Retailers could add as much as 6% to their online revenues by focusing on three basic but effective optimization and personalization techniques, according to a report from Qubit:

  • Scarcity: Highlighting items that are low in stock (2.9% average uplift);

  • Social proof: Leveraging the behavior of other users to provide information about currently trending and popular products (2.3%); and

  • Urgency: Using a time limit to promote completing an action before a deadline (1.5%).

Retailers have to leverage these techniques in the highly competitive online environment, where 73% of online consumers spend most of their money at just one to five web sites. There are opportunities to “steal” some of these customers: only 16% of consumers say that they would remain loyal to their preferred stores if they fell behind in quality and value of service.