Thursday 16 July 2015

'Caveat emptor' has morphed into 'caveat venditor' - why ‘seller beware’ is the new mantra for savvy consumers..

Today’s news that the Competition and Markets Authority (CMA) plans to take action after its investigation into misleading supermarket promotions should not be news, except in that it signals a significant shift in responsibility from buying to selling…

In other words, for many years sellers have relied upon the ‘letter’ of the law in terms of leaving the responsibility for checking match with consumer need to the purchaser, rather than the ‘spirit’ of the law whereby a savvy consumer expects to receive what it says on the tin, at least…

•   The real issue is why retailers need to learn about consumer trust the hard way?
•   To say nothing of the basic Tell-a-friend formula in junior selling school:
            -  Exceed Consumers’ expectations and they will tell a friend..
            -  Short-change them and they will tell 10 friends…

In other words, in a world of savvy consumers, caveat emptor has truly morphed into caveat venditor…courtesy of the new Peoples' Champion - the government!

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