Scarcity bias is an interesting human behavior. Because human beings are always plundered by scarcity mistakes.
Marketers and business people often cleverly exploit this behavior.
What is scarcity bias?
Scarcity bias is a psychological heuristic. We unconsciously think that what is scarce is always valuable and what is rich is not. We simply believe that the more difficult it is to obtain an item, the higher its value.
In short, we give more value to something rare, and less value to something rich.
The business world uses scarcity bias as an effective marketing tool. Did you pass Booking.com Hotel reservation? You may have noticed an alert highlighted in red, such as “only 2 rooms left!” “Five people are looking at the hotel.”.
The scarcity bias forces you to catch it as quickly as you can. All kinds of commercial advertisements, such as “one person can only buy once” or “only for today”, etc., crafty merchants will make full use of people’s scarcity bias. If your product or service is in great demand, you can use it as a marketing tool. But don’t abuse it. It’s immoral.