If there’s a scarcity of a particular item, this item seems more attractive to people than others. Therefore, there is more chance that people will wish to buy it.
If a product is in a limited number, it increases the chance of purchase for urgency. This is simply because human beings by their nature tend to believe that purchasing any product that’s not easily accessible to everyone, makes them more special.
That is, purchasing the very last item left makes them feel like they have purchased something exclusively available. Therefore, when a person sees the red color on the statements, like: “there are 3 items left”, the sense of urgency and FOMO (fear of missing out) increases.
Many companies use this type of human psychology in their marketing strategies to motivate consumers to take the desired action and boost conversion rates.
Did you notice that the last item left in that shopping store in your city seems more attractive than all other items?
How to create and display urgency for a product?
Many eCommerce stores use urgency and FOMO to drive more sales; and, there are no special technical skills needed at all. You can display urgency – a limited amount of time:
– to hold the added items on the shopping cart;
– to use offered discounts.
Limited period of time to hold items on a card
Simply, you set a certain period for visitors that they can hold their items on the shopping cart without completing the checkout process. If the time expires, the visitors lose the chance of buying the added items.
With sticky a top bar and notification tab that Nextsale offers, you remind the visitors to complete the checkout process before it’s too late. By creating this kind of urgency, you motivate the consumers to go back to the cart and complete the purchase.
This strategy indicates that there are many other visitors who like to purchase a particular product that’s added to the cart. Thus, it creates FOMO – fear of missing out and motivates visitors to purchase.
Limited period of time to use offered discount ⏳
Displaying promo codes encourages visitors to make a purchase on your e-commerce store. But, offering the promo codes for a limited period of time creates urgency and generates a dramatic increase in conversion rates. When visitors landed on your site see that they can use the discount within, for example, 1 hour, they are more likely to use the opportunity to shop.
Displaying countdown and cart timer on on-site widgets – popups and top bars are actual ways of creating urgency & FOMO and indicating scarcity that led to generating more sales. Displaying scarcity with popups and top bars are the contemporary trends other than including the stock quantity in the product descriptions. On-site widgets are more engaging and cost-effective since you don’t need any technical skills.