Business2Community: The Five Things You Need to Know For Brand Portfolio Success

Business2Community offers interesting take about the purchase impact of high number of choices:

We live in an over-abundant world of consumer choice, but more is rarely better.

The paradox of choice is a powerful concept popularised by Barry Schwartz. It is said that the limited choice offered in hard discounters in one of the main reasons for their success; it’s not just about lower prices.

They usually present just one or two brands for each item they stock and the branded products they do stock are almost always at the same price if not higher than normal supermarkets.

More than ten years after the first research on which Schwartz based his theory, new studies have given some alternative perspectives on choice, claiming that large assortments are not always a bad thing.

In the study by Gao & Simonson, they propose that there are many factors which were forgotten in Schwartz’s study.

In other words, the online searches that we all now perform before purchasing will benefit from a wide selection of offers.

Once we have decided to buy, then a large choice can become a barrier to final purchase.

Although Schwartz’s original book was published in 2006, he recently commented on the current choices facing consumers in “The Paradox of Expanded Choices.”...

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story and imagery courtesy of business2community.com

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