The Effect of Social Interaction on Economic Transactions
Professor McDevitt studies how the social nature of a transaction influences what consumers purchase. To do so, he examined changes in two different retail formats that reduced a “social friction” that would otherwise inhibit consumers due to an implicit cost associated with ordering certain items in social settings, especially when those items might be embarrassing. He places these findings in the context of online transactions that require almost no social interaction, showing how firms might best respond to this phenomenon.
In this Fuqua Faculty Conversation, we will discuss:
- How social interaction affects what consumers buy
- How this effect has become more prominent given the increasing prevalence of online transactions
- How firms can benefit from this insight
How have you seen social interactions affect consumer behavior? Have other insights into online consumer behavior? Join the conversation in the comments below or in the Fuqua alumni LinkedIn group.
Questions? Write to firstname.lastname@example.org.