Takashimaya Department Store is running a 10% Card Day and will be offering an additional 10% off storewide for cardholders who shop in-store and online from 6 to 9 October 2022.
The discount is applicable in-store for DBS Takashimaya Credit and Debit Cards or Takashimaya Smart Card with a minimum purchase of $10. If you are carting out from their online store, you can enjoy the same 10% discount with a DBS/POSB credit or debit card.
Due to the restrictions imposed by the COVID-19 pandemic, a lot of holiday shopping shifted online.
A 2020 report from McKinsey & Company showed that 37% of respondents intended to spend more money online during the holidays compared to their spending last 2019. The report surveyed a whopping 3,500 shoppers from United States, United Kingdom, China, Germany, and France. Additionally, Chinese e-commerce giants JD.com and Alibaba set new records by racking up about US$115 billion in sales across their websites during the 2020 Singles Day event.
“2020 has been a year of accelerated (digitalization) and we believe that it is a shift to online lifestyles that is broad, deep, and irreversible.” – Terence Pang, COO of Shopee
As the online shopping scene continues to flourish, retailtainment has become a viable tool for sellers. As the name suggests, retailtainment is the fusion of “retail” and “entertainment”. It is all about enhancing the consumer’s experience by injecting enjoyable and amusing twists into the shopping experience. Sellers must focus on creating different experiences that induce an emotion.
MIXING LIVE STREAMING AND E-COMMERCE
Simply opening an online store or establishing a social media presence cannot cut it these days. You need to stand out from the rest by harnessing the latest technology and using other methods to improve the consumer’s shopping experience. This is where retailtainment and live streaming comes in.
Live streaming refers to broadcasting yourself in real-time. In Singapore, the live streaming e-commerce took off over the last couple of years due to the restrictions brought by the pandemic. Retailers could no longer rely on foot traffic alone!
In fact, media intelligence firm Meltwater reported that conversations around live streams and gamification of the online shopping experience in Singapore rose by 1890% on social media platforms and forums since March 2020.
Online marketplaces such as Lazada, Zalora, and Qoo19 used the power of live streams to increase their sales and digital traffic. Several brick-and-mortar retailers have used live streams for the same reasons too.
Image Credits: pixabay.com
When it comes to live streaming or live selling, creating and maintaining good relationships with the consumers is the key to success. It is all about building credibility through quality products and service. These factors will keep your consumers constantly engaged and eager to buy more products. Good relationships can help you turn ordinary online shoppers into loyal customers.
With a population of nearly 5.7 million people, the humble Lion City is one of the major e-commerce markets in Southeast Asia. In fact, the largest segment in its e-commerce market is the Electronics & Media. This segment’s growth is understandable given that most of us relied on technology to sustain our needs during the pandemic.
Aside from this, research firm IGD Asia found that Singapore’s grocery market saw an increasing demand in its consumers. It was forecasted to become a S$9.9 billion industry by 2023. The leading players in the local online groceries were NTUC FairPrice and RedMart.
These figures highlight the increasing numbers of people who patronize online shopping. Online shopping can bring multiple benefits to its consumers, but it can also encourage retail therapy. Oh! What exactly is retail therapy?
DEFINITION
Retail therapy is the act of shopping for goods with the primary purpose of improving one’s mood or disposition. In other words, it is shopping (or window shopping) for something to make you feel better.
When you are shopping, the body releases dopamine. Dopamine is a neurotransmitter that plays a role on how we experience pleasure and reward. It helps reinforce enjoyable sensations and behaviors. This affects how people feel during the anticipation and acquisition of a new possession. Interestingly, the height of the blissful release is usually during the anticipation of getting a new item. Before you know it, the bliss is gone!
Retail therapy can boost the buyer’s self-esteem.
Many advertisements take advantage of how retail therapy can boost one’s self-esteem. You may be tempted by both targeted ads and SMS notifications when you are most vulnerable. Be mindful!
On the other hand, treating yourself can be strategically motivated. A 2011 study showed that consumers can exercise restraint if this act leads to improved mood.
Retail therapy has its advantage too.
The authors of a 2013 study suggests that retail therapy gives people a sense of control that counteracts the feelings of powerlessness. People tend to feel empowered when they decide what they must purchase. When done in moderation, retail therapy can bring positive effects.
However, it becomes a harmful habit if you consistently shop to cope with distress. The temporary boost associated with shopping can prevent you from seeking necessary help.
Retail therapy can affect your financial situation.
Retail therapy may affect your finances if you do not keep track of your spending. Having a budget and sticking to it can help you cushion the costs of shopping.
Spending more than what you have may lead to significant levels of debt over time. Drowning in debt can result to more distress. Therefore, it is important to have a realistic allocation for your leisure shopping activities.
Image Credits: pixabay.com
THINGS TO KEEP IN MIND
FOLLOW A REALISTIC BUDGET
Overspending and debt are the primary negative consequences of retail therapy. Avoid these by strategically planning your spending. Create a budget and maintain your limits. Set aside a specific amount for your retail therapy each month.
If you want to shop for an item that is beyond your limit, you can plan to save up for it. Saving for a desired item can be rewarding!
TRY WINDOW SHOPPING
Much like physical or online shopping, window shopping or scrolling through an online store can positively impact your mood. The anticipation of eventual possibility of a treat releases dopamine. It gives your brain the bliss it craves for, but it does not cost a thing!
REDUCE THE TEMPTATION
Shopping apps are tempting for all types of consumers. The convenience of shopping at one’s fingertips as well as swift online payments have helped increase the online shopping tendencies of many. Because everything is convenient, there is only a small room for contemplation and clearer decision-making. Hence, you can delete the shopping apps from all your devices to reduce its temptation.
THINK BEFORE YOU PURCHASE
Everyone has bad days. If you are overwhelmed with emotions during your shopping day, give yourself a brief waiting period. Ponder about the content of your shopping cart for one to two days. Then, go back to it.
If you still feel like you want or need the item when you are in a better mood, you can get it if your budget permits it.
Image Credits: pixabay.com
CONCLUSION
Retail therapy is the act of shopping for goods with the primary purpose of improving one’s mood or disposition. In most cases, rewarding yourself with new items can make you feel better. You just need to stay within the budget.
It turns harmful when you use it as a coping mechanism to regulate your emotions (i.e., emotional spending). To relieve distress on a long-term basis, you must identify and manage its triggers. Seek professional help when necessary. Remember that retail therapy is not actually therapy!
You may go shopping during a huge Laptop sale and save big time on what you need but find yourself purchasing its costly accessories. Extras for laptop, computer, Smartphone, and so on can be purchased at a bargain price online on Ebay or Carousell rather than from the shop itself. Shop for the necessary, weight your options when buying extras, and look at the bigger picture.
2. COMPARING PRICES BY SHOPPING
Compare prices online or through magazines and newspapers instead for buying the items yourself. Also, when comparing prices, give yourself a time limit (e.g., 20-30 minutes). This is because people who can’t stop looking for the next best deal are never satisfied.
3. LETTING IMPULSE TAKE OVER
When impulse takes over your shopping, you regret purchasing an item the minute it arrives. To know if you really need and want something, walk away from it and you will save money. As most heard: “if you love something, set it free”. And, if you find yourself thinking about it after 24 hours then go back and buy it.
4. OVERSPENDING DUE TO AN ATTRACTIVE DEAL
Online shoppers are found to spend over 1/3 more when the shipping is offered for free. This is because the attractive deal catches you. Avoid overspending by writing down the things you need to buy and sticking to it.
5. NOT NEGOTIATING
Most goods are negotiable these days. You would not know if there is a sweeter deal if you do not ask. You do not have to say: “Can you give me a discount?” directly if you are shy…use “Can you work with the price with me?” instead. Before negotiating, be sure that you did your homework about the competitors’ prices first.
6. TRYING IT ON
If you are not prepared to buy an item for its price, do not try it on. Psychology suggests that physically touching a product makes you desire to buy it more. Touching a product can lead to lingering and prolonged feelings of ownership. This is why clothing stores have an abundance of changing rooms or why more expensive grocery items are just within your reach.
7. GOING FOR RETAIL THERAPY
People often know that you must not shop hungry in a grocery store because you would end up buying everything that satisfies your hunger.
Image Credits: Pedro Ribeiro Simões via Flickr
Same goes for other aspects of shopping, it is best not to shop angry or sad. Shopping while you are angry makes you more likely to take risks. While, shopping while your sad may fill up the void in your heart but empty your wallet along the way. Making retail therapy a habit can turn in an unhealthy and costly addiction.
Admit it…when you are about to make a remorseful purchase, you will rationalize your spending with a whole lot of things. Oh how lovely it feels when you’ve refreshed your whole wardrobe! But, it may not be wise for your finances in the long run.
From being stressed to needing to look good for a special occasion, here are 8 Excuses Young People Use To Justify Their (Unnecessary) Spending…
1. I HAD THE WORST DAY. I DESERVE THIS.
Isn’t it the worst feeling in the world when you’ve studied so hard for a final exam and failed the next day or when you’ve prepared so hard for a crucial presentation and choke the minute you went up on stage?
Certainly, it can change your mood negatively. Too boost your self-esteem you will buy the prettiest lipstick from MAC cosmetics or a new phone. 2. CELEBRATING MY GOOD GRADES, NEW JOB, or NEW APARTMENT
Since you have been promoted from your job, you better get a new coffee table, work dress, or a sparkly jewelry. You definitely feel that you shouldn’t look like old self. You want to embody an up-gradated version of yourself. Version 2.0!
3. I AM SO STRESSED. RETAIL THERAPY PLEASE!
That moment when you feel cannot do it anymore. You feel helpless and stressed with the situation you have been given. Hence, you will dive into retail therapy and drown yourself with material things to make you feel better. You may also swipe an expensive massage from your Visa Card. Ohh la la!
4. BEING AT MY PARENTS’ HOUSE SAVED ME ENOUGH MONEY.
After spending a week at your parents’ house you rationalize that you’ve saved so much money from eating home cook meals and using your their utilities. It helped you save enough money that you can now spend on the stuff you like.
5. SINCE I AM SPENDING, I MIGHT AS WELL GET THE BEST.
You feel that your money is more worth it if you bought nothing but the best beer, blouse, shoes, or concert tickets. After all, it is your own money.
Image Credits: Amélie Verleene via Flickr
6. THE “JUST THIS ONCE” PHENOMENON
You will be quick to purchase when everything is on sale and the item you like only has one size left…and it is your size! Just this once (you tell yourself).
Then you will feel that you have been eating too much processed food or instant noodles while you are living in your dorm. So, you will eat somewhere pricey but super nice for a change. Just this once.
7. I NEED TO LOOK GOOD FOR MY BF, GF OR MYSELF
The urge to buy an expensive article of clothing due to the constant need to look good for your boyfriend, girlfriend or yourself. Other than that, the person you dislike might be in the reunion party you will attend. You feel that it will be nice to show him/her how amazing you look now.
8. IT IS OKAY TO SPEND AS LONG AS I AM HAPPY.
Along with the previous excuses above, many have fallen prey to this statement: “It is okay to spend as long as I am happy”.
For instance, you went to a Game Console store with a single goal in mind—to buy the new GTA V XBOX game. But, you walk out the store with 2 games in hand (that is a 100% over your budget). At least you are happy!
Image Credits: Jason Devaun via Flickr
I hope that by knowing these excuses, you will be aware and more cautious in your daily spending. 🙂
