2023-09-22
In his book "The Paradox of Choice," Barry Schwartz mentioned that having too many choices could lead to less satisfaction and greater regret. The paradox is related to the following characteristics:
Choice Overload: Studies have shown that once a certain threshold is reached, there is a decrease in interest. This is particularly evident in retail, where stores know how many different brands are enough to keep customers interested but not too many to overwhelm them.
Escalation of Expectations: The more choices you have, the more you tend to believe that there must be "the best one" among them.
Regret and Opportunity Costs: This is closely tied to the previous point; people tend to experience more regret when they have to choose between various options.
How to cope with the Paradox Of Choice? Schwartz divides decision-makers into "maximizers" - those who constantly seek the best possible option, and "satisficers" - those who are content with a good enough option. By proactively limiting the number of choices to those that have been proven to be "good enough," you can reduce decision anxiety for a significant portion of consumer-based choices.