Large ecommerce platforms have been known to implement fear of missing something, or FOMO Strategy, to increase revenue. They take advantage of human psychology as a marketing strategy, impulse to turn buyers shopping windows in real buyers.
The basic instinct that triggers such impulsive decisions is the fear that others may be exposed to better experiences than we do.
Along similar lines, small businesses can also take advantage of these FOMO techniques to increase online sales. Here are 5 ways.
A time-bound sale that highlights scarcity … or opportunity
Setting a countdown timer on the sales window or a time limit in which coupon or discounts can be redeemed and enjoyed are a feature that creates a sense of urgency.
Amazon does this every year, usually around the holidays. Think about what makes Black Friday Sales so successful: the time limit and scarcity which pushes people to make impulse purchases under pressure.
Flash Sales are an established practice across the industry to help drive sales by offering deeply discounted products, even for a short period of time. The amazing thing is that customers are persuaded to buy things even when they don’t need them at the time.
To highlight the shortage, current stock levels can be displayed. Running out of stock is an effective measure – the thought of someone else ordering the last remaining item is disturbing to many.
Free shipping, with limits
Shipping fees are an outdated practice – a vast majority of ecommerce stores offer free shipping. According to a report from MarketingLand , 90% of users say that free shipping is what encourages them to make a purchase while shopping online.
What you could do is take advantage of this trend by offering free shipping only above a certain billing amount. Customers would add an additional product or just buy what you are trying to sell.
The Personalized Offers and Discounts are always desired; clients appreciate the opportunities available exclusively to them. They would delay a purchase if an offer is available to all customers, but they are unlikely to do so if it is an exclusive offer that is nearing its expiration date. It’s the icing on the cake if the deal is on products related to what they recently bought or those they added to their wish list.
Businesses can personalize these coupon codes with the customer’s personal attributes, such as name, to make it clear that they are unique.
Social proof is a “psychological and social strategy” that creates urgency and encourage people to imitate the actions of other people. Major ecommerce platforms offer plugins to take advantage of social proof – they show recent sales activity or other actions like newsletter subscriptions.
Consumers have a need to seek validation for their actions, and positive reviews or testimonial work along the same lines.
How to get started!
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It is a fact that sales have been increased by up to 50% in less than 30days using social proof also known as social fomo. Social proof is beyond pure curiosity, it is a very effective technique in marketing. When trying to make a sale.