The fear of missing out can have a powerful effect on shoppers. A split test done by WhichTestWon showed that when a countdown timer was placed on a product page, it converted nearly 9% better than a variation of the product page without a countdown timer.
Creating a sense of urgency among your website visitors can help make more people buy and less people “go home and think about it”.
There is potential for visitors on your website to procrastinate and try to delay their decision to buy. According to a study done by Centre De Recherche DMSP, consumers that were seen as high procrastinators had a 73% chance to not make a purchase decision immediately. Consumers that were determined to be low procrastinators still had a 26% chance. Introducing a product or time shortage, your customers will be less likely to delay their buying decision.
Limited Time Sales and Offers
Creating a time restriction is one of the easiest and most effective ways of creating urgency and scarcity in your store. This is because customers don’t want to miss out on the opportunity to take advantage of an offer. For example, putting together an expiring sale or offer can force customers to make a decision faster than they might have without a time limitation.
You can use stock shortages to your advantage. Instead of looking at limited quantities of your products as a limitation to the sales you can make, look at them as a way to show scarcity to your customers and increase the perceived value of your products.
Show Stock Quantity
The easiest way of doing this is to simply show the quantity of products in stock on the product page itself and bring attention to the quantity you have left. Tradlands, a shirt store for women, does this effectively by showing the quantity when choosing a shirt size on their website.
Create Urgency in Your Copy
You don’t only have to show the quantity or sell a limited amount of a product to create scarcity. The language you use on your website, marketing materials and emails can create a lot of urgency as well.
Just look at this email I received from Mizzen+Main the other day.