Are you creating the sense of urgency necessary to cinch sales? Turns out, losing the lollygagging looky loos and getting shoppers to commit may be simpler than you think.
Urgency & Sales Motivation
To prevent people from “thinking about it” and possibly forgetting about it scarcity is key to taking advantage of the buyer psychology not to miss out. Limited time offers and limited stock prevent pesky procrastination.
How Much Does Scarcity Affect Buying Decisions?
In a study by WhichTestWon, a simple countdown timer resulted in nearly 9% better conversions than a product page without a timer. Another retail study conducted by Digital Commons at the University of Nebraska indicated consumer competitiveness, in-store hiding and hoarding, and urgency to purchase in stores using perceived scarcity strategies including limited quantities and limited time sales.
What Types of Perceived Scarcity Tactics Can You Put to Work for Your Business?
• Limited time offers
Time restricted sales, such as holiday and game-day themed offers ramp-up the psychological trigger to avoid loss.
• Limited quantity
Use limited stock to your advantage, showing scarcity to boost perceived value. Advertising real-time stock is a great way to accomplish this.
• Limited quantity/limited price
Airlines use this all the time, boasting “only 3 seats at $50.” The rest may be $51, or $40, but since they don’t show availability – the buying public remains unaware.
• Flash sales
Very limited time offers on hand-selected items.
• Product page countdown timers
Rather than simply posting the date, countdown timers ticking away the sale offer a visual reminder of product scarcity.
• Timed shopping offers
Express and free shipping deals for those that act fast are another super incentive.
• Copywriting tactics
The language you use can also create urgency, such as “Going fast!” or “Supply is limited!”
The Devil in the Details
Remember, the goal here is to motivate purchases – not lie to customers, which creates a bad image for your brand. Base all scarcity tactics on something – a need to make room for the upcoming season’s inventory, overstock. Don’t just toss a timer on a page and expect a sales boost. And don’t overdo it. Encourage procrastinators – but don’t pressure customers and incite buyer’s remorse.
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