Would you return a faulty product that you’ve bought online? A study by online dispute resolution service Youstice, reported in Psychology Today, finds one third of people in Europe don’t return items priced below £18.01. The blog suggests the reason might be consumers behaving irrationally as products bought online might feel less concrete, the “pain of paying” may be are dulled by the time between purchase and delivery, having an impact on shopper response.
#Save a bit more
The “humble brag” on Twitter, Instagram and other social media glamourises spending but a blog on the New York Times muses whether it could encourage socially driven saving around the world as well. It tells how US company Putnam Investments (soon to become the second-biggest administrator of 401(k) plans) is encouraging customers to use an online tool to see how their savings compare to other account holders of similar age, income and gender. The nudge referred to as the “Joneses Tool” might encourage its clients to save more.
Circular or linear?
There are two ways to think about how you save money, and if you want to save more, it might pay to change the way you think, Psychology Today blogs. It says there are linear thinkers who do not save much money today (but believe they will make up for it in the future) and circular thinkers who save money now and on an ongoing basis. Find out more via our eZonomics article here.