splurge, and the list of reasons is endless, so let us touch on a few.
Black Friday 2017 amassed a huge 515% more than any other sell down event. And you know what’s the pitch?
Consumer discount skepticism: what is it?
Everyone’s confused. And it’s not the popularity of bargain sales but the growing consumer discount skepticism what scares them most.
Despite the evident popularity of Black Friday sales, customers vocalize concerns on how much they really save. 55% of shoppers believe the large discounts are false, while 40% think they are being cheated on. Any guesses on what consumer discount skepticism is?
There is no doubt that many Black Friday shoppers act on impulse. But about two-thirds skeptical online buyers report digging up the prices before each seasonal sale. The savviest of them shop via laptops, preferring price checking-out over sluggish mobile browsing.
You may still benefit
Despite deep-rooted customer discount skepticism, it’s possible to find some eye-opening discounts. But of course, a wee bit of calculation & forward planning is required. That said, businesses can convert consumer skepticism into benefit and get out of a slump.
Retailers should build their online presence and extend a customer base. The same thing goes for small e-commerce businesses. They should always keep up, tailoring prices to match their customers’ needs.
Black Friday 2018 has the potential to change priorities, shifting the focus from price to quality and from rush to sound timing. What your prospects will be seeking is value, choice, and clear communication on the discount.
Building trust = boosting conversions
If you want to reach out to overseas markets – the time is ripe for it. In 2017, Europe’s Black Friday had a three times higher spending surge than the US’s of the same year, as trusted sources state.
A key to keeping your business humming during huge seasonal sales is all about flexibility.
- Avoid payment mistakes that can minimize your conversion rate.
- Research local shopping options preferable to overseas markets.
- Offer a simple, easy-to-use checkout process in customers’ local languages.
- Pay attention to currency.
Processing a wide range of currencies will open up a sheer number of opportunities to build trust and boost your conversion.
A few steps to combat consumer skepticism
Ok, you’re well aware that value and price are the top drivers of customer behavior. Still, you don’t know how to earn clients trust.
Let’s make a portrait of your doubtful prospect. He’s a critical thinker turning your website upside down in attempts to hit an enticing deal.
The problem is that working with such customers is tough. But you know what’s the benefit? If you do everything properly, you can convert a doubtful skeptic into a true believer.
It’s time to act. Ikajo has laid out a few steps to take right away to win over consumer discount skepticism.
- Clean up your databases, sorting clients into segments, analyzing their needs
- Review your website, refresh design and refine your marketing copy
- Based on your past performances, update your goals and priorities list
- Connect with your existing clients, telling about your special seasonal offers
- Update your stock, prioritizing exclusive products over short-lived discounts
- Make sure your PSP is aware of the sales period so you can cope with demand
- Tailor your payment methods to international customers’ needs
- Make sure your fraud management tools are adjusted to allow conversion
- Step up your delivery processes and customer service to minimize chargebacks
- Provide payment pages and language support for international clients
Now that you know the risks of seasonal sales, you can keep your business humming during the biggest online splurge – Black Friday 2018.
Make sure you follow each of the above steps and feel free to contact us for the assistance. Ikajo International knows the ropes of quality payment solutions.