Choice is mushrooming around us everywhere.
Shouldn’t we be happy with the feast of choices laid out before us? Doesn’t having choice reflect more freedom, more autonomy, and as conventional wisdom would have it – a better outcome for us consumers?
Many economists say yes – more product choices keep the innovation engine of the economy humming, more competition keeps prices affordable. But, research into the psychology of choice says no.
When Steve Jobs returned to Apple, one of the most important decisions he made was to reduce the dozen variations of computers that Apple made at the time to just four. A better answer however, may be that of personalizing choice. Smart Analytics powered by in-memory computing is enabling companies to instantly sift through big data in real time, arming them with the predictive intelligence they need to deliver the personalized choice that precisely matches their customer’s individual preferences – whether it is location, promotions, or products or services they are most likely to purchase – answering this new conundrum.
Read my full blog post on forbes.com