‘Creating a buying frenzy’ may conjure up images of people fighting over a TV set on Black Friday, but it also a very real effect we witness in the world of eCommerce. Through market research we’ve witnessed it’s entirely possible to induce or influence buyers into this mindset, but what does it actually mean?
Create a sense of hysteria... Your stock level doesn’t just tell you how many sales you can make before you need to buy more inventory; it can be utilised to create a sense of urgency of website visitors to buy now!
"How do I achieve this?", we hear you ask. There are 3 main approaches:
Create urgency in your copy
Limited time sales and offers
Sell limited quantities
use copywriting to create a sense of urgency
The language you use on your listings and website can create a lot of urgency. Instead of just saying “check out our product”, try saying “Our last batch sold out in less than 48 hours, get them quick!”. Of course you’ll want to find the message and tone that’s right for you, but it's easy to see how the later message can have a higher impact.
Use limited time discounts to encourage sales
Limited-time discounts work by showing an original price, a sale price and more importantly the exact date and time the sale price ends. This serves to remind the person viewing the product that they need to act now or miss out on a great deal.
Sell stock in limited quantities to speed up sales
Another way to create a buying frenzy is by setting your stock level to show a limited quantity. On eBay and Amazon, this triggers “Last one!” text to appear, visually reminding potential customers there is a chance they might ‘miss out’ on your product all together if they decide to make the decision to purchase at a later date. Don’t try to manage this manually. Use a powerful and reliable stock management tool to manage your stock to achieve this effect. If you just set your stock levels low without taking this into consideration, you’ll end up spending all your time re-activating your listings and changing your stock levels!
With a stock management system in your arsenal you can maintain a low stock level, and thus a buying frenzy, without your listings needing manual intervention, and without them ending prematurely! If any of the above tips make sense to you, give them a go! Try it on a product or two and see if it affects your sales in any way. If it does, great! Maybe it’s worth replicating across your business, but whatever you do, do it intelligently, and ideally, withautomation!