12 Consumer Psychology Theories You Can Use in CRO

By Endless Gain

07.04.2020

Endless Gain Psychologist Professor Ben Ambridge talks about 12 ways to overcome people’s cognitive biases for better conversions.

If you’re looking to optimise your website through experimentation, you should focus on developing your designs and sales/marketing techniques based on consumer psychology and behavioural economics.

Why?

Because you are selling to humans who think and feel and react and respond, and there are ways to overcome their psychological biases to improve your conversions.

Our psychologist Ben Ambridge described 12 common psychological fallacies among consumers in a webinar held in collaboration with VWO on 26 March.

Overcoming or applying these consumer biases through your optimisation strategies may help you improve your customers’ buying experience on your site and ultimately your sales.

Here Are 12 Common Cognitive Biases in Consumer Psychology

Professor Ambridge spoke about the following psychological theories that can be applied to e-commerce:

  1. Delay Discounting
  2. Endowment Effect (Loss Aversion)
  3. Sunk Cost Fallacy
  4. Foot-in-the-door
  5. Door-in-the-face
  6. Less is More Fallacy
  7. Anchoring Effect
  8. Framing Effect
  9. IKEA Effect (Labour-Love Effect)
  10. Decoy Effect
  11. Von Restorff Effect (Isolation Effect)
  12. The Power of Free

Watch the webinar to learn about how to apply these theories practically in e-commerce:

Download our ultimate consumer psychology e-book Selling Fast and Slow for more details on how to use psychology in e-commerce.

Endless Gain


http://www.endlessgain.com

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