The scarcity principle asserts that people have the tendency to purchase a product with limited availability rather than one that they can purchase in the medium or long term.
If this is the strategy you want to use for your e-commerce business, you cannot miss YITH WooCommerce Product Countdown, the plugin that allows pushing your users to purchase through a dedicated countdown showing the time and availability.
Read this guide to learn about all the plugin features and clear any possible doubt about its functioning.