Removing Friction is a Great Business Strategy

I used think product and pricing were the most important elements for business success.   While I still think product and pricing are important, I now believe making the consumer experience as easy as possible is the most important factor.

Here's one example for the DIYer.   In the past, to fix something, I would take the part to Lowe's or Home Depot, walk around the store, talk to an associate, compare the part to what I have, buy it and bring it home.   It would take me 20 minutes to drive and park, 30-60 minutes in the store, and 30 minutes to return home.   Now I can look 15 minutes online for the part, order it and get it delivered for free in 1-2 days, try the part and only drive back 20 minutes if I got the wrong part.   The process now take 60 to 90 minutes less time.   Home Depot has a 1 year return policy for those that use the Home Depot credit card and Lowe's has a 5% automatic discount for card holders and a 90 day return policy.  Easy peasy.

Here's another example for the Costco shopper.   Costco now has a 30 day price match guarantee.  If I buy it and the price goes down within 30 days, I am refunded the difference.   Costco also has a forever satisfaction guarantee return policy on most items, except electronics and computers, which are 90 days.  Rather than deal with manufacturer warrantees, I let Costco handle by returning items that stop working in the first couple years.   

In both examples, the stores are within few miles of my house and I pass by them when doing other errands.  Thus, no additional travel effort on my part to return items.  

Disclosure:  I was not compensated by Costco, Lowe's nor Home Depot for writing this post.

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This is not financial nor shopping advice. Please consult a professional advisor.

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