For the majority of customers influence of price in the purchase process is a determining factor when choosing which product to choose to get to Know all the details in this post!
At the time of search for the items in the store, the buyers will analyze a number of features, such as the use, quality, brand name, origin and price. Some of these factors can cause a greater influence than others when it comes to making a purchase decision.
For example, some consumers care most about the quality of the product than others, while others they will prefer to obtain significant savings in the price.
For an important sector of customers, will be a key factor, the mark, as the prestige of these can sometimes be enough to capture your interest, as they are synonymous with quality and cutting edge.
In this article analytics retail, let's focus in to find out which is the influence of price in the purchase processas this is a key element that you need to know all retailers to better understand the needs of their customers.
What is the level of influence of the price?
Depending on the habits of each customer, the value of a product represents a factor of interest, as this tips the balance in favor of, or against at the time of decision making. To better understand this, then, we will highlight the main elements of influence:
- Some customers believe that the price and product quality are closely linked.
- For others, the influence of the price is higher, since there are clients who are always in search of savings opportunities to stretch your family budget.
- There are also stores that offer high prices, which influence in terms of the segment of customers that attend, being represented by those who have a higher purchasing power.
- The reputation of the brands has a lot to do with the quality of their articles, however, the price, exerts a great influence on the process of purchase, as many believe that only the products that are more expensive are synonymous with excellence and considered to be the opposite in the case of marks of CPG or some renowned advertising.
Experiment
To better understand the influence of price in the purchase process we can quote the experiment conducted by the international retailer Payless, which in addition to serving the u.s. market has a presence in several countries of Latin america and the caribbean.
This company retail specializing in the sale of shoes low price, conducted an experiment in which he sought to verify the impact of the price factor in the potential consumers and the valuation of the brand and the price-quality ratio.
Payless achieved impressive results are the product of his essay, which was to create a supposed new brand which is called Palessi, which was accompanied by an intense publicity campaign aimed at influencers of social networkswho came to the inauguration event for the “brand new”.
The result of this experiment proved to outweigh the influence of price in the purchase process since this group of influencers bite the hook and they paid high sums of money for the same shoes offered by the retailer in its stores at discount prices.
This means, that according to the management given to the marketing campaign is done and the sector to which it is addressed, it will attract the attention of a sector of the market that bases its decisions on the price.
Conclusion
There is No doubt that there is a high influence of price in the purchase process, why retailers should know to manage their strategies, with the purpose of not losing buyers.
It is best to define what will be your target audiencesince many base their purchasing decision on those items that are more attractive according to their purchasing power and their particular habits of consumption.
