So the question is "Do we need more choices or less of it"? It's a difficult one to answer thinking how much will be enough for anyone. But one example from an article from MarketingProfs really hit me hard and made me think about it.
"...The story is about In-N-Out Burger; their customers don't expect an extensive menu. Their menu only includes 3 variations of same kind of sandwich i.e. a hamburger, a cheeseburger and the Double Double which comes with two patties and two slices of cheese. You can order a side of fries and a shake. But that's all. NO chiken strips, no salads, no stuffed jalapenos, no kids' meals. You can customize orders from the so-called secret menu i.e. Animal style, for instance, added grilled onions but dining options is unapologetically limited. And last but not least, they keep the lines long and service slow."
One thing is sure. Too many choices can cause a lot of customer experience anxiety and mental exhaustion. So the best strategy would be to simplify the products, services and portolios as it helps customers isolate their needs from burgeoning choices that are in offer in the marketplace.
P&G got it right way back and more & more companies are realising it that nowadays "Less is More" & "More is headache". More so, it all depends how individually exclusive you can keep your products or services without diluting it in the clutter.