Applying Behavioral Economics To Retail
Recently, the McKinsey Quarterly published a brief article titled âA marketerâs guide to behavioral economicsâ. The author recommends four strategies for marketers, all inspired by research in behavioral economics.
Behavioral economics is, of course, a large and established field of academic research, complete with a Nobel Laureate (Daniel Kahneman). The academic work has been popularized in a number of books (examples: Nudge, The Winnerâs Curse) over the past decade.
In my previous work at ProfitLogic/Oracle as well as my current consulting work with retailers, I have been on the lookout for opportunities to help my clients exploit these findings. Sadly, I have not come up with anything that isnât already well-known or already being applied.
Against this backdrop, I was curious if the McKinsey article had new insights to offer; something that I could make Monday Morning useful for retailers.
Letâs take a look at the four recommendations from McKinsey.
1. Make a productâs cost less painful…
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