We tend to compare or estimate all the information that we encounter later with the first piece of information (anchor) that we encounter. The tendency of our brain to focus on the information that we encounter first is known as the Anchoring effect or Anchoring Bias.
Factors that Influence the Anchoring Effect.In this article, we’ll learn about the Anchoring effect, the reason behind this effect, and some real-life examples of the anchoring effect. Well, how you find this purchase at a higher price a good deal, the answer is the Anchoring Effect. You are happy with your purchase but little did you know that the same item costs you around 300 dollars in another nearby store. You think it’s a great deal and buy that item at half the price of the item that you checked first, i.e., at 500 dollars. You get excited and compare it with the price range of the first item the salesman showed to you. You ask for the item in the lower range, and then the salesman brings you a similar item and says that this item is at a 50% discount today. The salesman shows you more options but that is also in the same range as he showed you first. You think it is more than your budget, and you ask for more options. You went to the nearby store, and the salesman shows you the item, and it costs 1000 dollars. Imagine a scenario, You want to buy an item, but you don’t have much idea that how much does that item will cost you.
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