What is a stock status progress bar?
The stock status progress bar is a visual representation of the inventory level of a product in an online store. It indicates the number of products that are still available for purchase and how many have already been sold.
In general, there are various types of progress bars that share a common goal: to visually represent the progress a visitor to a website has made toward achieving a specific objective.
Let’s take a closer look at how a stock status progress bar serves its purpose.
FOMO (Fear Of Missing Out)
The stock status progress bar serves as an effective marketing tool for businesses. It is commonly used by e-commerce stores to inform customers about real-time stock levels of their products.
By displaying the stock status progress bar, customers can see how quickly a product is being consumed, which encourages them to purchase before it’s too late.
The stock status progress bar is designed for online stores to create a sense of urgency by triggering the Fear Of Missing Out (FOMO) response.
The fear of missing out is a psychological state that affects many people, especially in the era of social media and online shopping. It is a feeling of anxiety or unease stemming from the belief that others are experiencing something desirable while you are not.
For example, if you see a product in an online store with a stock availability bar showing only a few items left in stock, you may feel pressured to buy it before it runs out. Additionally, the fact that people are purchasing the product serves as evidence of its high quality.
The fear of missing out is a powerful motivator. A simple “in stock” message on a product page doesn’t activate FOMO. However, seeing “250 units sold. 5 left in stock” completely changes the customer’s psychology. This technique can be highly effective in increasing sales and conversion rates.
Inspiring purchase confidence
This marketing tool can also enhance customer satisfaction by providing transparency about the availability of the items they are interested in purchasing.
The difference between a generic “in stock” message and an exact stock number (e.g., “10 units left”) gives customers an additional confirmation that the stock is being monitored and the product is available if they proceed with the purchase.
Better stock management
In addition to its customer-facing benefits, the stock status progress bar can also help businesses effectively manage their inventory levels by providing insights into popular products and those that may require restocking soon.
Conclusion
The stock status progress bar serves as an effective marketing tool for businesses, as it not only creates a sense of urgency for potential buyers but also helps e-commerce owners efficiently manage their inventory.
By strategically using this feature, you can increase your sales, improve customer satisfaction, and boost your profitability.
