Posted to Volacci's blog on June 23rd, 2011
The Last Chance Effect
Dear Reader,
Perhaps you have often looked at your site and wondered, "How can I achieve the highest conversion rate possible?". Well, first of all you need traffic. (Call us, we can help with that!) Without traffic, you can't have any conversions! But even when you do have an excellent traffic volume, how do you increase your conversion rate? That is a question that can't be answered in one blog, but you can certainly enhance your conversion rate with the following technique:
The Last Chance Effect
What is, "The Last Chance Effect"? To explain, let's first look at a few sites with some of the highest conversion rates:
All of these sites make great use of the "Last Chance" Effect which is instilling a sense of limited time or supply to make a move. This creates a need in the site visitor's mind to take action soon, if not immediately. For example, take a look at the first site:
1. Schwan's - 40.6% Conversion Rate
This is on the left side of the homepage. When clicked, it takes you to a page with this:
2. QVC - 16% Conversion Rate
This is also on their homepage. When a visitor clicks it, they are taken to this page:
3. ProFlowers.com - 15.8% Conversion Rate
This is on their homepage. It creates a sense of urgency, especially for time-sensitive products like flowers.
4. Office Depot - 15.4% Conversion Rate
This is the first image in their rotating banner on the homepage. "TWO DAYS ONLY!"
5. VitaCost.com - 16.4% Conversion Rate
This site has a high conversion rate despite being less of a household name. At least they implement the "Last Chance" Effect like the big players!
Now what will YOU do now that you know about The Last Chance Effect? EVERY MINUTE your site doesn't implement this effect, the less urgency your site's visitors have to complete a conversion. So:
HURRY! ACT NOW BEFORE IT'S TOO LATE!
Sincerely,
Jordan @ Volacci
(SOURCE: Conversion rate statistics from: https://vwo.com/blog/top-ecommerce-websites-conversion-rate/)