For those who are not Singaporean or Malaysian, you might wonder what does kiasu mean. You can check Wikipedia definition or in short, it is a Hokkien word that means an attitude of very anxious not to miss out on an opportunity.
Visual below explains the full philosophy of kiasu:
Or simply, the girl below is showing sign of kiasu-ness:
So as an e-commerce business, how to attract, or stimulate the kiasu-ness of online shoppers like the girl above?
Here, we summarize 5 tips for you to consider in your marketing approach.
#1. Price comparison
Pricing is always one of the critical factors for online shopping, especially if you are reseller of common or mainstream products.
If you are bold enough, you can consider displaying price comparison against your competitors.
Kiasu shoppers will always compare price before placing order.
#2. Daebak deal
Daebak is a Korean word which means something impressive, awesome or spectacular.
Daebak can be applied to e-commerce by offering promotions like loss-leader deal, for example offering something at RM1, with limited stocks and time allocated.
Kiasu shoppers wouldn't want to miss out daebak deals.
#3. Groupon style
One of the main reasons why deal sites led by Groupon was a huge success is due to its capability to unlock the kiasu-ness of online shoppers.
Deals offered are often available for short period only with great discount, with quantity sold counter shown to tempt and convince shoppers.
Kiasu shoppers will easily fall into the trap to buy things that they don't really need.
#4. Quantity sold counter
While quantity sold counter shown in deal sites could potentially stimulate impulse buying, you can consider implement similar counter on your website to help shoppers make buying decision.
That's provided you sell a lot lah of your key products. Just refer to the example below, most shoppers can quickly decide which one to buy without comparing or going into the details on the product specification.
Some kiasu shoppers don't read into details so this is a good 'trap' to have.
#5. Limited coupon download
As per elaborated in 3 formula of successful coupon strategy, you can explore implementing the elements of kiasu-ness in your coupon strategy.
For example, coupon campaign like below offer limited quantity of coupons by tier, and encourage shoppers to visit the website on specific day / time to download the coupon.
Even some kiasu shoppers just download the coupon from you without buying but they will just keep coming back to your website contributing to your traffic.
In summary, comparison + daebak + limited-time + counter + great discount is a good combination to attract and convert the kiasu shoppers.
'Kiasu philosophy' image credit: Paul4innovating