Fear of missing out (FOMO) appeal has been prevalently applied as a marketing approach even way before social media became a hype. Believe it or not, no one in this world would like to miss out on anything enjoyable or of value to them. This is what makes it an effective tool till today in persuading or enticing buyers to click the buy button and be converted!
I am pretty sure buyers do notice all the time clicking and deadlines on the online websites but somehow these little tactics do work and has a great effect on fanning away procrastination. 60% of the millennial consumers responded that FOMO results in reactive purchase within the next 24 hours.
Urgency is associated with time while scarcity is associated with supply, numbers.
So let's see what tactics that worked and increase the conversion rate for your sales.
1 | Displaying Stock Quantity
By showing the quantity of stick available especially when it is limited, this would help not only in increasing urgency but it inevitably increase the perceived value of your product, showing a high demand from other consumers. Especially when a particular product is offered at an attractive price and is highly valued by prospective buyers, the low stock quantity warning would work very well.
Just like how American Apparel did, it does not reveal the quantity left but leaving vague and insert a call of action to purchase it before it is gone.
2 | Countdown Timer
The digital timer countdown makes time urgency appear more visible to the eyes especially seeing the timer flips every seconds, showing that time is ticking and running out. This helps to encourage faster decisions. This countdown timer is often displayed on the product page or even the homepage.
This tactic can be combined with special deals to make it more enticing.
1. with Shipping
For example, order within 30 minutes and you will enjoy the express shipping for free.
2. with Newsletters (end of sales)
It can also be implied on your newsletters, sending a reminder of the remaining time of the current ongoing sales.
3. with Abandoned Carts
Sometimes buyers may change their mind on a purchasing decision. Why don't send them a ticking clock to give them a nudge that the valuable promotion item added to cart is soon gonna be over.
3 | Words that Convert
Words are powerful and has the ability to drive urgency with a snap. The following are the powerful words you can use: hurry, quick, now, fast, seconds, instant, immediately. These words are meant to drive actions right away. If you do not have any pictures or images, these words are deemed powerful as well like in e-mails.
4 | Exclusivity - VIP
Making certain promos or products available to an exclusive group of customers only. As shown as above, additional discounts were given to members only. This tactic would be effective when the objective is to increase the number of member subscriptions.
Besides membership, exclusivity can also be applied to an exclusive amount of customers. For example, receive addition $50 voucher for the first 20 customers.
5 | Flash Sales
Flash Sale is also one of the effective way to create both urgency and scarcity. Just like how Shein did, the flash sales are ongoing, different products are on sale every day and available within that specified time only. This helps to compel consumers to visit the flash sales within that period of time and make a purchase if any product appeals to them. To keep the customers close with these flash sales, the e-commerce site can send a notification or email if a particular saved or favourite items of one consumer is flashed that day.
Posted by Shu Wen
Friday 11 May 2018
