Are you looking for examples of scarcity in marketing? Might scarcity marketing be what your eCommerce site needs to increase sales and profits? Here we will look at the concept and a couple of practical cases. With each scarcity marketing example, we will also consider how you can leverage the tools available from Personizely to make it work on your eCommerce site.
Examples Of Scarcity in Marketing
You don't need to look far to see examples of scarcity in marketing, nearly all of them being based on the phenomenon of Fear of Missing Out (FOMO.) The term only came into use in the early 2000s, but the concept has been shaping marketing for much longer. When marketers offer an opportunity that won't last forever, some consumers will make a move out of the fear they will not have the chance again. So, make sure you are taking advantage of these simple yet powerful sales and marketing tools.
Scarcity Marketing Example One: Time Is Almost Up
One of the most compelling examples of scarcity marketing is the time limit. Instead of just putting something on sale, offering a special discount, or offering a bonus, add a time limit to it. With Personizely, you can easily create a widget that will display a countdown timer alongside your sale or special offer. Then, combine that timer with a "Buy Now!" button and see how many more customers will take advantage of the deal.
Example Two: Supplies Are Limited
If a customer finally finds the item they want, they still may not complete their purchase. They may figure they can always come back. Maybe they think they will find a better price. However, if there aren't many items left, the customer may rethink delaying their purchase. It's another excellent opportunity to use Personizely's custom widgets. With multiple triggers available, you can choose the exact right moment to let the customer know that the supplies are low. Perhaps a pop-up when they add the item to their cart would do the trick. Or you could always use an exit-intent pop-up to make your announcement before they click away from your site.
Scarcity Marketing Example Three: The Waiting List
If there is a waiting list for a product, it must be good, right? Waiting lists are another example of scarcity. Sellers use them when supply outstrips the demand, or a product is not yet available. However, they can work any time you want to induce some scarcity into your marketing strategy. Not only will they potentially increase demand, but they will give you a chance to add more addresses to your email marketing list. Personizely can help with this too. Just create a pop-up or embedded widget with the opportunity to join the list. With the drag-and-drop builder, you can get that waiting list up and running in minutes.
Example Four: The Exclusive List
Another way of introducing scarcity in marketing is the simple act of calling something exclusive. For example, consider creating an email list that gives customers information about new products, upcoming sales, and other special offers. Then use a pop-up widget to offer that exclusive access. Customers who wouldn't usually sign up for an email list might be tempted to take advantage of this kind of access.
Scarcity Marketing Example Five: Clearance Sales
Nothing says scarcity like clearance sales. The name alone implies a limitation on time and supply. Everyone loves a good deal, and clearance items are usually limited. With Personizely, you can let your customers know about your sales wherever and whenever you want. You can target specific customers based on device, geo-location, purchase history, and other factors. Based on a timer, you can also set widgets to appear when a customer first lands on the site, when they look ready to leave, or choose from several other triggers.
Example Six: Back in Stock
When it comes to examples of scarcity in marketing, the "back in stock" strategy may seem counterintuitive. After all, you are stating that the supply has been refreshed. However, it also shows that your store has previously run out. That may raise some FOMO with your customers and convince them to go ahead with their purchase. This may be another opportunity to use Personizely's triggers. With a pop-up or embedded widget, you can let your customer know that the product has recently come back into stock at the exact moment they add it to their cart.
Scarcity Marketing Example Seven: Out of Size or Color
If you can show the available stock of an item based on size or color, this can turn into another great example of scarcity in marketing. Instead of just removing out-of-stock sizes and colors, show that you had them, but they are all gone. If a customer finds an item they like but sees that most of them are already sold, they may want to make their purchase right away before it's too late. Customers may even be willing to purchase their second favorite choice if their first one is already sold out.
Example Eight: Today's Deals
It may seem like extra work to change special offers every day. Still, today-only deals are another powerful way to take advantage of scarcity marketing. It can be a great use of a Personizely widget that can display as soon as someone lands on a page. Keep in mind, with Personizely, you don't even have to show it to every customer. Maybe you think existing customers already know about the daily deals and decide to use targeting to only display the widget to visitors who are there for the first time.
Start Using These Examples of Scarcity in Marketing
Based on what you offer through your eCommerce site and your existing experience, you may have some other thoughts of how to use scarcity in your strategy. Once you have some ideas, make the process of adding this new content simple with Personizely. Take advantage of the free, no-obligation trial and see how easy the drag-and-drop builder makes it to deliver customized, personalized content at just the right moment.