Summary
Contents
Marketers have long debated on what governs buying decisions of digital consumers. Are these decisions rational or are they driven by whims and fancies? Human decisions are controlled more by the reptilian brain led by fear and the mammalian brain governed by emotions, rather than the neo cortex that works on rationale. Is it then possible for marketers to decode buying decisions of digital consumers and market their wares strategically in a highly competitive marketplace? How People Buy Online proves it is possible. Not only does it break the myths about online shopping behaviour, but it also reveals some deep marketing insights for consumer engagement by delving into consumer psychology and behavioural economics. This unique intersection of marketing with psychology makes this book an absorbing read, especially for management professionals. Watch the book discussion https://youtu.be/DK20dpk35zU
Perceived Risk
Perceived Risk
‘Man is a rational animal’ who, unlike other creatures, makes informed decisions after carefully evaluating all options. He, either on purpose or unintentionally, studies the risk involved in various alternatives that he has. This happens because risk is ingrained in people's life and it results from the fact that making decisions concerns the outcomes in future.1
‘Perceived risk’ in consumer theory is the risk that a present-day consumer takes into consideration before moving forward with his/her desired purchases. These mere doubts have a great impact on actions of the buyer. Therefore, as a marketer, it becomes your responsibility to be able to clear the doubts of your prospective buyers and mitigate risks associated with your brand.
In order to boost your business, you ...