Get More for Less: The Choice Paradox
We as humans love making our own choices in life. Through our choices we express who we are as a person to the rest of the world. But sometimes, having too much choice can cause us to panic and question what we want - this is more commonly known as “choice paradox”, which refers to the fear of missing out or the fear of making the wrong choice. Basically our brains simply can’t handle the array of choices so we begin to freak out.
Too much choice can be overwhelming, and many researchers have delved deeper and gained a clearer understanding on the topic of choice. In his Ted Talk on choice, Barry Schwartz found that too much choice can have three negative outcomes.
The first is decision fatigue. We all only have so much pent up energy reserved for making daily decisions. After we’ve burnt up all that energy, our capability to continue making calculated decisions significantly reduces.
When people are confronted with too many options, customers can suffer from analysis paralysis, and this is where customers end up not buying anything from a company because the volume of options.
Customers after purchasing their final product of choice can feel buyers’ remorse. Customers will feel guilty, which is a natural reaction to their toing and froing.
With this is mind, the marketing world should pay attention to the choice paradox, as it can help marketers engage more with their customers, increase conversions and gain more consumers.
In order to ensure the choice paradox works in your favour, you need to first figure out how many product choices your business should have which offers the best browsing to purchasing ratio. Once you have a definitive number, make the end buying process quick and easy by keeping buying processes to a minimum. As soon as a purchase is complete, you need to communicate with your customer; for example, a confirmation email with make customers feel at ease with their choice.