Today’s consumers are savvy shoppers and minor price shifts may make a significant sales impact – up, or down.
Most market research anticipates that consumers make rational decisions. That research forces participants to use analytical, rational thinking when, in real life shopping scenarios, consumers use quick, often subconscious thinking!
But behavioral economics tells us consumers are not rational when shopping. Rather than reading all the copy on a package and processing each of its benefits relative to a competitor’s, consumers instead search for simple cues that bring positive associations to their minds – often subconsciously.
Testing alternatives on DI’s proprietary virtual shopping platform identifies and validates the impact of pricing variations on actual behavior – not stated intent. The platform can also simulate competitive price changes to anticipate reaction in the marketplace.
