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OOPS: Here's how you've been tricked by retailers

How many times have you gone into a store and seen signs that say something along these lines:

"Supplies running fast!"

"Buy them before they're gone!"

"Only 5 left!"

"Sale ends soon!"

Now, be honest: How many times did you go through with the purchase because you believed what the signage said to be true?

Yep, even I've fallen for it myself, and I actually majored in marketing and minored in psychology!

In marketing and consumer psychology, it's what we call the scarcity principle: Consumers attach more value to things that are few in quantity and thus feel more compelled to purchase such items.

But this isn't limited to brick-and-mortar stores -- companies also use this marketing tactic online. Take Amazon.com. At some point, you're bound to come across an item whose description includes "Only 3 left in stock. Order soon."

Companies seldom run out of inventory, unless we're talking about much-ballyhooed products like the latest iPhone. They know that consumers are more likely to buy something when they're under some form of pressure. When presented with two scenarios -- snapping up a product before other people do or missing their opportunity and having to wait longer to get the product -- consumers will almost always do the former.

Put simply, people don't like the thought of missing out -- whether it's on a seemingly good product or an ostensibly good sale. In fact, many people would rather purchase the product -- no matter what the price -- than put off the buy until doing a little price shopping. Sometimes it feels a lot better to get the product just in the nick of time -- before other shoppers do -- than to save a few bucks.

So the next time you're at Macy's or on Amazon, be mindful of these sales techniques. Don't be fooled into thinking you're getting a great deal, or even that the product you want is really in short supply. You might find a much better bargain (or even a better product) elsewhere.

Have you fallen victim to such marketing tactics?  Did you have any idea that retailers do this to up their sales?

Share your thoughts and don't forget to check out my other posts here: How to Understand People

And here are other entries you might be interested in:

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