Psychologists and neuroscientists would say that the reason why we react in this way to choice is because our brains quickly become overwhelmed. Too much choice paralyzes us into indecision; and if we do ultimately bring ourselves to make a purchase decision, we find that we’re less satisfied because we worry that we could have done better if we had made a different choice. Marketers call these feelings “purchase anxiety” and “buyer’s remorse” respectively.
A famous market research study conducted 20 years ago regarding the sale of jam at a gourmet market uncovered the psychological affect that choice has on purchase behavior. A business professor posed as a jam vendor, first offering 24 varieties of jam for shoppers to sample and offered them a coupon to use on a subsequent purchase. She then repeated the study with just 6 jam varieties, offering the same coupon. The results were pretty astounding! With the 24 jam variety offering, 60% of people sampled jam but only 3% made purchases. However, with the 6 jam variety offering, 40% of people sampled jam but 30% made purchases. That means that if 1,000 people passed by the larger jam assortment, only 18 actually bought any jam, but if that same crowd of 1,000 people passed by the smaller jam assortment, 120 went home with some jam!
Psychologists and neuroscientists would say that the reason why we react in this way to choice is because our brains quickly become overwhelmed. Too much choice paralyzes us into indecision; and if we do ultimately bring ourselves to make a purchase decision, we find that we’re less satisfied because we worry that we could have done better if we had made a different choice. Marketers call these feelings “purchase anxiety” and “buyer’s remorse” respectively.
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