26/05/2023
Recall Covid times. A quick flashback to stores running out of masks, sanitizers, gloves and the toilet papers. Before Coronavirus , the Sanitizer section in stores used to be almost empty.๐ค
Half of our population didnโt even care about sanitizing or had no knowledge about such products and then there came a time where people hoard as much as sanitizers they could. Hence super stores and pharmacies bound customers to buy 1 sanitizer at a time, no matter if you spend thousands on groceries. Same goes for the Sugar, Pulses and other goods. Only 1 unit with each invoice you carry.
Why? What created such chaos?
One word : ๐๐๐๐๐๐๐๐ , My fellas! โ๏ธ
People assumed that there was going to be a shortage of Sanitizers & masks. So, Its perceived value was based on scarcity. The reason behind its high sales figures was the fear and chaos which people had of not being able to get their hands on such products which once they never bothered about.
This is called ๐ง๐ถ๐บ๐ฒ-๐ฟ๐ฒ๐น๐ฎ๐๐ฒ๐ฑ ๐๐ฐ๐ฎ๐ฟ๐ฐ๐ถ๐๐. Consumer behavior based on Loss aversion psychology.
Fear of Losing out is more stronger than the pleasure of gaining something. The very same time related scarcity can be used in marketing for targeted audiences.
You can lure your consumers by using this technique. Remember, it doesnโt work all the time and is applicable for any kind of product or services.
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