FOMO – Fear of missing out – can be used profitably in marketing and e-commerce. And the psychological FOMO effect works. If we are worried about missing out on an offer that is only available for a few hours at a low price, we are more inclined to make a purchase. FOMO marketing is therefore a powerful tool to attract new customers and trigger interactions. The Millennial generation in particular, who are now aged between 23 and 38 and have a high purchasing power, experience the FOMO effect frequently.
There are a few ways you can use FOMO marketing for your online shop. Many brands have already discovered FOMO for e-commerce. Marketing with FOMO can make a significant contribution to increasing the willingness to buy and to customers making purchases. There are a few tools for this, which you will learn about below:
- Show what other customers think is good (social proof)
- Create exclusivity
- Increase urgency
- Use popups
- Share experiences and reviews
Why is the FOMO effect so powerful?
The worry of missing out can be addressed specifically with FOMO marketing. Often this happens unconsciously automatically with today’s popular marketing tools. Think of limited offers, summer sales or the classic Black Friday. Special discounts in newsletters or push notifications also trigger the FOMO effect. However, FOMO brings the greatest benefit for an online shop when the effect is used in a structured and planned way.
FOMO for e-commerce means using the right measures to create an incentive to trigger the urge to want a product and not to miss it in any case. When used correctly, the FOMO effect triggers a high willingness to buy, immensely shortens the reaction time to an offer and generates impulse purchases. In FOMO marketing, it is important to create the feeling that if you don’t buy now, you will regret it later. True to the motto: now or never.
Many companies use social media for this, because on the one hand the target group of millennials is strongly represented here and on the other hand FOMO marketing can be implemented well with posts, news and co. FOMO in the online shop is just as powerful and can be combined well with social media activities. The important thing here is to use the FOMO effect in an ethically justifiable way. Create real added value for your customers and ensure with FOMO marketing that they receive the highest product quality and service.
The 5 most important FOMO tools for your online shop
In the following, we would like to turn to the 5 most important tools that FOMO holds ready for e-commerce. Include them in your marketing strategy and see what works best with your target group. Ensure evaluation with appropriate tracking methods to optimise FOMO marketing with solid numbers.
1. Show what other customers like
We like to be inspired by other people. The FOMO effect also makes this its own. “Customers also bought…”, we read more and more often today when we are already on the way to the shopping cart or looking at a product. If a customer is about to make a purchase, such authentic offers and recommendations can increase sales at the right moment. The FOMO effect triggers a feeling of not wanting to miss out on what others are experiencing by having bought the additional products. The so-called social proof works. Learn how to use social proof to increase your conversions.
Example: A customer wants to buy a sports shoe. Shortly before the purchase is completed, he is offered a matching t-shirt, jacket and baseball cap that customers have already bought before him for exactly this pair of shoes. You can also use other phrases such as “Our experts recommend” or “You might also like this” to increase attention with the FOMO effect.
2. Create exclusivity
Today more important than ever: personalised offers that are tailored to the real needs of the user. Creating exclusivity in products is a powerful tool in FOMO marketing. You can play out special and exclusive discounts only for a certain customer group, such as newsletter subscribers, or create exclusivity in FOMO marketing with memberships.
Example: Role models that regularly prove how the FOMO effect works are Amazon Prime or Zalando Plus. Customers who opt for membership receive benefits that other customers cannot enjoy. And more importantly – they don’t miss out on these benefits and associated deals and offers.
3. Increase urgency
Another opportunity for FOMO in online shopping is to increase the urgency of the purchase decision. To trigger the FOMO effect, this means giving the impression that a product or service is only available for a short period of time and at said offer. The classic marketing tools for FOMO here are countdowns, time-limited discounts, quantity limits, tight delivery stocks or steadily decreasing availability. FOMO also works when the customer sees how many other customers have also already bought the product in the last few minutes. Urgency increases the pressure to decide quickly so as not to miss out on the promotion or end up with no product left.
Example: The discount and the “small” quantity still available are specified: “50 % discount” or “only 10 left in stock”. A countdown runs down in real time. Even the sentence “While stocks last” can cause the FOMO effect.
4. Use popups
The FOMO effect for online shops can also be triggered with exit-intent popups as well as newsletter popups. While exit-intent popups use the FOMO effect to prevent abandoned shopping carts, newsletter popups use FOMO to attract newsletter subscribers to your business.
With exit-intent popups from uptain, you can offer customers who want to abandon their shopping cart an incentive to buy with exclusive and customised offers, which will ensure that they buy so that they do not miss out on the promotion.
In addition, newsletter subscribers can be efficiently generated in FOMO marketing with uptain. In contrast to other incentives, the FOMO effect appeals to shop visitors who always want to be up to date and do not want to miss anything. uptain makes use of this fact by playing out newsletter popups to potential newsletter subscribers who are convinced to subscribe to the newsletter with the FOMO effect, even without a voucher.
Example: The uptain technology analyses the user behaviour as well as the situation and automatically selects the best FOMO argument of the newsletter popup at the right time. The FOMO variant ensures that customers subscribe to the newsletter so as not to miss the latest news and discounts.
5. Share experiences and reviews
Testimonials, test results, reviews – who hasn’t read one before making a purchase decision? For marketing, expert or customer reviews can be used for FOMO. Here, the purchase decision is reinforced by other users’ experiences with the product. The feeling is created that, because of the many positive reviews, these experiences should not be missed. But beware, the FOMO effect can only work if these are positive and authentic. So make sure that quality and service are always guaranteed.
Example: For FOMO marketing, integrate testimonials with picture, name and the rating on the start or product page. Share online reviews such as those from Trusted Shops or other independent review portals.
FOMO marketing works
FOMO marketing works. Used in a targeted way, it can help to trigger a pre-planned interaction. It is important to create real added value in order to improve the purchase decision. The individual FOMO tools for the online shop can of course also be combined. Make sure to track and evaluate the measures so that you can see which FOMO measures are really working.
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