Economics in every single aspect of our life

Switching Cost:

                Switching Cost is incurred when we change from one product/service to another.Switching Costs means not only cost but can also be time,efforts,emotional connectivity etc. So many companies lock-in the customers with high switching costs not allowing them to move to another product.

             Ex: I used to travel by train when I was studying  B.Tech ,but when i came to Bangalore I started travelling by bus. Here the Switching cost is increase in cost and time .

Low Switching Cost:

•  Switching Cost for FMCG products like soaps,eatables etc is less compared to high quality and high cost products.

High Switching Cost:

• Some people are emotionally connected to that particular products/service like college,social media etc-in this case the switching cost is high.