What Factors Influence Your Purchase Decisions
Oh my god! So many brands? Which one should I buy?
Yes, we all have experienced it before.
You can always see the confusion on the faces of shoppers at the pharmacy or supermarket due to the sheer number of brands available on the shelves.
These shoppers ended up wasting precious time walking up and down the aisle, picking up, reading the labels, and putting them back down. The more they read, the more confused they get.
If they had known Atomy, it will be an easy choice for them to make.
5 Non-Product Factors That Influence Purchase Decisions
According to customerthink.com, these are the 5 factors:
- Brand Name
- Product Placement
- Packaging
- Reputation
- Pricing
More or less, we made buying decisions based on these 5 factors.
Brand Name
We are more inclined to buy brands that are more well-known. This is probably due to the effects of advertisements.
Do you know that a house brand can be as good as a branded one at only a fraction of the price?
When we choose a well-known brand, we are also paying for their advertisements.
Product Placement
Placement is very important in a physical retail stores as well as on eCommerce stores.
I have read that distributors in supermarkets often have to pay a slotting fee and shelf space for their products. Not forgetting the all-so-familiar advertisements that the supermarkets put in the newspapers. Yes, distributors also have to bear the cost.
These cost will be passed on to you.
Packaging
In order to stand out from the crowd, products need to have extravagant packaging in order to attract your attention.
The cost of its packaging is probably about 5% to 9% of the amount you spend on any product.
The more eye-catching ones are probably going to cost you more!
Reputation
Do you know that there is a price to reputation?
A study is done by University of Technology Sydney (UTS) and “It reveals that a company evaluated by consumers as better than its competitors in terms of corporate reputation commands around a 9% premium for its products, and an even higher premium when there are desirable extra features.”
Yeap, well-known ones does cost more.
Pricing
Pricing plays in a big part in branding.
We often associate expensive with good quality and cheap with lousy quality. It is a mindset that has been passed down.
But is it true?
Heard of premium pricing? It is the principle of setting a high price point to reflect the product’s exclusivity and quality.
There are lots of pricing strategy that businesses use, however, they don’t really reflect the quality of the products.
High Mark Up Price
These are just some of the reasons for high markup of any products on the market. Companies need to recover their costs, have a good branding and also to have a respectable profit.
How Does Atomy Products Saves You Money?
Brand Name
You might not have heard of Atomy before, because they are not too well-known.
It’s because they don’t do mass media advertisements, instead, they rely on word-of-mouth of its members to spread its brand name.
Save on advertisements to cut cost.
Product Placement
Atomy products are not available at physical retail stores. They are only sold through its own online shopping mall.
Save on staff cost, rental cost, utility cost.
Packaging
All Atomy products uses simple and elegant-looking packaging. White background with simple fonts is enough to bring out the elegance of the products.
Save on packaging cost.
Reputation
Atomy is an exclusive distribution hub for Kolmar BNH, a joint-venture company formed by both Korea Atomic Energy Research Institute and Kolmar Korea.
We know that R&D is a necessary cost in any product development.
Since the Research & Development (R&D) of Kolmar BNH products are government-funded, these costs are not passed on to consumers.
No cost for world-class government-funded R&D
Pricing
Atomy’s Number One Priority: Price and Quality
“Absolute Price, Absolute Quality”. This principle is Atomy’s competitive advantage.
Strengthening product power through thorough quality control and eliminating price bubbles by reducing sales management cost.
Lowest possible prices for quality products
Closing
By reducing costs in all possible ways, Atomy is able to offer you the lowest price possible without sacrificing the quality of the products.