Why Use Scarcity and Urgency?
Human beings place a higher value on something that is seen as difficult to attain, or rare, which is known as the scarcity principle. A great example is a study that 2 researchers conducted about scarcity using cookies in two identical jars. Jar A contained 10 cookies and Jar B contained 3 cookies. On the basis of the scarcity principle which jar, A or B, do you think participants gave a higher value? If you answered "Jar B" or "the jar with fewer cookies", then you're absolutely right! Because those cookies appeared rare, or more difficult to attain (as there were fewer of them), they were seen as more desirable than Jar A with 10 cookies in it.
Apply this concept of scarcity to your e-commerce business and if a product looks difficult to attain or scarce, there’s a good chance it’ll look more desirable too.
How do I Use Scarcity Online?
Let's use another example here. Say you're shopping for a Christmas present for someone in your family and you find that perfect item. But you're going to wait until you get paid or until you can confirm with another family member that it's a good gift idea. That's when you notice it says "Only 2 left! 🔥 3 people are viewing this product, and 2 have recently purchased it." You don't want to have to keep searching for a gift when this one is so perfect. So you buy it.
Why?You bought that Christmas gift because of scarcity. You felt the urge to buy it before you weren't able to anymore. The message also added urgency because it let you know others were also looking at the product and had recently purchased it. The message put pressure on you to check out immediately and not miss out. You had to! Crazy how you can be tricked online without even realizing it, huh? If you can use urgency and/or scarcity correctly on your online business, you can boost your conversions and increase sales with ease. If you use false urgency or scarcity and are dishonest, your customers may run off to your competitors! Those extra sales won't be worth the harm that being untrustworthy will do to your store and your brand. Don't damage your reputation, be trustable.
How Can I Use These Tactics Well?
You can use a social proof and urgency app to help boost conversions and increase sales. Fera.ai is one such app. Upon downloading you'll have not 1, but SEVEN Widgets to help you increase urgency. You'll also have the added bonus of social proof features to further your sales.
Get It By TimerYou can use the "Get it By Timer" widget which is just like the one Amazon uses to increase urgency. This widget lets you know how soon you can receive your order if you order within the specified amount of time. This adds urgency because customers want instant gratification and want to receive products immediately. They realize that if they wait on ordering, they'll also have to wait on receiving. No one wants to spend extra time waiting for an item they ordered online!
Cart TimersYou can also use Cart Timers. These add urgency to the checkout process by showing a countdown that lets customers know they need to order soon. This is helpful to create urgency when people might be on the fence about making a purchase. These can be enabled to show a countdown starting at any point-10 minutes, 7 & 1/2 or whatever other time you can think of. Don't set it too high, the point is to create urgency, not let customers know they have hours to make their decision because you could be out of stock!
The checkout timer also has a feature that re-engages customers if they switch tabs during checkout. In the tab, it'll display a message letting them know not to wait on checking out. It also uses intelligent count resuming, meaning it'll detect when customers have moved around on the site and only resets the timer if it makes sense to. These are all easy-to-use features you can add to your site that can help boost your conversions. By showing scarcity & creating urgency you're subconsciously driving customers to buy, which means more revenue for your e-commerce store!