What Are The 3 Elements Of Behavioural Economics That Can Increase Online Sales?

online salesThe main focus is not to drive traffic, but to increase sales. Each search marketer emphasizes on sales rather than traffic. It is easy to drive traffic to the site, but to convert them into potential customers is really a difficult task. This is where behavioural economics come to focus. If our main objective is to force people to make a purchase or fill up the form, then it is necessary to understand what actually convince them to do so.

There are different factors included which will convince different kind of people, but three key components that can act as a beneficial tool for business are:

Reduce the number of choices

Have you ever noticed the reaction of a kid when once you had taken them to an ice-cream parlour? They are almost confused which flavours, choose from as there are innumerable choices available which can literally make them helpless and happy too. Adults feel that they should be aware of all the different choices available which can finally help them to take an informed decision, but the scenario is not so. Though we want to have an overview of each item, but we ultimately look for best possible option.

The best example for this is the eCommerce sites: Where you can first land to the category page and should be given limited choices. There should be an option for self selection so that you can gradually move with the buying process and also try to be more specific about the kind of product you need to purchase.

There are some online sites that come with four items in their Recommendation for your section. This finally influences customers to fill up the forms and show their interest.

People fear of missing anything

People do not like to be excluded from anything. Social media has turned out to be an active site through which choices can be made on public display. Therefore, you have the option to see everything and do not have a chance to miss out.

Whether it is an event or promotion or such a simple conversation, we do not want to be left out and so this is the anxiety that should be the best bait for marketers. Best way through which FOMO can be extracted when people make their purchase decision while finding words like:

  • Limited time only
  • One day sale
  • 2 stocks left
  • Don’t miss it

Fail to understand the true value of each item

Most of the people think that a product coming with a cheaper price tag is bound to be of inferior quality. But, it does not mean that raising price of products will be convincing to people. It can be a convincing approach is to go through A/B testing where 10% on price can be increased on products and experience the change in sales rate.

There is also the possibility of altering how much a customer need to pay for something by just adopting a different approach on the value.

These are few best practices that can go through a long way in digital marketing strategy. But, remember not to make drastic changes to site, few alterations can be made to make things work in the best possible manner.


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