- Darjan Hren
We all know that there are certain cognitive biases that can affect our decision-making processes. But did you know that one of these biases, called moral luck bias, could actually be used to increase the conversion rate of your ecommerce store? In this blog post we’ll take a look at what moral luck bias is and how it can be used to drive higher conversions on your website.
What Is Moral Luck Cognitive Bias?
Moral luck cognitive bias is the tendency for people to assign higher value to something if it has been “luckily” acquired or experienced. This means that if someone feels like they’ve gotten lucky in finding a product or service, they are more likely to make a purchase.
This type of thinking usually occurs when a person experiences an unlikely or unexpected event—such as getting a discount on a product or stumbling across an item they never expected to find.
Examples Of How You Can Use Moral Luck Cognitive Bias For Higher Conversion Rate
1. Offer Last Minute Deals
Offering last minute deals on your products or services adds an element of surprise and excitement for customers. It gives them the feeling that they are getting something lucky—which will encourage them to buy sooner rather than later! Just make sure you set realistic deadlines so customers don’t feel rushed into making a decision.
2. Showcase Seasonal Items
Showcasing seasonal items also adds an element of surprise and luck for customers because it gives them the opportunity to purchase something they wouldn’t normally expect or find. Plus, customers get the sense that they’re getting something special—and might even be motivated by the limited time nature of seasonal items!
3. Offer Unexpected Discounts
Offering unexpected discounts on products or services is another great way to use moral luck cognitive bias for higher conversion rates. Customers will feel lucky if they happen upon an unexpected discount, which could encourage them immediately make purchases before discounts run out!
4. Feature Lucky Draws
Another way you can use moral luck cognitive bias for higher conversion rates is by hosting lucky draws where customers have the chance to win prizes related to your store's products or services (e.g., gift cards). This is another way for customers to feel like they’re getting lucky—which could give them enough motivation to buy from you instead of somewhere else!
5. Create Limited Edition Products/Services
Creating limited edition products/services helps build buzz around your store and encourages customers who want something special and exclusive—allowing them to feel like they've "gotten lucky" with their find!
Conclusion on moral luck bias
It's clear that leveraging moral luck cognitive bias can help ecommerce stores boost their conversion rates significantly!
By taking advantage of features such as last minute deals, showcasing seasonal items, offering unexpected discounts, featuring lucky draws and creating limited edition products/services—you can tap into people's natural inclination towards feeling "lucky" when shopping online and capitalize on those feelings in order to drive more sales for your store!