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Delayed Gratification

We all indulge in instant gratification wherein we do a lot of impulsive purchases or scratch an itch which might be small or not as big as we would have assumed. This behaviour is well exploited by all retailers of all sorts. From supermarket to movie theaters. 

In supermarket, there is always candy near the checkout counter to tempt you into buying that one little extra thing during checkout. Or at movie theaters, which screen nice food images during intervals enticing you to step out and pick up that nachos pack which is jacked up 1200%. The list is endless

However, this is not always bad for us, the consumers/customers. Because this very behaviour can be turned against the retailers. The whole point of enticing the buyer is to make a purchase leading to more revenue per customer. Thus if a customer is not making a purchase it means money on the table but not in the retailers bank. If a retailer gives you a nice little nudge in that direction by giving some additional discount or a few bucks worth coupon code, there might be a few who will convert. This behavior of trying to get the retailer to push the price down or provide a different incentive to make a purchase by putting off buying by a small period of time is delayed gratification

Delayed gratification, or deferred gratification, is the ability to resist the temptation for an immediate reward and wait for a later reward. Generally, delayed gratification is associated with resisting a smaller but more immediate reward in order to receive a larger or more enduring reward later.

Source-Wikipedia

This can be observed in ecommerce sites where if you are intend to buy something and buy it in the first go, you might find price tag of X but if you go till checkout and stop before payment, thus abandoning your cart, you might see the same guys, sending you emails or notification advertising additional 5% discount of drop in prices etc

I also used the same behavior to book my Iceland tickets today wherein I had set my ticket price track on Google flights (which if you don’t use, you are wasting time searching through numerous booking websites for the best priced tickets). The ticket prices were initially priced at 168 euros climbing to 178 the next day. Over the weekend, it rose 184 and then to 194. I kept putting off buying tickets as I was determined to wait a while. If I was going to buy, I was going to buy irrespective of the price. Yesterday, I got my price track email informing me it was 168 again. I was determined to wait out one more day to see what would happen. Voilà!!! Today my price track informed me that it was 131 and after booking directly on the airlines site, I was able to snag the tickets for a cool price of 125 euros which gives me a few more euros to indulge in Iceland. Yayyyyy

Nik

Futility of everyday decisions

I have always wondered why do we make so many decisions all the time. I mean like really, people take too many decisions and some even enjoy making decisions. I have massive problems against decisions especially the inconsequential ones. Those are the ones I consider mundane, soul sucking and beyond a point absurd, unwarranted. The decisions that are inconsequential are one off, short lived and with very small payout. If you want to out a lot of thought in making a decision, make sure it is for something good, new or experiential

To just give an example, all the jeans I buy are wrangler jeans, shoes that I use everyday are puma. I know the fit n feel for the jeans and the shoes are perfect for the size I order in. Now trying to go for a new brand in either category means a whole lot of trying out new stuff, expecting a good fit and still when there is an issue trying to sort through solutions. Imagine the amount of time wasted!!! Criminal and pointless. The time which could have been used to do other interesting stuff. I could have put a lot of thought into buying shoes, but then I am not usain bolt and having the right kind of shoes is not going to help me shave a hundredth of a second. Putting that much thought in buying shoes will only be considered pointless by me.

I am not like Steve Jobs or Zuckerberg or even Obama, who wear same or similar clothes everyday of their life but for the Joneses and Janes who lead a pretty ordinary life like mine, I have the same question. Don’t we have enough indecisions and decisions regarding so many other aspects of life, that we add a decision point for everything in life and in doing so complicating an already complicated life

Nik

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