4 reasons to increase price transparency before Black Friday
Your customers are likely sceptical about your Black Friday deals. According to a survey conducted in Finland, over 70% of consumers found the Black Friday deals in 2022 unreliable. But how can marketing and e-commerce managers counter these concerns? The answer lies in transparency in pricing.
While it's not only a voluntary option to be transparent when it comes to pricing, the EU's Omnibus Directive has also required retailers to introduce transparency into their pricing since February 2023. In this blog post, you will learn how to make your customers believe your Black Friday deals are worth grabbing and meet your legal obligations!
1. Price transparency increases consumer trust
Transparency is a legal requirement and a crucial factor for consumer trust. The Finnish survey shows that more than 70% of consumers distrust the Black Friday deals. One reason for this is the lack of transparency in prices. By providing your customers with transparent pricing information, you can reduce this mistrust and gain their trust.
2. The EU says so
EU's Omnibus Directive, aka the Price Indication Directive, stipulates that merchants must inform consumers about the lowest price a product has had in the past 30 days when it's sold at a discount or in a sale. The EU intends this requirement to ensure that consumers receive clear information about the actual value of a product. As a marketing or eCommerce manager, complying with these regulations and offering transparent prices is critical.
3. Only 1% of consumers fully trust the deals
The above survey shows consumers' distrust of Black Friday deals is widespread. Overall, only 1% of respondents fully trusted the deals, while 52% did not trust them much, and 19% had no trust at all. By offering transparent prices and meeting legal requirements, you can regain consumer trust and convince them that your deals are authentic.
4. Being authentic pays off
Being authentic is a powerful differentiator. Embrace transparency, proudly display your product prices, and provide history, starting with email campaigns! Doing so will win the hearts, loyalty and trust of customers who appreciate your authenticity and choose you as their trusted provider of all the things they love.
Easy as that! New Custobar feature for more transparency in Black Friday campaigns
To meet legal requirements and strengthen consumer trust, we offer merchants a price transparency feature to be used in Custobar email campaigns. You can improve the transparency of your pricing, showing up to three more price points in your campaigns.
Transparent prices are crucial to building consumer trust during Black Friday. By meeting the legal requirements and providing clear pricing information, you can reduce consumer mistrust and position your business as a trusted source. Use Custobar's new feature to display historical prices and give your customers a transparent insight into price development. Be a frontrunner in transparency and win your customers' trust!