5 Tips to Establish Urgency and Increase E-Commerce Conversions

You are bidding on a product offered on an online “auction” site. The sale is open for only 30 seconds. Quickly, you hop on, make the final bid and celebrate your “win.” Psychologists have long studied a sense of urgency as a prime motivator of action. When someone perceives urgency in a given situation, they tend to act quickly, often on emotion. This is a human tendency that marketers have always used – offering such things as a “limited time offer,” a special holiday sale, and the like.

Consumers are now used to these urgency tactics and will often not respond, believing that they are just gimmicks, and that the same limited time offers will be available many more times. Marketers must recognize this and put urgency tactics in place that are based upon both science and a compelling presentation. Here are some tips that you can actually put into place today. The research has already been done and they are known to be effective.

  1. Add a Countdown Feature in Place to Create Time-Based Urgency

If you are offering something for only a limited time, put a timer on the landing/CTA page, showing how many days/hours/minutes are left. This increases the sense of urgency, as potential customers may leave the site and then return, finally making the purchase as the timer winds down.

Another variation of the “timer countdown” is to offer only a certain number of the product, service, or subscription, etc. at the special price. Add a feature on the landing page that tick off how many have been purchased and how many are left.

Some testing has shown that these countdown elements can increase conversions by as much as much as 300%.

  1. Add Urgencies That Provide Additional Offers for a Specified Period.

Variations of this tactic include urgencies such as, “Order within the next two Hours and Get Free Overnight Shipping.”

Often, these tactics can be utilized via a popup, as a potential customer arrives at a home or landing page. Here’s an example of such a popup with a time limitation from Granify.

  1. Establish Limited-Time Offers on Specific Products

A really effective alternative to the popup is to offer special sales on specific items when a customer arrives at a landing page. A sale price, with notification of an end date/time is announced in bright colors with a prominent CTA button. These types of urgencies can also be a part of re-targeting ads, after a customer has already looked at an item and demonstrated some interest.

Site-wide sales offers for a limited time period can be made more effective if the customer is reminded as s/he navigates through the site. Setting up a time-limited site-wide discount announcement that follows customers wherever they go is a tactic that lots of e-commerce companies find effective. Here is an example from Mobly, a furniture and décor enterprise.

The constant reminder is compelling the customer to buy now rather than come back later when the sale price will have expired.

  1. Advertise Limited Edition Products

Of course, this involves strategic planning/production/acquisition in order to claim that a product is truly a limited edition. These are great tactics for seasonal merchandise which will only be sold for a specific period of time.

Customers are used to “limited edition” items – everything from cars to candy bars to the McRib sandwich at McDonalds which is only brought back for a few months each year. Christmas clothing or July 4th items are great examples of “limited edition products.” Chubbies, a casual clothing site, sells a new line of products for a limited time just before the July 4th holiday each year.

If you can offer a specific item or service for a limited time, you have good potential to increase conversions, and if you can do it regularly, even better.

  1. Limited Quantities

A “cousin” tactic to limited editions, this tactic will inform the customer that there are only a certain number of a product left, before they are sold out. Many consumers are used to these and may not react with a conversion. However, if you place a countdown feature on the page, letting a visitor know that the number left is being tracked, the ever-decreasing number can often elicit a much greater sense of urgency and thus increased conversions.

Many sites regularly state the number of items that are left when a customer lands. Amazon is famous for this.

There are some variations of this tactic that are even more effective. Suppose, for example, that a customer has put an item in his/her shopping cart but has “abandoned” the cart at least temporarily. The cart has been saved for what you hope will be a return visit. That return visit now occurs. When the customer lands, a popup can appear, informing him/her that there are only a certain number left of the item that is currently in the cart. This tactic, of course, is to increase the interest that the customer has already shown in the item, by now making it an urgent.

Be Careful About Backfires

While creating urgency can certainly increase conversions, it can also increase friction with consumers who believe that these are “hard sell” tactics and who are irritated by them. The key is to ensure that when you create urgency, you do so as a value and benefit to the customer. This is ensured by crafting great marketing content that persuades potential customers that you are a trustworthy organization with products/services that will solve problems for them. Deliberately using “sleazy” tactics or lying to customers will ultimately destroy your integrity. Here are the “rules” to maintain that integrity:

  • Never deliberately hold product off of the market to create a false scarcity. Once your “urgency” and deadline is over, if a customer comes back and sees that product readily available, s/he will never trust you again.
  • Never “pull” an offer because the time limit has run out and then offer a customer an upgraded version that includes the original offer – this is sleazy.
  • Never create urgency around something that is not valuable for the price you are asking. Your ultimate goal is full customer satisfaction, not just a single sale in the short-term.
  • Urgency is not a persuasive marketing tool. Creating value and benefit for the customer is a marketing tool. Urgency is a tactic that is to be used as the last piece for a customer who already sees the value in what you offer and is already interested in that value.

Done right, urgency can increase conversions. Use these tactics with integrity, and you will reap benefits.

Can a Personal Loan be used during medical emergencies?

Medical debt is the most stressful as it does not come by choice and usually occurs at the wrong moment. Although you have the final say in approving medical procedure permissions, the final amount leaves you with no choice but to pay. These bills often pile up leaving you in a dilemma of paying without disturbing your other expenses.

If you have bills accumulating from medical surgeries and treatments, a Personal Loan can save you the struggle of aggregating funds or utilising your savings deposit. It’s easily approved with no need for collateral, requires minimum documents, and can be applied online making the entire process convenient in times of medical emergencies.

Medical debts can ruin your savings

Careful planning in every area of your life might go to waste if you start incurring huge medical expenses. A catastrophic medical event can ruin your savings and deplete your emergency funds. This often leads to accumulation of loans with high interest rates. A collection of these unpaid loans and exceeding credit card limits can reduce your credit score. Furthermore, this reduction of your credit score will reduce the chances of you getting a loan in the future as it reflects on your ability to repay.

A medical debt can also cause bankruptcy. The accumulated medical loans and credit card bills can turn out to be a huge financial burden which might take ages to pay.

Applying for a Personal Loan

A Personal Loan is a last resort for individuals who are in immediate need of cash. All you need to do is clear the eligibility criteria set by the lender to qualify for the loan. After clearing the eligibility criteria, you can apply for the loan online or in person with a few documents. The cash granted can now be used to clear your medical bills and expenses.

Getting a Personal Loan is quite easy. You don’t need to pledge any of your assets as collateral security either. Once you qualify, the amount borrowed can be utilised with the money received from a medical insurance. Apart from a Personal Loan that covers your medical expenses, some lending institutions also have options for specialised loans to cover other factions of medical treatments. The loans that cover some medical costs are listed below:

  1. Loans for dental procedures: Dental problems eat up a huge amount of your savings. Especially when there’s a need for braces or a surgery to reconstruct your teeth. You can secure a loan to undergo any dental treatment without worrying about the expenses.
  2. Loans to cover cosmetic surgeries: Cosmetic surgeries demand a lot of financial investments. A Personal Loan can help you cover the costs associated with procedures like liposuction, breast implants, or nose jobs.
  3. Loans to fund medical tourism: Planning to visit another country to undergo specialised surgery or treatment? Opt for a Personal Loan that can be customised to cover both your medical as well as travel expenses.

Advantages of taking a Personal Loan to cover medical costs

Now that you know the scope of a Personal Loan to cover medical costs, go over the pointer mentioned below which will tell you the merits of signing up for one

  1. Meeting medical requirements: Your ailment can be of any type—short term that requires a surgery, or long term such as diseases that require regular therapy and medicines. Taking a Personal Loan helps you raise the initial amount needed for the treatment and then allows you to pay the other medical expenses as time progresses.
  1. EMI and loan tenure as you desire: The advantage of getting a Personal Loan is that you need not think about repaying the borrowed amount instantly. You can choose the loan tenure and the repayment installments, which in turn will decide how much interest you are charged. So, first you need to check the interst rate for personal loan from online.
  1. Easy application process: An emergency Personal Loan can be procured easily as it requires minimum paperwork. To ensure that your application is approved in one go, maintain an excellent credit score and check your eligibility in advance.
  1. No collateral required: Medical emergencies can often put all your assets at risk if you’re short of funds and time. However, Personal Loans need no collateral for approval. This gives you the added advantage of saving your assets as backup.

You now know the processes related to a Personal Loan and how it can be used as an essential tool to fund medical emergencies. It’s important that you get in touch with a reputed financial organisation for the best terms and conditions that can be availed for minimum or zero charges.

Technology Trends That Are Helping Small Businesses to be Trailblazers

Small businesses have taken a back seat to their larger competitors – until the onset of the information age. Thanks to the evolution of modern technology, small businesses across the globe can efficiently run a business while competing with larger corporations. There are now a plethora of technological tools that entrepreneurs can utilize to start and grow their business. Every aspect of running a small business has been streamlined by the implementation of the right technological resources. 

Let’s look a bit closer at some examples.

Inventory Control

Small businesses who sell products often maintain some form of inventory management. Keeping track of what is in stock can essentially help to meet the needs of the customers, eliminate waste, and cut down on company costs. Traditional methods of managing inventory can be tedious for a small business with few employees. With the use of tools such as these listed below, small business owners are able to keep track of their inventory, save time, reduce waste, and increase productivity:

Inventory management software – Computer and cloud based applications make managing inventory a lot easier. Many platforms allow users to enter product information, customer details, all while syncing with accounting and sales software to keep track of what’s in stock and how it’s affecting your bottom line.

Barcodes – Barcoding is an efficient way to keep track of your inventory. New technological devices such as the Pronto! barcode printer by QuickLabel makes it seamlessly easy for small businesses to generate and print barcodes to label their products. Aside from helping to keep track of inventory, barcodes are ideal for helping you to monitor the types of products your customers are most interested in, and they also save time and minimize the potential for data entry errors (human error).

Communications 

Communication is an integral part of business. From talking with clients to communicating amongst staff, it is essentially how business gets done. Technology has evolved so that small business owners can afford reliable yet efficient methods of communicating. Here’s an example of some technology that has helped to improve business communications:

Internet Phones – Traditional landlines can be costly and often hinder a business’s ability to communicate from various locations. Internet phone services such as VOIP (Voice Over Internet Protocol) create a platform for small businesses to expand their lines of communication. Many internet phone services only require an internet capable device and a few software plug-ins. Businesses are able to communicate from virtually anywhere making it easier for small businesses who may operate remotely or travel often.

Video Conferencing – Meetings with clients, customers, or even staff in the past meant being in the same room. For small businesses who may work remotely, have a small space, or need to commute, the overhead costs could add up. Now, video conferencing applications make it easier for businesses to meet.

Accounting

When your business is comprised of a small staff, managing the accounting system can be pretty daunting. While in times past, this would mean keeping track of physical receipts and logging everything in a spreadsheet or accounting log, today it’s a lot simpler. Accounting software makes it easier to input, track, and assess company finances so that they stay on budget and remain in compliance with tax law.

Marketing

The world of marketing has really done an about face, and it is definitely beneficial to small business. With so many technological platforms available to market, small businesses can easily reach millions in a matter of seconds. Some of the most common marketing tools used today by small businesses would include:

Social Media – Social media is a huge platform for developing your brand and connecting with your target audience. Many small businesses utilize this platform as a way to connect and grow their “fan base”. This essentially makes it easier to gear their business towards the needs of their consumers.

Blogs – Content marketing is king in this informational age. Small businesses with well optimized sites often include blog posts that allow them to share their voice and keep their customers engaged and informed. Blogs can be beneficial for increasing search engine rankings on popular sites like Google, Yahoo, and Bing.

.If you’re a small business owner looking for technological solutions to help grow your business, the above ideas are a great place to start as these areas of business are extremely important. All in all, technology has helped small businesses, startups, and solopreneurs to conduct business as if they were a major corporation. The platforms described above make it a lot easier to manage a business and provide efficient customer service which of course only helps businesses to succeed.