What is FOMO? FOMO in eCommerce Marketing

The Fear of Missing Out is a psychological phenomenon that triggers when you feel like you are let slip an amazing opportunity. This leaves you anxious, regretful, and motivated to take actions because you don’t want to miss it. This is a common feeling that almost everyone has experienced. whether actively or inactively.
 

The “inactively” part is when you are somewhat forced to feel FOMO because of the things you encounter. Like when you see your friends uploading stories about a party on Instagram and you are not invited. Or when you see a flash sale item online and you want to buy it even though you don’t need it. Or when you travel just because the flight ticket price dropped. We’ve all been there.
 

 

The sense of urgency and pushing people to take action is what makes FOMO so effective in eCommerce marketing. Imagine an invisible force that makes buyers run to purchase your products together, there are three main ways that FOMO affect buyers:

• They spend money due to social pressure, they don’t want to be left out of what everyone else is experiencing.

• They make purchases because they fear missing out on a great deal.

• They are regretful of missing out on the opportunity and decide to take action, such as subscribing to keep updated.
 

• 56% of social media users claimed to have experienced FOMO, most of them are millennials (22 – 37 years old)

• 40% of people spend money on some items once a year just to post it on social media.

• 48% of millennials spends money they don’t have to keep up with friends

• 60% of people actively purchases just because of FOMO, mostly within 24 hours

• 41% of people agree to spend because they worry about not being invited in the future
 

As you can see, one age group that is heavily influenced by FOMO is Millennials. With new social platforms that keep users addicted to finding new experiences, the generation seems to can’t control their purchase just to not be left out. Now, let’s take a look at how to use FOMO in eCommerce marketing successfully.
 

Actually, the technique of FOMO has been used in marketing for years. You’ve probably seen it a million times too. Every viral campaign has been attributed to triggering FOMO among customers. When buyers see everyone around them buying a product, they would want to join in the action as well. With that in mind, here are the effective methods to apply FOMO in eCommerce marketing:
 

Millennials are affected by FOMO the most, so guess where they often hang out and get exposed to the psychological trigger? That is right, social media! And not only the young generation, everyone seems to be hooked on their phones nowadays. In fact, 45% of people of all ages who experience FOMO can’t hold longer than 12 hours without checking any social media.
 

People breathe and live on social media, so it is essential to incorporate fear of missing out elements in your social media marketing campaign to maximize the result. Here are some ways to do it:
 

Host a limited giveaway: When you want to promote your new products or attract new customers, hosting a giveaway can really help. People know that they can get freebies in a limited amount of time, so the fear of missing out will encourage them to make action. To be the most effective, you should have a teaser, limit stock items, add countdown timers, and send reminder messages to give more boost.
 

 

Create an exclusive group: People always want to belong, so if there is a secret group that only a few people can join, they would immediately question why they are not in it. You can create a Facebook group or a loyalty reward program for customers. The more actively they engage with the brand, the more benefits they can get.
 

 

Launch a user-generated content contest: Social media promotes experience, so you can do that too. Let customers post their own video, pictures, posts about your company or product in exchange for prizes. This tactic can broaden your follower base since more are sharing and competing.
 

 

Use hashtags: To manage your user-generated content contest, hashtags are necessary. They let you track your post engagements and measure the number of people talking about your brand on social media. You can use hashtags to show that your company is a part of a trending movement.
 

 

Make use of expiring content: Recently made popular by Snapchat or Instagram, expiring content called Stories often disappear after 24 hours. You can create offers that only last that long or available exclusively for the viewers. This keeps your fans eagerly checking your social profiles often to see if any new deals appear as well.
 

Go live: Live broadcast is a new way to connect with customers, you can receive questions, do giveaways, and interact with viewers. They won’t want to miss your broadcasts with all fun activities. If you have offline events, you can showcase the cool parts and encourage people to join in.
 

Using FOMO in eCommerce marketing is not new, yet it is a hard aspect to master for every online business. If you overdo it, the psychological trigger may backfire and turn the customers away. With our guide, you can have a clear understanding of the best method to apply FOMO in your campaigns.

Remember, there are good and bad sides of everything, so use FOMO wisely and you can drive more sales while remaining a good image in customers’ eyes.!