Today, we take a look at FOMO. To find out what this is, read on. Our topic is shoppers and FOMO.
To begin, look at these posts on consumer behavior:
- Consumer Confidence Takes a Dip
- Secondhand Apparel Sales Are Taking Off
- Measuring and Enhancing Customer Satisfaction
- Psychology and Pricing
- Know If a Sale Is Really a Sale
Compulsive Behavior: Shoppers and FOMO
When shopping, some people exhibit a form of compulsive behavior. And FOMO is one of these behavior patterns. Its meaning? The fear of missing out. That could be a popular item running out of stock. Or a sale item being in very short supply.
Thanks to Matt Zdun of Siege Media for suggesting this post.
According to Meredith Wood, writing for Fundera:
“If you’ve ever logged onto Instagram during a quiet night in, only to see pictures that make you suddenly overwhelmed with anxiety that you’re missing out on all the fun. Then you’ve likely experienced FOMO. Fear of missing out, is an anxiety that stems from humans experiencing feelings of of being out of the loop. In fact, 69% of millennials say they’ve experienced FOMO at one point. While 33% admit they’ve tried to elicit the feeling in their peers.”
“While FOMO is most popularly associated with millennials, this desire to be connected goes back to the earliest days of humankind. When scarcity played a role in survival. To be left out in the early days of mankind meant probable death. Which may help explain why FOMO can be such a triggering emotion for many. Despite the negative emotions associated with FOMO, this phenomenon is actually a big opportunity for small businesses. Especially in their marketing departments. After all, the goal of marketing is to influence consumer decisions. And learning how to elicit psychological responses that drive consumers into action will help make your marketing efforts more targeted and powerful.”
“Jump to our infographic below for tips on how to use FOMO anxiety to spring customers into action, or keep reading to learn 27 ways FOMO marketing can help increase your brand awareness and drive sales.”
The FOMO will increase more in the current years. As the new generation are more into social media and having smartphones. Therefore marketer will aggressively influence the buying decision of the consumer. It makes the consumers feel guilty then change it getting the product.
I actually experienced FOMO years ago and it turned out to be a nightmare that I hoarded too much ‘junks’ that were ultimately useless. Social media influencers are very effective and do have a great impact on my purchasing intention. Companies these days are making every effort to encourage users to mimic and buy. Black Friday and Cyber Monday are around the corner, hopefully this year, I will stay away from my social media and website feeds to save some money.
FOMO’s impact on consumers is both trend-chasing and peer pressure. We know that consumers will have such “pressure” to make them buy products. The influence of the KOL (key opinion leader) is growing, even being a major influence on the purchasing decisions of millennials. In this era, I think it is very important to regulate the behavior and speech of KOL. It is an important measure for the healthy development of the future market for manufacturers to restrict the behavior norms of KOL while using KOL for promotion