Limitation
People prefer avoiding losses to acquiring equivalent gains. This is what we call loss aversion. If there is only one or just a few items left, we will be more likely to buy the given item. If the item can only be purchased for a limited time, or at least at a discounted price, it adds a sense of urgency and will also increase your chances of selling the item. For example, Parker and Lehman (2011) published some research on wine purchase in brick-and-mortar shops. Unsurprisingly, they found that people were likely to pick the wine with fewer bottles available.
Limitations will also increase the user's satisfaction with the reward. You will enjoy your coke much better if it was the last on the shelf. Even if it's the same old coke, ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access