It has now become easier than ever to lose potential clients in a matter of seconds. One of the reasons behind this is because consumer preferences can change instantly. The market has become challenging and complex, and to succeed, you must apply trending yet innovative solutions to different marketing strategies.
It has become vital for every Shopify store owner to keep track of recent consumer behaviour. You can study this behaviour to adjust your marketing strategies accordingly.
Urgency can be a great tactic to convert potential leads into customers as backed by human psychology. Combining urgency with scarcity can do wonder for your Shopify store.
In this article, we will be thoroughly discussing different practices that you can follow to add scarcity and urgency in your marketing strategy.
What is referred to as Urgency in Marketing?
Displaying urgency on any product creates a sense of missing out on the product. This feeling increases consumer engagement while boosting the conversion rates in any eCommerce store.
This concept can be explained better by FOMO, which means fears of missing out. FOMO has a broader approach in terms of sales and marketing concepts but can accurately be applied to urgency and scarcity strategies as well.
This concept works on simple human behaviour. When a person senses that they will miss out on any service or product, they are more prone to purchase the product.
How can Urgency and Scarcity help your Shopify Store?
Creating urgency and scarcity in your Shopify store helps to create a feeling of FOMO, which forces people to make purchases.
According to some studies, FOMO can actively increase your conversion rate by 40-200%. You can even boost this conversion rate depending on how effectively you apply this strategy.
Different studies are explaining the change in people’s behaviour and perception towards a product when there is an urgency to purchase it.
The results suggested that scarcity can widely affect a person’s thinking. People usually believe that fewer the items left, more value the product has.
This feeling of FOMO is enhanced due to social media. Earlier people could only know about what is going on in their immediate surroundings. Now, as the whole world is connected over the internet, there is more competition and desire to outdo others.
If a user sees their competition using a specific product, they are more likely to purchase it even if they don’t require it.
According to some studies, about 40% of millennials purchase some products just to keep up with their family and friends. FOMO works like a magic trick which makes people purchase stuff they usually would not even pay attention to.
How to Create Urgency and Scarcity in Marketing?
So now we understand how creating urgency and scarcity in marketing can help boost your conversions significantly.
Now we will discuss what methods you can use to create scarcity and urgency for your Shopify store.
- Scarcity and Stock Quantity
- Countdown timers and Deadlines
- Consumer Behavior and Social Proofs
- Cart Reserved
Scarcity and Stock Quantity
Scarcity in-stock quantity can be an excellent tool to attract more customers. Letting customers know that you have a limited quantity of the product available will make them think that the product is very popular.
In a 1975 study by Worchelm Adeworle and Lee, they tried to understand the change in human behaviour when the product is scarce.
In this experiment, they took two identical jars and put two cookies in one jar and 10 of the same cookies in the other jar. They asked people to choose the cookies, and they were more attracted to the jar with two cookies. The researchers concluded that if the product is in few quantities, it creates more interest and value in people.
You can use your stock shortage for your advantage by showing how much quantity of the product is left.
The shortage does not represent the limitations of sales you can make, but it shows that people like that particular product and are purchasing it rapidly.
By bringing attention to few available pieces, you will automatically promote your product’s popularity.
You can also try to be creative while showcasing the scarcity of the product. For example, telling people, there are only ten products left and eight people are currently viewing it will increase the feeling of FOMO than just telling two products left.
Many Shopify themes have this feature which allows you to display the remaining quantity of the product. You can also create scarcity by selling limited edition products which only have say 100 pieces. This addition will create an urgency among the people to buy the product to become one of the 100 owners.
Countdown Timers and Deadlines
Countdown timers are the way every online sale works. You put a time limit on the offer pushing people to purchase the product at exciting offers before the time runs out. People wait for such sales to go live so they can get the same product at discounted prices or with additional rewards.
As the offers are only valid for a few days, you can make more sales in three to five days than you would be able to make in a month.
You can even improve the efficiency of the countdown times by creating an interactive landing page design that can accommodate the urgency factor. You have to be careful while adding a timer on your webpage as it must not stand out awkwardly and seamlessly blend with your design.
It was observed in a split-test by WhichTestWon that a countdown timer increased the conversion rate by 9%.
However, there should be a genuine reason to add a timer on the product page. Some of the reason you can put a countdown timer are:
- If the product is available only for a limited time.
- If there is any free shipping offer if the product is purchased in that period.
- Also, if your price of the product is supply dependent.
- If they can get some additional benefits like extended warranty if purchased at that time.
Consumer Behavior and Social Proofs
Another great tactic to create urgency is to show the real-time behaviour of other customers.
Like showing the number of people visiting any product at a given time in the case of scarcity, showing total purchases can help create urgency. It will not only improve the product’s trustworthiness but also create a feeling of FOMO in the process.
It is a well-proven fact that in the case of unfamiliar situations, people tend to look for options that people have chosen before them to remain on the safe side.
This human tendency is known as social proof, and Robert Cialdini first coined in social psychology. When people can not determine the right course of action in an unknown situation, they prefer to rely on the knowledge of other people.
If you have a short supply or high demand, letting people know that their cart will only be saved for a short time will make them take action faster. If the timer goes to zero, the customer will have to put in the effort again to re-add the items to their cart. It can create the right motivation for people to act on their carts faster and increase conversions.
How to market Urgency and Scarcity in your Shopify store?
There are specific steps or practices that you can follow to educate people about the urgency and scarcity in your store.
In 2020, a campaign recorded that the average email opening rate is near to 17.80% for different industries.
These stats are impressive because an increase in email opening rate can increase the conversion rate significantly. Sending emails to your customer list to let them know about availability and scarcity in the stock quantity of a product can motivate them to make the purchase.
Research shows that if your email contains urgent words, you can engage your customers better. It can even boost your traffic to your Shopify store by 16%. Use creative and concise subject lines to invite the recipients to make the purchase.
Using automation to send emails to a segmented list can significantly improve your chance to create conversions.
SMS Marketing is still relevant, as only 70% of smartphone users have internet access at all times. You can utilize the well-trusted and working way of SMS marketing to connect to a broader audience.
Messaging your customers about the scarcity of a product and adding a direct link to the product in the message can help improve your conversions.
As compared to emails and phone calls, SMS has a better response rate of about 209% and is also cost-effective. Sending messages in bulk with a special offer on the product or massive discounts with an expiration will motivate your customers to go and purchase the product.
All the big brands use this strategy when trying to promote their product or any sale, offers or discounts they have currently going on.
Social Media has a huge potential because of its large client-base and ease to access. You can promote your product to a person sitting in any corner of the world while working from a computer.
Your website audience might differ from your brand’s social media. Therefore, it is necessary to keep your social media account updated as well. Because of its large user base, you can get more conversions if you post the limited offers on your social media handles.
On page Pop Ups and Notifications
On page pop ups and notification is a well-tested working strategy that every eCommerce store uses. Displaying popups with offers and discounts with a timer can help create urgency and scarcity.
Seeing a product displayed prominently will make it appear as an essential, and adding a timer along with it will improve the chances of people purchasing the product.
You can use different apps or toolkits to create urgency and scarcity with the help of on-site popups. If targeted accurately, you can improve the chances of sales multi-fold.
Also, you can use these on-site pop ups to gather customer data such as phone numbers and email addresses to use for future campaigns.
Product descriptions are an ideal place to display the scarcity to create urgency. Use attractive colours and fonts to display the limited quantity or the timers in the description.
You can install different plugins that can automatically highlight the scarcity and urgency of a product in its descriptions.
If you offer some special discount to your customer, it will make them feel special and prompt them for immediate action.
You can send personalized offers to your clients in emails according to their engagement and purchase history to improve your chances of getting conversions.
Using this practice will make your customer feel special, especially if you start the email with their name. You can also create limited-time offers for your loyal customers to reward them for their trust in you.
Adding a chatbot to your website can improve your conversion rates by 3.8% with an increase in revenue by 6%. Helping the customers through the checkout process will make them trust your store even more.
They can get their queries resolved instantly and quickly move on to making the payment.
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These are some of the tips and tricks you can follow to add urgency and scarcity in your online Shopify store. You can even create more attractive offers by adding double deals on single promotions.
For example, adding a limit to offer such as this weekend only or saying while the supplies last will improve your conversion rate. You can even offer special holiday discounts such as Christmas Day Special or Black Friday Sale.
Using urgency and scarcity alongside each other has the highest chance of boosting your sales and conversion rates. This tactic has been made much easier because of technological development in the eCommerce business.
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