What is a Buyer's Remorse?
Buyer's remorse is when a buyer regrets buying a product or service after it has been purchased. This regret can come from the buyer for the purchase they made, or they can regret that they were suckered into making a more expensive purchase than it actually needed to be.
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In marketing, buyers’ remorse is when a customer regrets purchasing an item or service after making the purchase. It can happen because of dissatisfied customers who feel they were tricked into purchasing something more expensive than it needed to be, or because they are unhappy with their purchase. Most often, buyers feel regretful because there was not enough time to think about whether they were making the right decision for themselves and their family's needs.
Why Do People Experience Buyer's Remorse?
On average, buyer's remorse affects 25% of consumers who make purchases online or in-store. It is also common for consumers to experience buyer's remorse when they buy new products due to a lack of knowledge on what kind of product they are actually buying, which often leads to dissatisfaction.
There are many reasons why people experience buyer's remorse such as feeling pressured by friends or family members into making a purchase, not knowing enough about the product, not wanting to appear foolish for not spending enough money or being disappointed in a product that did not turn out to their liking.
How to Avoid Buyer's Remorse with These 4 Steps
Educate yourself before you buy "must-have" items and compare them to your finances.
Exercise price comparison by reading reviews online, going out for a test drive, or asking your family and friends for their opinion on the item first before you buy it.
Ask yourself why you want the product.
Consider what happens when the product breaks and how that would affect your lifestyle.
6 Types of Buyers' Remorse
There are six different types of buyer's remorse and each of these has a different cause and consequence. These include:
Wishing you hadn't bought it.
Regretting the decision you made.
Resentment for the price you paid.
Feeling guilty for buying it at a discounted price.
Feeling self-conscious about your purchase.
Feeling satisfied with your purchase, but knowing there are better options available.
Use These 4 Tips to Stop Feeling Like You're Regretting Your Purchase
It is important to understand how to use these four tips to stop feeling regret over your purchase.
Make a list of the reasons you decided that this purchase was worth it. Writing them down will help you realize that your decision was justified.
Think about what the end goal is for this purchase. If you're trying to save money, make sure you have a plan in place before making the purchase. If it's something more than just saving money, then think about why it's worth buying and what it will enable for you in the future.
Write down your success story when using this product or service so far. This will help put things into perspective and show the benefits of purchasing it in the first place.
Ask yourself what did you get out of it?
Concluding thoughts on buyer’s remorse
In the era of social media, nearly everyone has experienced buyer’s remorse at one point or another. In fact, it is estimated that nearly 40% of all shoppers experience some level of buyer’s remorse after making a purchase. Despite knowing the buyer’s remorse is inevitable, it can be difficult to know what to do about it. There are a few things a person can do so they don't regret their purchase. This includes asking the seller questions about the product before purchasing it, researching similar items, and looking for reviews on the product.
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