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E-commerce trend alert: neuromarketing
This is not an April fool alert: The New York times is covering how savvy internet retailers are beginning to use brain-science studies to help determine the elements of your online experience (the colors, location of objects, order of prices on the screen) to influence your feelings about their products, what you will buy, and even how much you’ll spend...
Well, we thought this is what folk were (or should be) using analytics for. Neuromarketing is “the science of human decision, how people use their brain to make decisions." Studies show that text placed to the right of the item to be purchased can have more influence on the customer than text placed on the left side of a photo.
If you have two similar items on a Web page, one selling for $200, and the other for $250, for instance, most customers will purchase the cheaper item. But add a third item at a higher price—say $300—one that the company is not even interested in selling, and most people will purchase the $250 item. (Mind you, that's the "buy the second cheapest bottle of wine on the list theory", isn't it?)
Mr. Lindstrom and Dr. Mitchell advise how to resist untoward psychological sway while shopping online do the following:
1) Determine what you are going to buy online, and stick to it.
2) Determine the amount of time you are going to shop online, and stick to it.
3) Determine your online shopping budget, and stick to it.
That's where we've been going wrong.
Read the whole piece.
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