Have you ever been casually shopping online for a product and all of a sudden you feel like you need to buy it because you see something along the lines of Brazil Phone Number this. Screenshot showing a product page on Amazon.com “Only 5 left in stock – order soon.” What if they Brazil Phone Number run out? I have to buy it now! That’s the “product scarcity” hack at its finest, and it has helped some companies boost sales by up to 226%. Researchers at the University of Maryland put it perfectly in a study on the effects of scarcity.
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They explained that, when something is rare, it’s alluring whether you’re talking about gemstones or a pristine edition of the first issue of Action Comics. Psychologists have long known that you can make a consumer good more desirable by making it appear rare. In other words, by simply Brazil Phone Number making your products appear rare, you make them more desirable. Here are two types of scarcity tactics you can use to boost sales and increase revenue. Type 1: Quantity Quantity-related scarcity hacks are the ones we see the most.
Why? They’re super easy to implement into your ecommerce marketing plan, and they just flat out work. REI, an outdoor gear retailer, does a great job of using product scarcity to sell more: Screenshot showing a product page for a pair of boots Scarcity #1 – “HURRY! Clearance quantities limited. Shop now for best selection.” Scarcity #2 – “Low inventory! Order soon.” They hit you twice here. One, they’re saying that these clearance items aren’t going to last long, so you better get on it while you can. And two, these boots are also low in inventory. A double whammy! Pro Tip: Don’t use the product scarcity hack on every one of your products.