It’s a red letter day for business that deal in deals today. At 4pm, the web address endings .cheap and .bargain go on sale, as alternatives to the usual .coms and .co.uks.
These new web address endings should act as homing beacons to online bargain hunters. It means that shoppers don’t have to hunt around hundreds of websites to find the budget-friendly versions of whatever they want to buy. Instead, they can make a beeline for the sites that end in .cheap and .bargains.
Every month, around 3.76 million people insert the word cheap into Google’s search engine. A further 118 thousand people type in the word bargain.
And the reason why? The human brain is hardwired to want a bargain. In his book Priceless, bestselling author William Poundstone looks into the psychology of value. His research uncovers the fact that shoppers are 24 percent more likely to buy a product priced so many dollars and 99 cents than the same product with the price rounded to a whole number.
Evolutionary psychologists, like Professor Gad Saad, who teaches at Concordia University in Montreal Canada, meanwhile, put the human love of bargains down to basic primal needs. When we see a resource going out of stock – eg on sale – we have an innate need to stock up on that product before it is lost to us forever. These instincts date back to ancient hunter gatherer times, when humans had to go out and hunt for their food.
Other psychological studies have suggested that the ability to hunt out a deal has implications for a shopper’s self worth. In the research paper Fairness and Discounts: The Subjective Value of a Bargain, psychologists Peter Darke and Darren Dahl argue that a bargain has more than just monetary benefits for a shopper. They discovered that hunting for a bargain made shoppers feel good about themselves for being ‘effective’ and ‘skilled’.
The .bargain and .cheap web address endings should be able to cash in on the human need for a deal. To get your own, visit the UK2 domain name page.