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From predicting responses to movie trailers across genres, and the effectiveness of outdoor advertising to understanding employee retention from the neuro perspective, and comprehending brand empathy — the Centre for Behavioural Science (CBS) at the Indian Institute of Management Ahmedabad (IIMA) seems to have covered diverse aspects linked to consumer and employee behaviour in its academic and research projects.
The Centre for Behavioural Science in Finance, Economics and Marketing, inaugurated in December 2019 at the Indian Institute of Management Ahmedabad (IIMA) with a grant from the National Stock Exchange (NSE), claims to be a first-of-its-kind management institution.
The CBS is equipped with screen-based and wearable eye trackers and a 32-channel wireless electroencephalography (EEG). Using the EEG technology, it can monitor the electrical activity in the brain using electrodes placed on the scalp to record the cortical activity with high temporal resolution. The technology is used in marketing research projects to understand consumer behaviour, and in finance projects to examine differential effects of factors like risk and emotion and to experimentally examine concepts, associated with behavioural economics.
In an ongoing research with a major industry leader, the CBS is conducting a study using these tools to understand what employees value and the motivators which influence employees’ perceptions. “An EEG detects the brain’s activity that generates minute electrical charges using electrodes to study several factors like productivity, income, performance and employee engagement. High levels of engagement enhance organisational performance and stakeholder value while encouraging talent retention, fostering customer loyalty and improving customer satisfaction,” Varuna M Joshi, the centre co-ordinator, told The Indian Express.
Similarly, CBS is also researching ‘whether interaction design on the ‘add to cart’ page increases conversion rates using screen-based and wearable eye trackers for e-commerce websites.
“Despite e-commerce websites having a more significant influx of consumers than physical stores, we abstain from analysing the buying behaviour on these web-based applications and do not implement strategies to help consumers and sellers make better decisions. Using the eye trackers, we can analyse interactions that can help users navigate different parts of a website providing nudges for the users,” said Veda Poduval, a research associate at CBS.
The centre also has a multi-functional stimulus and response device — ‘Chronos’ — that allows for accurate recording of data of key and releases that make for a thorough data collection set-up.
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