What is Scarcity Marketing?
Scarcity marketing is a psychological premise that's leveraging the fear of running out to create the sense of urgency for purchasing action. By creating a sense of urgency for customers, it'll help to increase more sales for your online store in a set period of time and less of people to "I'll ask for more opinions and think about it". Scarcity marketing generally helps to decrease the procrastination of buying and shorten the consideration time of your potential customers.
While your objective is not to turn your customers into a rabid shoppers, but you do want them to act immediately. There is where scarcity comes in.
And now, there are a few scarcity marketing you can ultilize to increase sales
1) Run Timed Promotion
Running timed promotion/ offers is one of the most effective way to trigger customers' purchasing urgency, as they may fear to miss out on cheaper deals. Putting an expiration date on the promotion or flash sales can "force" the customers to make purchase decision faster than usual. Example: 2) Set countdown discount timer
Every second, minute and hour passed created a higher sense of urgency to get a product at the special price.
Other than setting countdown discount timer on your products to run scarcity marketing for your store, you can also use the approach of "Free Shipping" for a specific duration. 3) Create Timed Free Shipping Offer
For an instant, you can set a specific period and unique code to offer free shipping, say 2 days. Order placed within these two days are entitled to get free shipping when they enter the unique code you provided.
4) Limited Stock Only
Another way to motivate your buyers to act now instead of letting them "I'll go home and think about it" is by telling them the quantity of your stocks available. It is also a way to increase perceived value of your products.