Why we buy? – Scarcity Effect

Scarcity Psychology

You win when you buy something, not when you sell it is the words that I like the most among others. A person makes purchases several times a day. Sellers know their business very well  😊 so we want to enlighten the buyers and that is why we wanted to write this article.

As Datapare, we keep track of the price of hundreds and thousands of products every day. The price of the products increases and decreases during the day. However there are some days and some hours when there is a 20% – 30% difference between the normal price of the products and the price at the discount. If the aim of the sellers is to make more profits, the aim of the buyers should be to get more affordable prices. I tried to explain the tactic of “scarcity psychology” in the below.

These tactics were developed by intelligent people who studied human psychology and led you to buy.

Let’s get to know the psychology of scarcity;

In an experiment conducted in the USA, three different customers tactics are applied to three different customer groups who want to buy meat products.

*The first group tries to make sales by giving only sales presentation.

*The people in the second group are given a sales presentation and  told that there will be a decrease in the amount of meat in the market for the upcoming months.

*The third group is also told that there will be a decrease in the amount of the meat in the market for the upcoming months as well as the sales presentation and they were additionally told that this information was shared by only limited numbers of people.

As a result, in the second group, they bought twice the first group. Surprisingly, the purchase of the third group was six times that of the first group.

Source: The Psychology of Persuasion – Robert B. Cialdini.

Last 5 items in the stock

Yes, many marketplaces and this little information we see on e-commerce site is actually one of the methods developed to convince us to buy more.

The message they want to give us is that this product is so good that we have only a few left. If you don’t take it, someone else will. So you’ve missed this product.

As a way to get rid of this tactic, you need to check if the same product is sold elsewhere for the same price. Is it really your website that sells that product last? I don’t think so 😊

5 other people are viewing this product

Yes, this is another way of applying minority psychology. Especially if you see a warning as well as looking at 5 people at the same time and running out of stock as well.

 I recommend that you be particularly careful. Because you are probably about to fall victim to a very good sales tactic.

Sellers using the ambition of people to get the rare and the competition instinct. They know how to convince you to buy.

Limited Edition Big Discount

Now consider yourself a fisherman who wants to fish but has very little bait. Sprinkle the feed on the water in your hand. The fishes are competing with each other to eat small amounts of bait. After this it’s easy now. You created blindness in the bait-eaters.

It will run out very fast  whatever you throw. You can also keep your fish very easily if you want to throw your hook. I think you can simulate the fishery example and the big discount trap in a limited number of products.

I hope you like the article. If you like, please do not forget to share.

With Datapare price tracking product, you can easily select the product you want and see how much the same product is sold to other vendors. In this way, you do not pay more than necessary for the products.

I would like to remind you that Datapare is a free tool for price tracking. We only charge when you need special package like automatic matching.

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