I can’t count the number of times that I have looked out my window during quarantine periods like this and imagined all the joy in the outside world. It brings me back to my childhood, when I was trapped in my room and felt sad that my friends were out enjoying the sun. It doesn’t help that I have looked at Instagram thirteen times. It’s hard to shake that feeling of being left out.
It is called FOMO – Fear Of Missing Out. It’s likely that you have heard it at least once before. You haven’t. You are probably out of date. You know what? I have already put a little FOMO on myself. People’s (and yours) desire to avoid looping out in an age of “attention scarcity” is more intense than ever.
FOMO is a psychological phenomenon that can also be used to benefit e-businesses. Your brand can use FOMO to make sure people are aware of your brand and take advantage of any opportunities that arise.
Continue reading if you feel the need to. This guide will show you how to use FOMO in eCommerce Marketing to increase your store’s sales, customer numbers, and social attention. Let’s get started!
What is FOMO?
Fear of missing out is a psychological phenomenon that makes you feel like you’re being let down by an incredible opportunity. You feel anxious and regretful. This makes you want to act because you don’t want it to pass. This is a common feeling, active or not.
The “inactivity” is when you feel FOMO from the things that you see. You know, when your friends post stories on Instagram about a party you didn’t attend. You might also see an item on sale online that you like and want to purchase it, even though it isn’t necessary. Or when the price of a flight drops and you decide to travel. We’ve all been there.
This should give you an idea of FOMO and how it is used in eCommerce marketing. Humans are driven to seize opportunities. This is a trait that dates back to our earliest days as savages who had to survive in the wild. To increase our chances of survival, we also had to be part of groups. Buyers may not realize that FOMO is a natural phenomenon and can have an impact on many purchasing decisions.
Let’s take a look at all the reasons FOMO is so valuable for eCommerce businesses.
Why is FOMO important for eCommerce businesses?
FOMO is a powerful tool in eCommerce marketing. It creates a sense of urgency that pushes people to act. Imagine an invisible force that drives buyers to buy your products together. Who wouldn’t want it? FOMO can affect buyers in three ways:
- They are under social pressure to spend money, and they don’t want their experience to be different from everyone else.
- They fear losing out on great deals so they make purchases.
- They regret that they missed the chance and decide to act, such as signing up to be kept updated.
FOMO can be a powerful tool for increasing loyalty, gaining new customers and increasing sales. Don’t believe me? Here are the numbers from Trustpulse.
- 56% of social media users reported having experienced FOMO. Most of them (22-37 years old) are millennials.
- 40% of people only spend money on certain items once a calendar year to share it on social media.
- 48% of millennials spend money that they don’t need to keep up with their friends.
- 60% of FOMO-related purchases are made by people who have FOMO within 24 hours.
- 41% of people will spend because they fear not being invited to the future.
As you can see, Millennials are heavily influenced and influenced by FOMO. The generation is addicted to social media and can’t stop buying new experiences. This information is different for eCommerce businesses, and we’ll discuss them in the next section.
To gain more customers, FOMO is an effective tool in eCommerce marketing. Let’s now take a look at the best way to use FOMO for eCommerce marketing.
How to use FOMO in eCommerce Marketing
The technique of FOMO is a marketing tactic that has been around for years. It’s likely that you have seen it many times. FOMO is a common theme in viral campaigns. Customers will want to buy the product if they see others doing it. This is similar to why toilet paper is so popular.
These are some of the best ways to use FOMO in eCommerce marketing.
1. FOMO marketing is a method of online marketing
We will be discussing FOMO for e-business owners. We will show you how to include FOMO elements on your website, social media and advertising.
Your website can use FOMO to encourage prospects to take action and move down the funnel. You can convince them to check out your product, buy it, abandon carts, and then recommend your business. That sounds pretty impressive, right? Let’s take a look at each page of your website, starting with the homepage.
Social proof is a great way to show your customers that your product is in high demand. Customers should be able to see that customers are purchasing right now, in real-time. A store with many customers makes it easier to shop. An app like Proofo is one way to do this. It displays a notification whenever someone buys an item. The best part is that the app is completely free!
Shipping is free if you have a limited order. This is why so many people shop online. If you offer shipping free for a short time, prospects may feel they are missing out on a great product. Therefore, they will act.
Use a countdown clock: Urgency can be used to create scarcity, and to urge people to act fast. FOMO can be triggered when people see that a great deal is ending soon and the clock is ticking. The timer can be displayed right on the front page.
Testimonials from users
You can now convince customers that they are missing out by including user testimonials on the product page. Keep the negative comments to a minimum.
Show stock number: FOMO can also be activated if a product has a limited number of copies. You can easily see why people want to buy more by adding a line like “Only 5 remaining in stock”. This shows that people are purchasing the item. You can also show the number of items that have been sold on Ebay and how few are left.
Get some competition
Incite some competition: We fear not only missing out but we also fear that someone else may have an amazing thing in store for us. You can make it interesting by showing others who are looking at the deal. This will show that if they don’t act quickly, it will be in someone else’s hands.
Exit-intent pop up
You can make an exit-intent popup if a customer leaves your site or removes items from their shopping cart. This will allow you to offer a better deal and encourage them to purchase more. You can ask for an email to make smaller commitments.
FOMO is most prevalent in millennials. Guess where they hang out and are exposed to this psychological trigger? It’s social media. Everyone seems to be addicted to their smartphones nowadays, not just the younger generation. In fact, 45% of people of all ages who suffer from FOMO can’t keep their phones off the screen for more than 12 hours without checking social media.
Social media is where people live and breathe. It is important to include fear of missing elements in your social marketing campaign for maximum results. Here are some tips:
Hosting a giveaway is a great way to get new customers or promote new products. People are aware that they can only get freebies for a short time so fear of missing out on the opportunity will motivate them to take action. You should include a teaser and limit stock items. Add countdown timers to make it more effective. Reminder messages can be sent to increase your effectiveness.
You can create an exclusive group. People want to belong. A loyalty reward program or Facebook group can be created for customers. They will get more benefits if they are more active in engaging with the brand.
Social proof is important: Show that customers are satisfied with your product and buying it. You can have customers leave reviews on Facebook and Instagram testimonials. This not only shows that people are buying your products, but also shows that they are connecting with your brand like a friend.
Photo contest: Pick of the Day
Create a contest for user-generated content: Social media is all about experience. Customers can submit their videos, photos, and posts about your company, or products, in return for prizes. This can increase your following as more people are sharing and competing.
Use hashtags: Hashtags are essential for managing your user-generated content contest. You can track the engagement of your posts and determine how many people are talking about your brand via social media. To show that your company is part of a trending movement, you can use hashtags.
Stories on Instagram
Use expiring content: Stories, a type of expired content that has become very popular on Instagram and Snapchat, often disappear within 24 hours. Offers that are only available for a limited time or that are not open to the public can be created. Your fans will be eager to check your social media profiles frequently for new offers.
Live broadcast on Facebook
Live broadcast: This is a great way to interact with customers. You can ask questions, give away prizes, and interact directly with them. Your broadcasts will be a hit with customers. You can also highlight the best parts of offline events and encourage people to get involved.
Advertising is easy. Facebook ads and Google ads can be used to trigger FOMO among viewers. To encourage prospects to take action, they can be personalized with details such as a timer or social proof. Showing that your products are loved by many can spark their interest, even if they don’t know much about you.
Influencers are another effective way to promote FOMO in eCommerce marketing. Influencers can be celebrities, industry professionals or anyone who takes pictures with your promotional items. It’s a great bonus to have their followers, who may not be your target customers, take an interest in your company and visit it.
Email remains a great way to communicate with customers. Emails can be used to create FOMO (Fear of Missing Out) and persuade subscribers to take action.
Here are some examples of FOMO in email marketing:
- For their wish list items, send a special code or discount
- Inform them that your save items are out of stock.
- Remember to remind them about items that were left behind in the cart
- Subscribers get special discounts and rewards
This should be enough to cover all possible FOMO strategies in eCommerce online marketing. We will now unplug and look at offline marketing with FOMO.
2. Marketing offline using FOMO
You don’t have to sell only online if you own an eCommerce business. You can also host offline events to draw more customers and increase your followers. You can connect with customers and get feedback to diversify your brand.
These are some of the ways that you can create FOMO for eCommerce marketing at offline events.
Teaser for the event
Teaser: Instead describing what you will show at your event, create a teaser. To keep people interested, you can include a mystery guest, secret gifts or unidentified activities.
Only limited attendees
Limit the attendance: This is the most important lesson we have learned. Scarcity can trigger FOMO in customers. People will sign up quicker if there is a limit to the number of seats they can reserve. This is possible with loyal customers, too. For example, you could offer an exclusive event to users who have used your service for over a year.
Early bird discount
Early bird discounts: Offers for early birds include special pricing, tickets, and gifts. You can adjust your strategy over time to attract more ticket sign-ups.
Pre-order tickets and last minute tickets
Last-minute offers: Combine this with early bird offers to ensure you have the opportunity to attract everyone. Last-minute tickets are a great way to encourage people to act quickly when the time is running out and the slots are closing.
Photo booth at an Event
Make your event memorable: You can still make FOMO for future events once it is over. Encourage participants to share the event via social media, take photos, and go live. They can also help you with photo booths and pop-up displays, photo wall, giveaways, and celebrity appearances.
You can say no to FOMO if your company encourages genuine connections. People are becoming more aware of the negative effects FOMO has on their lives and turn to companies that do not manipulate them with psychological triggers. This will give your brand a better image, and increase customer loyalty.
Success stories from eCommerce marketing with FOMO
FOMO is a powerful marketing tool that proactive businesses use to their advantage. FOMO, regardless of industry or product, is a powerful marketing tool that every company should use. It is up to you how you use it, but here are some examples of successful uses.
Basecamp heavily uses social proofs on their website in order to create FOMO among customers. Basecamp provides software for project management. All the lovely testimonials from Shopify CEO, University of Miami members, and NASA employees make any other company wonder where they are.
You can find hundreds of testimonials at a page. At the end you will see a simple chart showing how they have grown over time. They have grown from 45 accounts to over 3 million accounts. Businesses want to work with them more because of their credibility.
Lesson: You can use FOMO in eCommerce marketing by being honest with customers and showing all the positive things you’ve done. They won’t be triggered by FOMO if you try to manipulate them. Instead, they will feel that you are genuinely good and don’t want anything to do with it.
Brighter White is a social media marketing expert who has been gaining popularity recently. This allows them to create FOMO among their followers. They invite celebrities to use their products and have a hashtag campaign that anyone can join to show results. Also, they offer frequent giveaways to their followers.
Brighter White’s Instagram account also uses funny tweets and texts to connect with its audience. It is a great way to make the brand funny and friendly since most of their users are millennials. Users on Instagram would love to hit the Follow button.
Lesson: Make your brand a friend your users love to spend time with. To connect with prospects via social media, have wisdom, humor, and sociality. Nobody wants to lose a cool friend like that, so be one!
Airbnb is a successful startup that knows how to keep their customers coming back for more. To make their accommodation more attractive, they use testimonials and star reviews. You can review the following areas: Location, Communication, Check in, Cleanliness and Accuracy, Value, and Value.
This creates an enjoyable experience that is not available on other booking platforms. To let users know that they are interested in a great deal, the site adds tags such as Rare find or Newly reduced price. To increase their credibility and attract more viewers, hosts can earn the badge of Super host.
The lesson: Online services are crucial for the user experience. You should make it an extraordinary feature that people won’t want to miss. This is done by creating a great interface, the best deals, and a supportive community.
Although FOMO is not new in eCommerce marketing, it can be difficult to master. Overdoing it can backfire on your business and cause customers to leave. This guide will help you understand how to use FOMO in your marketing campaigns.
There are both good and bad sides to everything. Use FOMO wisely to drive more sales and maintain a positive image with customers. Please feel free to comment below and share your experiences. I am always interested to hear about them. Best of luck with your eCommerce journey, as always!