FOMO is a good way to leverage your eCommerce business’ presence and sales. Customers are anxious about missing out on something great because someone else will get it first. They want what’s best for themselves and their families, so they’ll want it right away.
If an eCommerce site can convince its visitors that they’re missing out on something great if they wait to buy, it can boost both visibility and profits.
Fear of Missing Out examples from marketing and behavioral science:
These are just a few examples of psychological reactions we get that can be used in your eCommerce business model to sell more.
FOMO is a powerful psychological trigger, and it helps to support sales that are built on artificial scarcity. We are programmed to fight for what is scarce because humanity developed by fighting for limited resources. Being included in a social group, having what others have, and being better are imprinted as a form of survival and serve as drivers for action. At the same time, people normally don’t want to accept that FOMO triggers purchases and rationalize their behavior. Marketing wins.
Here are five ways to get started if you want to make the scarcity principle a part of your marketing strategy:
The psychology of eCommerce scarcity is a form of persuasion that uses perceived limitation to encourage customers to buy now or risk missing out. It’s an effective tool in eCommerce because it creates urgency and encourages customers to make decisions immediately.
Yes, it can. If something is in sight for a short time, potential prospects are more likely to buy it because they believe that it will not be available later. This is called the “scarcity heuristic,” and it’s widely used in marketing and advertising to increase revenue.
Fear Of Missing Out is the anxiety experienced from not being able to participate in an event or get something you know about. MOMO — Mystery of Missing Out — means feeling like you are missing something, but without knowing what exactly. The anxiety builds when you think of hundreds, if not thousands of products, services, or events that others are happily using, and you don’t even know about them.
