Shopping Intelligence as a New Concept in Analyzing Consumer Behaviour

Although existing models describing consumer behaviour offer a great deal of insight into the patterns and heuristic behind every customer’s buying decisions, they are not without serious limitations and operate as standalone units. Shopping intelligence, a completely new concept in economic psychology, not only attempts to merge the existing concepts into one, but to add value by allowing researchers to objectively assess respondent’s shopping style and capabilities in quantitative manner. Knowledge of these factors will allow the companies to be more competitive, by better tailoring their product, price and marketing strategies to the needs of its customers. It will also help entrepreneurs avoid losses due to inappropriate choice of the aforementioned strategies. Customers will too be beneficiaries, as they will receive a product that meets their demands better.