The greatest weapon anyone can use against you is your own brain. The primary function of the brain is to make decisions, and by exploiting the true essence of human psychology by inducing factors like fear, excitement or pleasure, these decision-making capabilities can be governed.
Lets begin rolling what these external factors are. Griffin Roer has written in length how mind tricks can effect the purchasing power of the customers. The art of business isn’t all about buying and selling, its also about marketing it well. And to market your services and products well, its important to get into the skin of your target audience.
Lets begin knowing some mind tricks that can boost your ecommerce sales and increase conversion.
1. Only 1 Left in the Stock
By creating a sense of urgency with scarcity you can increase the value of the product, you only have to make your customers feel that the availability is limited. The trick is to keep inventories artificially low. This will motivate the buyer to make a purchasing decision quickly and get their wallet out faster.
2. Order today to avail the item by tomorrow
Consider this scenario, you are browsing a product page and all of sudden you see a pop saying,Hey! Its your lucky day, order today and you will have the product by tomorrow. Now it isn’t much about whether customer want to have a product or not, its all about the happiness the customer will get from the early delivery of the product.
3. Limited Time Remaining for Purchase
Again, a sense of urgency. A deadline can always effect the purchasing decision and bring the customer to your side of the fence. Many coupons based sites are already focusing on limited time deals.
4. Save 38%
The Fear of missing out on something is a great deal-breaker. Sometimes, it looks like everything is on sale. Ecommerce marketers can never ignore the psychological effect of loss aversion. You can always point out the saving right next to MRP and customers will understand that the cost of not buying exceeds the cost of buying.
5. Showcase The Best Value
Another strategy is to display several similar option at an alarming different price. This is done to showcase the most popular or least popular product, which makes the most expensive option seem somehow unreasonable, so the customer will simply narrow down their purchasing decisions.
6. Get Free Shipping on Purchase worth 299
Now, as a money-saving customer, why would anyone want to miss out on free shipping? Say a customer is spending 250 rupees on a tee shirt, and another 50 rupees on shipping. In this case, a customer would want to add socks worth rupees 70 just so that the customer can save some money. This is another mind trick for your ecommerce business to boost sales.
7. Interloper Effect
The desire for outside approval has a name called the interloper effect. Its a part of human nature to think that third-party judgments are unbiased and trustworthy. That’s the reason there is a 5 star rating on some products and 3 on other. Majority of ratings and reviews are in-house in order to give a particular item an authentic feel. Ecommerce websites can always boost sales by following these psychological tips.
Wrapping it Up.
Next time you brainstorm on your business with your employees, makes sure you tell them these rules of engagement which not only will make customers feel comfortable and secure, but will also increase the conversion.
Let us know about more psychological conversion optimization you did for your ecommerce store in the comment section below.