How does anchoring bias affect consumer decisions?
An example of an AI chatbot conversation about the impact of anchoring bias on consumer behavior.
How does anchoring bias affect consumer decisions?
Anchoring bias occurs when consumers rely too heavily on the first piece of information they encounter, which can skew their decision-making.
Can you give me an example of anchoring bias in shopping?
Sure! If a shirt is priced at $100 but is marked down to $70, the original price serves as an anchor, making the $70 seem like a great deal.
Are there any strategies to counteract anchoring bias?
Yes, consumers can counteract anchoring bias by seeking out additional information, comparing prices, and being aware of their own biases.
Does anchoring bias affect online shopping differently than in-store shopping?
Yes, online shopping often presents multiple anchors through various promotions and comparisons, which can amplify the effect of anchoring bias.
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