Answer :
Final answer:
The website is utilizing the scarcity and urgency loss aversion strategy to prompt quick purchases by asserting limited availability.
Explanation:
Scarcity and urgency is the loss aversion strategy being utilized by the website when it displays 'Only one left!' while shopping online. This strategy leverages the psychological tendency of people to find items more appealing when their availability is limited, thus creating a sense of urgency to make a purchase.
Businesses often employ tactics like time-limited offers or claiming low stock to prompt consumers to act quickly out of fear of missing out. By highlighting scarcity, they tap into customers' aversion to loss, driving them to make buying decisions swiftly.
Additionally, employing scarcity and urgency can boost sales by instilling a sense of exclusivity and value in the minds of consumers, ultimately influencing their purchasing behavior.
Learn more about Scarcity and Urgency in Business here:
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