Behavioral Economics

Current Tag: Behavioral Economics

Posted by Eyefaster on April 5, 2016

TotalRetail - Strategies for Success in the M-Commerce Age

Editor’s Note: This article was originally published in TotalRetail on March 18, 2016 Mobile commerce is destined to be the big buzz of 2016 … with 95 percent growth in 2015 over the previous year. Expectations vary, but it’s likely that mobile devices will soon overtake computers as the leading avenue for e-commerce. Brands and…

Posted by Eyefaster on January 27, 2016

How Do Organic Labels Affect Consumer Decisions?

It’s 2:00 p.m. on a Sunday afternoon, and you’re standing in the produce aisle of your local grocery store, contemplating the benefits of pink lady apples versus mandarin oranges, when your eye is suddenly drawn to the label. Whether consciously or subconsciously, you begin to analyze the words and phrases printed there and compare them…

Posted by Eyefaster on May 12, 2015

We Don’t Always Buy What We “Should”: Why Consumers Make Irrational Decisions

Traditional economic theory, also called rational economic theory, posits that people make decisions by examining all the available evidence and making the most logical decision. But as the craze for Beanie Babies and the continued success of the KFC Double Down have shown, consumers frequently make choices that are not in their best interest. Consumer…

Posted by Eyefaster on May 7, 2015

Seeing Beyond Demographics: Why Traditional Divisions of Consumer Groups Don’t Work Anymore

One of the reasons that eye tracking is such an effective way to study consumer behavior is that it doesn’t rest on assumptions. In our research, we watch real people in real shopping situations to gain real insights into buying behavior. Traditional marketing efforts are less directly evidence-based, and focus instead on demographics—age, income, location,…

Posted by Eyefaster on April 3, 2015

The Buying Process: Subconscious Triggers to Conscious Action

Most people like to think that they make logical buying decisions based on price, trust in a brand, recommendations from a friend, etc. These can all be factors, of course, but consumer research shows that shoppers’ decisions start from a much deeper place—the subconscious level. Most information actually never reaches the conscious mind. Estimates vary,…