Scarcity

When you believe something is in short supply you want it more! We’re likelier to purchase something if we’re informed that it’s the “last one” or that a “special deal” will soon expire. In short, we hate to miss out, and that fear is a powerful motivator to encourage us to act quickly.

Companies employ the scarcity principle in many ways:

• “You missed it! We reserved our last available room at this property.”

• “Our availability in Dublin is low on your dates – lock in a great price before it’s too late.”

• “Today 45% off.”

• “5 people are looking right now.”

• “In high demand – only 4 rooms left on our site!”

There’s also “time-limited scarcity.” Monette is a great example of this principle. A blurb that reads, “Offer Ends in…, ” with a countdown resulted in an average order value (AOV) increase of 0.07%.