An Analytical Investigation into the Impact of Product Color on the Price of Retail Products and Purchasing Decisions of Consumers

Product owners have a role in determining the effective colors when launching new products or repackaging existing ones. Both consumers and product owners often wonder about the influence of colors on pricing and purchasing decisions. Therefore, analytics play a role in understanding how different colors impact consumer behavior and evaluations. The purpose of this study was to investigate whether the color of a product influences both its price and consumer behavior. By utilizing data exploration, statistical models and visualizations, the proposed hypothesis has been confirmed. This article provides an analysis of the data used in project specifications, data sources and acquisition methods, data analytics techniques and data visualizations to assist with decision making related to themes. There exists a strong correlation and statistically significant association between the colors and pricing of the products. Those that are orange in hue have greater confidence intervals for receiving more likes compared to those of other colors. Brown products have higher average pricing compared to other products. Purple products have a greater average discount compared to other products. Black is the predominant color utilized in these products. Yet, it's important to note that these results can be further refined by considering additional sources and a wider range of products. Therefore, gathering data from e-commerce websites becomes necessary as there is a scarcity of accessible information and obtaining permission from site owners is required to do so.