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Scarcity effect
Definition
Scarcity refers to the tendency for people to value goods or services more when there is a limited supply. It refers to the effect of stimulating desire when users feel that goods or opportunities are scarce.
Explanation
For example, if an online shopping site uses the term 'Limited quantity', it will make users feel that the product or item will run out soon. This will make users more likely to purchase the item or use the service to avoid missing out on the opportunity. Scarcity is effectively used to accelerate consumer choice and promote sales.
Importance
The scarcity principle is particularly important in marketing and sales, as it can encourage users to make quick decisions. By emphasizing limited quantities, time limits, or special opportunities, you can create tension in users, which can then lead them to buy your product or use your service.
