The Three Buying Risks

Buying Risks

If you have ever been to a store (I know, you all have been), picked up a product and went in a deep meditative state, I am sure you can 100% relate to what I am about to tell you. And if the product you have your eyes on is an apparel, a jewelry or an accessory, you got the deal.
So let me get straight to the point, when we buy a product (usually ones related to lifestyle), we as an end user subject ourselves to three major risks associated with buying. These are:

1. Economic Risk

One of the biggest risk a buyer considers while purchasing any lifestyle product is the economic risk. What if the product I am purchasing right now might actually be on sale tomorrow. What if the same product is available for a much lesser price at some other store. Is this product overpriced, am I being overcharged for the same?
And with e-commerce industry going bigger day by day, economic risk is being considered every now and then. Often I make an online purchase, and find the same item on sale or on any other website/store at a much lower price, and it breaks my heart every time.

Buying Risk

2. Enjoyment Risk

Have you ever made an impulse purchase and regretted buying the product later on? Well studies suggest, most of the purchases made are impulse purchases. For e.g: You went to the store to buy a pair of denims, but a white t-shirt caught your attention and you ended up buying the same. You made an impulse purchase, and now after wearing the t-shirt a couple of times, you realize you don’t like it that much, and that you never really needed it at the first place. 
This scenario is what I would call as the enjoyment risk. Often making an impulse purchase, getting lost in the moment, captivated by the product, we unknowingly take the enjoyment risk. Thus, ending up not liking the product later on.

Buying Risk

3. Social Risk

Who doesn’t like to feel appreciated in his/her social circle. We all do. Yes I know, the only approval that should really matter should be our own. But, hear me out. Most of us think more about what the society thinks of us, more than we think about what we think about ourselves. Consider buying a bag, showing it off to your friends, but they don’t like it. You suddenly start reconsidering your purchase. 
This scenario is a perfect example of taking a social risk and failing at it. And this risk has a greater impact on our purchases than the other mentioned risks as we can forget about buying something overpriced and about the product itself, but the thought that our choice was disapproved of or made fun of might linger in our mind for a longer time.

Buying Risk

How to avoid taking risks while buying?

Now that you have read about the three buying risks, you might be wondering about how to avoid them.

Don’t worry, it’s as simple as saying no to your favorite donut when you are on a diet.

To avoid taking an economic risk, always prefer quality over prices, do not buy something if you feel the item is overpriced, but on the other hand, do not prefer low quality item because it is lesser priced. Lower quality results in short product life which in the long run would cost you more. While shopping online, always compare prices on different platforms, and prefer to buy from the original sources to avoid being duped. Also, always read reviews, especially about a new item, before making a purchase, as reviews would help you better understand a product.

To avoid taking an enjoyment risk, take a deep breathe and ask yourself. Do I really need this product? How many times would I be wearing this dress? Would it look good on me? Will the decor item match the interior of my house? Is this product really worth a purchase, or have I picked it up just out of impulse? While you find answers to all these questions, remember to always try on a product (offline), or imagine the product on yourself (online), especially an apparel or jewelry before making an offline purchase.

As for the social risk, don’t worry, we are all individuals, our choices are what make us different. Be yourself as no product will ever be liked or hated by everyone.

Do you remember taking any of the above mentioned risk ? If yes, how did it go for you ? Let us know about the times you regretted making a purchase in the comment section below.

Also, feel free to check out Gemeena’s product. Our products are thoughtfully designed and handcrafted, so you never take a risk while making a purchase. Happy shopping 🙂

And if you find my blog interesting and informative, make sure to follow me on instagram @chip_and_sg .

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