"Why offer discounts in the run-up to the time of year when even the most reluctant consumer feels the urge to empty their wallet? There are no doubt businesses out there - especially smaller ones - that will queue up to claim that a sales season that seems to get longer and more hyped with every year is a disaster. But presumably enough companies find it worthwhile. Otherwise they would not keep doing it."
"But just hovering over an item might prompt a message to move quickly or you might miss out. Or the browser might be told that either so many other people have viewed this recently or that there are only a few left. Whichever way you look at it, these amount to using FOMO, or Fear Of Missing Out, to tempt buyers who might not otherwise feel the need to purchase something."
"For a start, there is that old principle that everybody likes a bargain - even if it involves something you didn't know you wanted before you saw it on sale. But there are also a lot of other techniques that marketers are using to great effect. Some, such as the idea that something on sale for $4.99 is more attractive than the same item at $5.00, are as old as selling itself. But technology is bringing a fresh arsenal to the salesperson."
Black Friday sales capitalize on consumers' love of bargains and employ behavioral science to increase purchases. Classic pricing cues, such as $4.99 versus $5.00, make offers appear more appealing. Digital strategies amplify these effects by capturing email addresses to send repeated promotions, displaying urgency prompts when users hover over items, and showing messages about widespread interest or limited stock. These scarcity and social-proof signals invoke FOMO (Fear Of Missing Out) and push shoppers to buy items they might not otherwise consider. Some smaller businesses question the expanding sales season, yet many retailers continue to participate.
Read at Forbes
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