It's time to rethink your shopping behaviour
In light of the current COVID-19 we will not be accepting any new loan applications. The well-being of our customers is of absolute priority and therefore we ask you to contact us via chat, email or phone if you have an existing account and require any help.
Many customers will be faced with income interruptions as a result of this crisis and so therefore we are recommending that you refer here for useful advice: https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you
The best way to make wise buying decisions and to save money is to know your shopping behaviour. Find out how some psychological considerations can help you have better experiences.
Companies and marketers are always interested in the psychology of buying in order to maximise their profits. For you, as a consumer, knowing these same features can benefit you. That’s why considering the psychology of shopping is a great way to help you save money and make smarter buying decisions.
Start by knowing your shopping self
We looked into what type of spender are you, which shows the link between the way you see money and your shopping behaviour. Is money the root of all evil to you? Or maybe you see money as the ticket to happiness? It’s also possible that your view on money is situational or based on where you are in your life. When times are tough, you might buckle down and save up. When times are good, then the sky is the limit.
Many people behave differently with money during different times. For example, a frugal shopper might turn into a fanatical shopper when they go abroad on a trip – or even the other way around. Knowing your tendencies is still a good idea to keep a good balance with your spending. That way you can be more aware and be able to make more conscious decisions.
The psychology of shopping
There are people that dedicate their careers to study what factors influence a person’s shopping behaviour, for better or worse (for the company). This includes everything from the weather, the temperature of a store to the music playing on the speakers. As an article in Forbes magazine explains, many companies are seeing more and more that these factors come together in the overall shopping experience. That’s why from indoor malls to online shops, how the customer feels while shopping is clearly an important factor in their final purchasing decisions.
The good news for you is that companies want to ensure a great shopping experience for you – this benefits their bottom line, but it also means that your needs as a customer are top priorities for them.
Choose your shopping experience
It’s time to reclaim yourself as a decision maker and decide what kind of experience you prioritise when you are making a purchase. Start by thinking about your own wishes when shopping for products and services. Many people would agree that an easy and stress-free shopping experience is at the top of their list. But what else is important to you?
The first distinction often comes from whether the service you get is in a shop or online. Either way, both experiences should guide you in finding what you are looking for and what things might be interesting to you. This could be a pair of trousers or even a quick loan.
In general, face-to-face experiences are not always possible these days, or even desirable. Think of how it feels sitting in a bank and waiting to be served. Maybe you aren’t prepared
with all the necessary paperwork at a traditional bank or you don’t have time to make a new appointment in person.
That’s one reason why financial organisations are seeing how online service can benefit the customer’s experience. See for yourself with our easy loan calculator and find out how easy a financial shopping experience can be.
Did you like this article? Share it using the buttons below, or click the link to read another blog...
|Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.|