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@buyerbehavior-tarahenry
The Hermes Birkin Bag maintains its reverence and value by the scarcity in supply. The bags retail between $12,000-$300,000, and combined with the increase in people trying to obtain them and the decrease in people selling or consigning their bags, they have become very rare indeed.
When supply is low, and demand is high, the price skyrockets. Luxury brands purposely keep supply low so that demand becomes high, and they are able to charge high prices for their goods.
Songs on SoundCloud are examples of cumulative advantage, like the Big Bootie Mixes. They get many likes and reposts from select superfans, and when others see how many times they have been played, they also play them and are more confident that they are “good” songs. This is an example of how popular things stay popular.
The concept of “rich get richer and poor get poorer” is the same logic as cumulative advantage, in which influence builds and is passed along with time.
Cumulative advantage states that with positive social influence, things can become more and more popular, while those with negative social influence or competition get less and less popular.
Consumers when they have too many choices to consider...
The possible outcomes that can come from too many choices. First the consumer will feel overloaded with all the choices, and having to decide between alternatives. With that many choices, there is bound to be disappointment or dissatisfaction with the choice. That then leads to regret for not choosing a different option.
Barry Schwartz, author of Paradox of Choice, giving his take on how too many choices can lead to paralysis.
Sometimes, having many choices can be fantastic! So much freedom! But sometimes choice can be overwhelming, like choosing a jam among all these delicious choices. Which too choose...
Sometimes we automatically think of a concept when presented with an object. The color pink is associated with femininity, while tools are paired with masculinity. These associations can become problematic when trying to branch out for products and audiences.
Take a look at the Implicit Associations Test!
The associations we have can sometimes be unconscious, and they become implicit associations. Sometimes we have positive or negative associations with things, and we don’t exactly know why!
Online shopping is less emotional and tactile experience, since extended use of the five senses is not really applicable.
Touch is very important for consumption, especially for clothes. Fabrics and feel are all apart of the experience, and we are more likely to buy things that feel nice to touch.
Consumers place higher value on things they perceive as theirs, so when they touch something, the value goes up!