Loss aversion

Psychological Theory:
The feeling of giving something up is stronger than the feeling of acquiring it.

Application idea(s) for E-commerce websites:

People like to gain. But people hate to loose. Some psychological studies even show that losses are twice as powerfull as gains. So instead of persuading people to buy your products in terms of what they have to gain, try to persuade them in terms of what they will loose when they don’t. (Further reading: Loss Aversion, Wikipedia)

This post is part of my Psychology of E-commerce tips series where I present you with a psychological theory and suggest how you can apply this within your e-commerce website.

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