Next ... 9. Anytime, Anywhere
Introduced in just the last 20 years, mobile computing and the internet have both made anytime anywhere computing a reality. While there are disadvantages to being available all the time, there are many more benefits to having access to information and services 24-by-7 (all the time). Being location-independent has enormous benefits as well for researchers, people with unusual hobbies, and acquiring scarce or unique goods and services from anywhere on the planet.
Perceived scarcity: People tend to value something more when they think it's rare or difficult to get
ReplyDeleteHere's how the scarcity principle works:
ReplyDeletePerceived scarcity: People tend to value something more when they think it's rare or difficult to get.
Fear of missing out: Scarcity can create a sense of urgency and fear of missing out (FOMO).
Higher prices: People may be willing to pay more for a scarce item because they think losing out on it is worse than the cost.
Quick decisions: Scarcity can lead to faster purchasing decisions
Businesses can use scarcity to their advantage by:
ReplyDeleteHighlighting limited availability: Businesses can create urgency by highlighting low supply or limited availability
Creating exclusivity: Scarce goods can seem exclusive and make the buyer feel unique.
ReplyDeleteAccelerating decision-making: Scarcity can help businesses make their offerings more attractive and accelerate decision-making.
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