Last updated on October 12th, 2020
The online market becomes more competitive each year. Ecommerce businesses struggle to win over customers because of this competitiveness. As a matter of fact, consumers can choose any online store they wish.
However, the key is to encourage them to buy from you instead of anywhere else. Of course, digital marketing is always the best way to get consumers interested in your products. But to truly win them over, eCommerce owners oftentimes have to resort to innovative and creative ideas.
In most cases, it comes down to psychology. As picky consumers can be, they often aren’t able to resist the urge to make purchases when there’s a sense of urgency going about. This strategy is called fear of missing out (FOMO) and you can use it to your advantage to greatly boost your sales.
By leaving little or no room at all for consumers to be indecisive, you can encourage them to make the desired decision. With that in mind, here are a few clever ways to use such marketing to boost eCommerce sales.
Generate the hype for the sale
Before you can fully leverage the potential of FOMO marketing, you must build awareness for the upcoming sale. The best way to get the hype going is to create a social media marketing campaign. You need to build engagement so that your audience will move in the right direction when the time comes.
You can share your own and user-generated content to increase awareness. Moreover, it doesn’t hurt to go that extra mile and collaborate with influencers on social media. When an influential person is involved in product endorsement, consumers become much more interested in the offer.
That’s why so many companies today leverage influencer marketing, to begin with. Creating a FOMO marketing strategy won’t be as effective as you’d hoped if you don’t build awareness and hype for the sale, beforehand. That said, creating a social media campaign that will not only boost awareness but also create a sense of urgency among customers can be a challenge.
You’ll have to understand your target audience well so that you can determine what they need the most. In other words, you’ll have to nurture your leads up to the sale and ensure that they’re convinced that this is, in fact, an opportunity too good to miss out on.
Limit the number of products
FOMO marketing works exceptionally well when you create a sense of urgency for your sale. By limiting the number of products available, you can make those products even more desirable to the audience. It’s a simple, yet effective trick to boost eCommerce sales.
This method may seem unethical but by limiting the choices consumers have, you eliminate their decision paralysis. Decision paralysis occurs when consumers have too many choices in front of them. This behavior leads to overthinking and over-analyzing the situation to the point where customers are unable to make a choice anymore.
As a matter of fact, if there are a finite number of products on sale, consumers will rush to make a purchase so that they don’t miss out on the opportunity that presented itself. These fear-driven purchases are the essence of FOMO marketing, after all. This tactic is ideal for seasonal sales and promotions.
A limited time offer
The FOMO effect increases when there’s a time-limited offer. The shorter the sale, the more interest it will generate. This is especially true when the offer expires in a few hours. This is where consumers really start to panic. You can even emphasize this fear of missing out by including a countdown.
When consumers see that the time is running out, they’ll more likely make a purchase than wait to see if there’ll be a better offer afterwards. You can even go a step further and portray the number of items left in stock. This means that people are already buying the product and there’s not enough time or products left to be indecisive about it.
You can also leverage an effective social proof tool to monitor how this behavior influences other customers. When people start making purchases, the rest of the audience will surely follow soon. This is not just because of the FOMO but also because consumers want to belong to their desired group and by not purchasing the product, they also fear that they won’t belong there anymore.
Urge customers to checkout
Once the item is in the shopping cart, customers can rest assured – but can they really? Every eCommerce business owner knows that shopping cart abandonment can be a real problem when it comes to sales.
Even with FOMO marketing, consumers may abandon everything at the checkout if they have too much time to consider their actions. However, before you urge your customers to check out, make sure that the checkout process is as seamless as it can be. Here’s an example of what you should do.
- Allow customers to choose the desired payment method.
- Ensure the checkout page is properly secured.
- Make policies transparent and visible.
- Don’t include any extra fees.
- Offer free shipping, same-day or next-day shipping as a bonus for the sale.
- Offer a discount or a coupon for the next visit as a reward for the purchase.
Once your checkout process is in order, you can nudge customers to make a purchase. For example, implement a pop-up window that notifies customers that their item in the cart doesn’t guarantee a purchase.
And, since products are limited, they may lose the opportunity to buy unless they check out now. It all comes down to FOMO strategies in the end and ensuring that customers actually start fearing that they’ll miss out on the opportunity.
The fear of missing out is a common type of behavior among online consumers. Skilled marketers know how to leverage this behavior to their advantage. It’s simply a method of using a social proof concept to drive consumers toward making a purchase and thus boosting your eCommerce sales.