Creating urgency from “scarcity.”
By making something appear limited in availability, its perceived value increases. The diamond market has taken advantage of this for years, as have many e-commerce companies. Trusted marketing companies like Urtasker.com can give your company plenty of ideas and options to accelerate growth, but here are some to get you started.
1.- «Only 1 in stock.»
There’s a reason you’ll never see “we have more than enough in stock” on an eCommerce product page. It does not motivate a potential buyer to take action.
Most merchants on Amazon know that if they enter an inventory of fewer than 20 items, the product page will show potential customers the quantity of remaining items. Showing Inventories falsely low to take advantage of this trick.
The urge for shortages.
.- «Time limit remaining»
Putting a deadline into the buying decision equation is a powerful tool for getting potential buyers close to you to buy. It is a popular tactic used by bargain sites and private sales sites. Groupon.com is famous for its limited-time offers.
3.- «Order today, and you will have the article on Saturday.»
It is a smart one. You are browsing a product page and considering if what you are seeing is the solution to your problem when you suddenly see the message “Order today, and you will have the item on Saturday.”
order today and receive later
Order today and receive Saturday
We have all experienced FOMO at one time or another. That is the fear of missing something valuable by doing nothing (Fear Of Missing Out).
4.- “You save 34%!”
Why does it seem like everything is for sale all the time? Because offline and online retailers know the effect of loss aversion can be.
The eCommerce companies take advantage of this by displaying the original price alongside the discounted price while showing your savings.
The idea is that the consumer thinks that losing these savings is greater than the product’s cost. Put another way, the cost of not buying exceeds the cost of buying.
Showing savings prominently relative to the original price is also a form of anchoring. People like to hold onto the first information we come across to guide our decision making.
5.- The “Best Value” option
Another loss aversion sales strategy. It consists of displaying several similar options at different price points. This practice is common in the software industry to have a good, better, and better version. Usually, the best value option is bolstered by standing out from the pack or noted as the most popular.
As in the cost savings example above, we anchor our decision-making on the cheapest option cost. It makes the most costly option seem unreasonable, so we consider our decision to two options.
While most of us have money saving in mind, what we want is a deal. Along with the cheapest option, the next best option offers relatively more value per dollar spent. Not many people will feel safe buying what they see as the most unpleasant option.
This psychological effect is called value attribution. It makes you buy the product that the seller wanted you to buy all the time. But you feel good about it, so I guess everyone wins.
Review eCommerce psychology tactics that help your business succeed.