Designing Guarantees that Eliminate Any Possible Barriers to Buying Your Product ECommerce Articles | August 28 Cheap Nikola Mirotic Jersey , 2011 Why Merchants Fear the Dreaded GuaranteeThe same psychological principle of the fear of loss that causes buyers to hesitate on making a purchase causes merchants to often be reluctant to offer a guara...
Why Merchants Fear the Dreaded Guarantee
The same psychological principle of the fear of loss that causes buyers to hesitate on making a purchase causes merchants to often be reluctant to offer a guarantee.
What the merchant fears is having to act on this guarantee when a product is returned. A return is often a psychological blow for merchants, especially when selling their own self created products.
Rather than seize the potential of increased sales from offering a bold guarantee, merchants dread the likelihood of increased returns Cheap E'Twaun Moore Jersey , and the feeling of rejection they might get from having to deal with such a return.
This feeling is almost always foolish. A bold guarantee may increase returns, but the overall increase in sales usually more than makes up for this.
A merchant starting out with no guarantee may make 50 sales a month and see 3 returns. By advertising a guarantee he may see his sales rise to 80 a month and see returns rise to 10.
His sales rate is up 60% but his return rate is now up over 300%! Is this is a wise decision? Yes! His overall sales are now 70 rather than 47.
One might fear that this scenario may cost the merchant his reputation due to increased returns. This is not true.
Customers will rarely hold a grudge against a merchant if a return is handled properly.
We have received emails from people who have bought our products and returned them, telling us it was not right for them Cheap Jordan Crawford Jersey , but also saying they would recommend it to their friends.
If you're afraid to make your guarantee bold - understand that part of your fear may be purely psychological and like the physicians in the Kahneman Tversky study, you're operating on a natural human instinct.
You are more concerned with the fear of loss (in this case the loss of a customer when he returns your product) rather than the anticipation of gain. This is an instinct you have to suppress to make a good business decision.
Create the strongest, boldest promise you can offer to your customers and publicize it everywhere.
Unless you have a genuinely rotten product you have nothing to worry about. Bold guarantees will create more overall sales Cheap Jrue Holiday Jersey , happier customers and yes, even fewer complaints.
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