The endowment effect refers to an emotional bias that causes individuals to value an owned object higher, often irrationally, than its market value.

This is because people value “their” things more because of the emotional and sentimental value it has over something that’s not theirs.

For example, Apple offers to engrave people’s name on their Airpods, which make it more valuable to them, because it’s theirs. Find ways to personalize the product with consumer’s information so that they “feel” as if this is their own and they value it more.