How FOMO Tactics Can Increase eCommerce Revenue

Marketing Sales

How FOMO Tactics Can Increase eCommerce Revenue

Fear of missing out, also known as FOMO, is an uncommon marketing tactic that uses human psychology to gain profit. All humans struggle with anxiety that is born with the assumption that others might be having a better experience than us, and many eCommerce giants such as Amazon, Flipkart, Sephora, etc., take advantage of that. Similarly, small businesses can also generate FOMO to amplify their business.

Here are a few tactics that can help you increase eCommerce revenue.

  • Set a time limit:

Setting a countdown for offers and discounts creates urgency and makes people do impulsive shopping under pressure. Flash sales help increase sales by offering products on discounts for a limited period.

Showing the low stock levels of products can also trigger FOMO and boost sales. Amazon encourages customers to pre-order goods by showing inventory status.

  • Offer limited free shipping:

Many customers abandon their carts by seeing the shipping fees. Research shows that 90 percent of people said that free shipping is the prime motivation for online shopping. Offering free shipping up to a significant amount can drive customers to buy something additional to save the delivery charges.

  • Exclusive offers:

Customers appreciate opportunities specifically available for them, personalized offers and discounts can drive people to purchase. Restricting deal visibility, especially when the deal is available for a limited period, can create FOMO amongst your customers, keeping them longer on your website.

  • Show social proof:

Social proof is a marketing tactic that indicates a product’s popularity through the number of people who have purchased it prior. ECommerce plugins use social proof by displaying recent sales and newspaper signups. The majority of people trust the reviews and ratings, thus you can use these testimonies to establish credibility.

  • Promote user-generated content;

Whether it’s a product or a service, consumers want to know what they are getting before purchasing. Reviews, blogs, social media posts are considered as user-generated content, it is a genuine proof of a product’s quality. As a powerful marketing resource, user-generated content is an excellent source of customer research. Ensure you look at the UGC your customers create and consider it for lessons that could help improve your social marketing efforts.

In a nutshell, if applied properly, a FOMO tactic can help you enhance your business. As a business owner, it is essential to understand the human psychology that drives people for online interaction and makes them work for your business and customers. At the end of the day, you should try and apply any tactics that can help you increase your revenue.

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