Cognitive biases can greatly affect how people choose to buy things. Here are some key ways they do this:
Anchoring Effect: People often focus a lot on the first price they see. For example, 61% of shoppers pick a product just because of its original price, even if there are discounts later.
Loss Aversion: Studies show that many people would rather not lose something than gain something similar. Around 70% of shoppers are more worried about losing a deal than excited about getting a discount.
Social Proof: About 79% of people trust online reviews as much as they trust their friends’ opinions. This shows how people's choices are influenced by what others think.
Scarcity Principle: When people think something is limited in supply, they feel a rush to buy it. Research shows that 80% of customers are more likely to buy a product if they believe it won’t be available for long.
Marketers can use these insights to connect better with consumers and boost their sales.
Cognitive biases can greatly affect how people choose to buy things. Here are some key ways they do this:
Anchoring Effect: People often focus a lot on the first price they see. For example, 61% of shoppers pick a product just because of its original price, even if there are discounts later.
Loss Aversion: Studies show that many people would rather not lose something than gain something similar. Around 70% of shoppers are more worried about losing a deal than excited about getting a discount.
Social Proof: About 79% of people trust online reviews as much as they trust their friends’ opinions. This shows how people's choices are influenced by what others think.
Scarcity Principle: When people think something is limited in supply, they feel a rush to buy it. Research shows that 80% of customers are more likely to buy a product if they believe it won’t be available for long.
Marketers can use these insights to connect better with consumers and boost their sales.