🚦
A cognitive bias that describes why the pain of losing is psychologically twice as powerful as the pleasure of gaining.
Featured in 30 UX Bites
Similar psychology:
Reminding users of the features and progress they'd lose on cancelling could reduce churn, as the pain of that loss may outweigh the savings of leaving.
Loss aversion may lower conversion rates on large commitments, e.g., annual plans, as users fear losing money if they're unsure they'll get value from it.
Loss aversion could make users more anxious about 'risky' actions, e.g., going back in a form, as they fear losing progress. Clear consequences may help.
Leaning too hard on loss aversion could increase discomfort and frustration, which may lead some users to stop using your product altogether.
Even the possibility of loss can reduce enjoyment, so de-risking actions, e.g., showing how easy it is to cancel, might help users feel happier using your product.