Scarcity Economics
“Scarcity economics” is a fancy way to say “lots of people want your stuff, and there’s not enough to go around.”
How can I use scarcity for my ecommerce brand?
If you’ve ever experienced fear of missing out, you’ve been a victim of scarcity economics. Scarcity’s one of the most powerful triggers for increasing conversions, and it’s built into our psychology – so it’s not going away any time soon. Adding product badges, banners, or widgets that indicate limited stock, current demand, and limited-time promotions can do wonders for boosting your conversions.
(Want to see the easy way to add scarcity to your ecommerce store? Click here to check out Coveo’s ecommerce personalization platform.)
