The Lock-In Effect and How it Influences Your Decision-Making

  Sometimes, certain companies that provide technological services use strategies that can influence the decision-making of their clients to ensure they remain dependent on them. For example, telephone companies might require a minimum sign-up time. It means that clients are effectively tied to a provider. This phenomenon is known as the lock-in effect. Dependence on suppliers is apparent in many sectors. There are some general ones, such as the implications of either being a user of an iPhone or an android. There are also e-commerce issues. For instance, the decision of certain entrepreneurs to sell their products on marketplaces instead…