When it comes to food packaging, designers focus a lot on colour and shape. But not enough attention is paid to the images used on the packaging.
The endowment effect is an emotional bias that says that once we own something, or have a sense of ownership, we irrationally overvalue it.
Loss aversion bias refers to our human tendency to prefer avoiding losses to acquiring equivalent gains.
The IKEA effect is a cognitive bias in which consumers place a disproportionately high value on products that they partially created.
Shopper thoughts, beliefs, feelings and perceptions influence shoppers' decision-making and alter buying behaviour.
Salience Bias is the cognitive bias that predisposes shoppers to focus on items that are more prominent or emotionally striking.
The decoy effect is the phenomenon whereby shoppers will have a specific change in preference between two options when presented with a third option.
The mere-exposure effect is a psychological phenomenon in which people tend to develop a preference for things merely because they are familiar with them.
Retail has seen fast-paced change from high street stores to online shopping. Now comes the metaverse - a digital innovation set to shake up retail!
