The assumptions of standard economics . But th not really the way people’s minds work. Due to bound rationality starting from a number of alternatives continuing to add options increases the probability of overwhelming or saturating customers. Th known as choice overload and if your customers reach that point they could end up making bad decions due to decion fatigue or most likely they could abandon the decion process itself due to analys paralys . Numerous researchers have delv into our irrationality two of the most relevant being the aforemention richard h. Thaler along with the nobel prize winner in economics author among others of the best-seller “thinking fast and slow”. Behavioral economics or behavioral sciences in.
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What areas can you apply it in recent years the rapid growth and adoption of behavioral economics has made both the private and public sectors aware of the importance of working with professionals specializ in understanding human behavior and the mobile app development service variables that affect decion-making. Decions “behavioral scientts” . For th reason we no longer only speak of “behavioral economics” but of “behavioral sciences” since other sciences such as anthropology sociology philosophy neuroscience etc. Are incorporat into economics and psychology which combin with data analys has become a fundamental tool to deepen the understanding of human behavior.
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It also important to note that although th article focus on customer experience you can use behavioral sciences to understand and influence the behavior DV Leads of any relevant stakeholder for your company employees shareholders suppliers etc The most common applications in the area of customer experience are relat to improving the management of incidents or complaints the personalization of contact points using behavioral insights the resign of loyalty models using behavioral models for example the “hook” model of habit generation or enrich primary research.
