Pay LOW makes you HIGH.
What is the value that you are willing to pay for buying something? With the convenience of eCommerce and the ability to ship things almost anywhere, it is common to seek out those that offer the lowest cost.
Is price the sole factor determining where and what you are buying?
Price is one of the factors that affect our buying decision. Other factors include the timeliness of delivery, after-sales support, quality of the product, and many others. Each of us will have one aspect that outweighs the others that determine our buying decision.
TRUST leads to PRICE
Let’s take a quick diversion on how TRUST can affect how we buy. When I buy from my friends, I trust they will give me their best price, and I will not negotiate. The reason for doing this is that I run a business, and I believe in my value, so I trust that they do the same. Once, my friend charged me double, but she was getting the service from another provider. Although I learned about the market rate and told her to change the provider, I did not ask for a refund and continued engaging her service.
“HIGH” on Resolving Issues
Coming back to buying in Singapore, most people like to buy online and overseas.
If you buy from an overseas online platform, you might need to wait for at least a week unless you pay for expedited delivery. But, if you need it urgently, can you wait a week for the item to deliver to you? One of the factors why people buy locally is contacting the seller directly if there’s a defect. Can you do this if you are getting your lower-cost version from overseas? When we buy from a physical store, we get what we are asking for, and there’s a lower chance of getting something else. These are some of my considerations why I prefer to get locally and pay more for something I like instead of a lower-cost alternative. There will be a trade-off, there’s no “free lunch”, and everything comes with a price. Aiming for the LOWEST cost, and you might end up getting HIGH to manage all those loose ends. Apart from resolving all those matters, you might put those businesses committed to their customers out of business. Everything comes with a price, and an excellent customer experience comes with a price too.
We will also indirectly contribute to INCREASING other factors, which we commit to bringing it down globally.
HIGH on Environmental Impact
Let’s take a simple example. When you get a quality product that lasts for a longer time, we could reduce the materials used to make a product that lasts much shorter, much waste. When the purchase reduces, the manufacturer could be forced to improve their quality and lower their quantity. Our decision will indirectly impact their materials, energy usage, and contribution to sustainability and climate change.
HIGH on Economical Cost
On another aspect, getting our products within the country help local retailers in keeping their staff paid. The team can contribute their way of life and use their money to make other purchases locally and support more businesses. If the money gets out of the economy, it might not get back to us. I believe in circular economic that it works when everyone plays a part, to spend when we can and help other businesses.
Thus, when we are always aiming for the lowest cost, we are indirectly affecting a part that’s larger than us. I am not asking you to get those with the highest price tag, but it must be value for money.
