It’s now easier than ever to turn away potential customers. This is due to the fact that customer preferences may shift so quickly. To be successful in today’s market, you need to use cutting-edge solutions to a variety of marketing methods that are both current and unique.
Keeping tabs on recent consumer behaviour has become critical for any Shopify business owner. This type of behaviour may be studied and used into your marketing plans.
As evidenced by human psychology, urgency may be a powerful tool for converting leads into consumers. Your Shopify business may benefit greatly from a combination of urgency and scarcity.
There are a number of ways that you may include scarcity and urgency into your marketing plan in this post.
In marketing, what is referred to as urgency?
Any product that conveys a feeling of urgency instills a fear of losing out. Any eCommerce store’s conversion rates will soar if customers are moved by this emotion.
FOMO, or “fear of missing out,” is a term that captures the essence of this notion. FOMO may be used to urgency and scarcity techniques as well as sales and marketing ideas with its broader perspective.
This notion is based on the most basic human traits. People are more likely to make a purchase when they fear they may lose out on an opportunity.
How can Urgency and Scarcity help your Shopify Store?
It is important to generate urgency and scarcity in your Shopify store to create a sense of FOMO that encourages customers to buy.
FOMO has been shown to enhance conversion rates by 40–200 percent, depending on the study. Depending on how well you implement this method, you may be able to increase this conversion rate even more.
People’s attitudes and behaviours toward a product shift when they feel pressured to buy it right away, according to a variety of research.
According to the findings, people’s perceptions of scarcity can have a significant impact on their actions and decisions. People tend to think that a thing has higher value if there are fewer products left.
FOMO is exacerbated by the proliferation of social media. Today, people have access to information that was formerly only available to others in their near vicinity. There is more competitiveness and a drive to outdo one another now that the entire globe is connected via the internet.
A consumer is more inclined to buy a product if their competitor is using it, even if they don’t need it.
About 40% of millennials, according to some research, buy certain things so they can stay up with their friends and family. FOMO is like a magic trick that causes people to buy things they otherwise wouldn’t.
How to Create Urgency and Scarcity in Marketing?
As a result, we have a better idea of how to use urgency and scarcity in marketing to increase sales dramatically.
We’ll now talk about how to engender a sense of urgency and scarcity in your Shopify store.
Scarcity and Stock Quantity
Increase sales by creating a sense of urgency and scarcity among your available inventory. Customers will believe that your product is in high demand if you inform them that you only have a limited number of units available.
Researchers Worchelm Adeworle and Lee conducted a research in 1975 in an effort to better understand how people behave when a commodity is limited.
One jar was filled with 2 cookies, while the other was filled with 10 of the same cookies. People were more interested in the cookie jar with two cookies when they were asked to pick one. It was found that a product’s perceived worth and appeal increased when it was sold in smaller amounts, according to the study’s findings.
You may utilise a lack of supply to your advantage by displaying the remaining quantity.
The shortage is not a sign of a lack of sales, but rather a sign that people are rushing to get their hands on that specific product.
By drawing attention to a small number of available units, you will inadvertently increase sales.
You may also play around with the idea of highlighting the product’s scarcity in a unique way. If you tell customers there are only 10 things remaining and eight people are presently examining it, they will experience a greater sense of urgency to get their hands on one of the last ones.
This is a common feature in Shopify themes; it lets you see how much stock there is left of a product. Selling things that are part of a limited edition of, say, 100, is another way to create a sense of scarcity. In order to be one of the first 100 owners, consumers will be compelled to purchase the product.
Countdown Timers and Deadlines
Every online sale has a countdown timer. You set a deadline for the offer, which encourages customers to buy the goods at a discounted price before the offer expires. People eagerly await the launch of such promotions in order to purchase the same goods at a lower cost or in exchange for extra benefits.
A few days after an offer expires, it is possible to earn more sales in a few days than a month.
A dynamic landing page design that can handle urgency can even boost the efficiency of the countdown timers. In order to avoid making your website look sloppy, you should exercise caution while using a timer. The timer should blend in with the overall design rather than stick out.
It was found that a countdown timer enhanced conversion rates by 9 percent during WhichTestWon’s split test.
Consumer Behavior and Social Proofs
The real-time behaviour of other customers can also be used to generate a sense of urgency.
When a product is in short supply, it might be helpful to indicate how many people have already purchased it in order to elicit a sense of urgency. Additionally, the product’s credibility will be boosted as a result of this strategy.
It is a well-known reality that when faced with a new scenario, individuals tend to go for choices that have already been tried and tested by others in order to stay on the safe side..
Robert Cialdini, a pioneer in social psychology, created the term “social proof” to describe this human propensity. When people are unsure about what to do in an unfamiliar circumstance, they turn to others for advice.
Conclusion
Check out this list of all the scarcity and urgency characteristics that may be implemented in a simple manner. You may discover more about Booster Theme’s features by visiting the sales page.
Here are a few Shopify hacks that can help you create a sense of urgency and scarcity for your products. Double bargains on single promotions can be used to produce even more enticing offers.
Increasing your conversion rate can be as simple as putting a time constraint on your offer, such as this weekend or until supplies last. Special seasonal discounts, such as Black Friday or Christmas Day Special, might also be offered to customers.
The best way to increase sales and conversions is to combine urgency with scarcity. This strategy has become much easier to implement because to the advancements in eCommerce technology.
