Businesses Should Prepare for Haggling This Holiday Season
With the advent of no-haggle pricing and its widespread advertising among car dealers, you might think consumers really don't want to negotiate prices. But you'd be wrong, according to a recent CreditDonkey.com survey that found almost half of consumers welcome a salesperson's offer to haggle to induce a sale.
When asked if a seller's willingness to haggle affected their decision to buy an item, 46.5% of respondents answered that it made a difference and 17.8% said it made a big difference in their choice to buy.
There's not a better or more competitive time to find this out than the holiday shopping season, especially for small businesses.
|How much does a seller's willingness to haggle affect your decision to buy an item? © CreditDonkey|
So, how low do you have to go? The majority of respondents said they save at least 10% when they haggle. Is that a fair price to pay for gaining a loyal customer? With this data in mind, you may want to adjust your pricing strategy in the weeks ahead.
For instance, you could have at the ready a flash sale code, a coupon, or special bundle price to offer customers who appear eager to haggle. These can be kept in your back pocket, available not only to give your customers a 10% break but also to extend goodwill that will be returned in the form of positive word of mouth and repeat customers.
|About how much do you usually save when you haggle? © CreditDonkey|
What items are up for haggling? When you think of haggling, buying a car most likely comes to mind. Indeed, 40.3% of respondents were proud to say they have successfully negotiated a car purchase. Consumers have also been successful at haggling discounts for electronics (29.4%), clothing (24.8%), furniture (23.6%), and hotel rooms (23.4%).
FYI to the banks: Consumers hate new fees and will haggle strongly to have them waived whenever possible. 26.3% of respondents have been successful at haggling over bank fees, and customers fully expect a bank to waive a mistaken fee immediately.
|Which of the following items have you successfully haggled on?|
From October 9 to October 23, 2012, CreditDonkey.com polled 1,125 Americans, age 18 and over, about their holiday shopping plans using multiple choice questions and short-answer questionnaires.
Naomi Mannino is a contributing writer at CreditDonkey, a credit card comparison and financial education website. Write to Naomi Mannino at firstname.lastname@example.org. Our data-driven analysis has been recognized by major news outlets across the country and has helped consumers make savvy financial and lifestyle decisions.