If you weren’t already aware, FOMO stands for ‘Fear of Missing Out’ – an emotion many consumers experience. We, as humans, have an embedded anxiety of missing out on what other human fellows might be experiencing. In eCommerce, FOMO is the anxiety you experience when you feel the need to take advantage of a special opportunity or a fear of not being included in an advantageous event.
As a business owner, you can take full advantage of that fear in driving your sales and conversions up. Here are some ways to do so:
Showing limited quantities
Limited-quantity products can create a feeling of urgency in your customers. The scarcer something is in supply, the more desirable it can become. When there is only a limited amount of something, it means that if the customer doesn’t act now, there can be nothing left for them to buy if they wait a little longer.
When it comes to eCommerce business, try selling some products in limited supply. If the exclusivity comes with a higher price tag, justify it by showing how unique and desirable this limited-quantity product is and how it will add value to their lives.
Apply a time limit
One thing all shoppers have in common is – no one likes to miss out! Setting a time limit to a product or an offer, such as a special promotion like free shipping is a popular way to implement FOMO. It sets off anxiety and an internal alarm that will make them rush to take advantage of your offer before the deal is gone forever.
The time limit could last a few hours or a few days. It could even apply to seasonal products or exclusive products, which are available only during certain periods of a month or year. Showing a countdown timer on your website can help add to the sense of urgency, letting your customers know they need to act within the time frame.
Offering value bundles
Give your customers a chance to save a lot of money off your products with a value bundle. Bundle a few of your individual items and sell them as a package with a discount on it. By convincing your visitors to save money on bundles of related items, you get to sell off your products quickly. Nobody wants to miss out on a value bundle. Add a strict time limit, and you’ll heighten the FOMO with your visitors.
Display real-time sales activity
Showing real-time sales activity on your website is one of the simple yet powerful ways to incite FOMO in your shoppers. When a user visits your website and sees that other people have been buying your products, it will entice them to get those products for themselves.
You can display the real-time actions of other users to tell website visitors that people buy your products frequently. These sales notifications help make the purchase decision easier as it communicates to them what people are buying and encourages them to head to the checkout and buy your product.
Make your visitors feel special by providing exclusive deals that are not available to all customers. Provide them with one-of-a-kind offers that make them feel special. Exclusive deals can include things like coupons for customers who subscribe to your newsletter, discounts for people who buy a specific quantity of products, or discount offers for first-time visitors. Exclusive deals are great because they promote customer relationships and improve loyalty and trust.
Use Exit-intent popups
Exit-intent popups are a small but important part of marketing for eCommerce businesses. They appear on users’ screens when they attempt to exit the page, giving your website visitors a one-time opportunity to enjoy a discount and save money and is the last chance for your customers to change their minds before closing the window. Simply add an incentive that your visitors will find irresistible to a bestselling product that will soon go out of stock. Alternatively, you could add a discount code with an expiration time to it.
FOMO marketing tactics if executed properly, can go a long way for eCommerce business. The main idea when using FOMO as a marketing strategy is to address the customers’ pain points, create a situation that triggers FOMO and prompt them to take action. You don’t have to use all of these tactics all at once. Use them strategically where they are applicable to your brand and store. The right strategy should target the right audience at the right time with the right offer, and hopefully boost your conversion rates.