How showing sold out items can increase sales by 30%
So, you’ve got products flying off the shelves – great! Should you keep showing sold out items?
Before you pull them off your website or hide them in the back of the store, let's pause for a sec. What if I told you that a little “Sold Out” sign could actually be a sales magnet?
Keep a few "Sold Out" labels hanging around. Aim for a sweet spot between 10% to 30% of your products waving the sold-out flag. It's like playing hard to get, and it could make your other items look super desirable.
Here’s the scoop
Imagine you’re eyeing a bunch of sunglasses, and you notice some are sold out. Makes you think they must be the cat's pajamas, right? That's social proof in action. But if you step into a shop and everything's sold out except for, say, a pair of neon green, polka-dotted shades... Well, that's just a bummer.
Why does it work? 🤔
Sold-out stuff sends a signal that you've got the hot ticket items everyone wants. It's like being the popular kid in school. But too much of that, and it feels like you've arrived late to the party. We love choices, and too few just cramps our style.
How to do it right ✅
- Track your inventory: Keep an eye on what's flying off the shelves and what's sticking around.
- Show off a little: Keep a few sold-out products on display, both in-store and online.
- Don’t overdo it: If you've got more "Sold Out" stickers than a one-hit-wonder has fans, dial it back. Maybe it's time to call up your suppliers or check your forecasting models.
Here's the thing...
This isn't about tricking customers. It's about showcasing the popularity of your products. Just remember, if you're selling out faster than concert tickets, you might need to amp up your stock levels.
And there you have it! A quick tip to make your products look like the next best thing since sliced bread – even when they're out of stock. Until next week, keep making those savvy moves that keep your cash register humming.
Want to learn more? 🤓
If you want to learn more about this topic, you can dig into the nerdy details in the original marketing study.
Quote of the week 💬
"Products selling out is like the cool kids' table in high school: everyone wants a seat but there's never enough room."