Limited time offers can trigger FOMO

New Ideas in MarketingEssential news for marketers, summarised by YouGov
February 08, 2021, 4:40 PM GMT+0

Around 60% of customers buy products because of the FOMO effect, typically within 24 hours after seeing them.

Ecommerce stores should provide limited time offers to generate fear-of-missing-out in their target audiences. Marketers can establish a sense of urgency by restricting the time that an offer is available for the public. Brands should also offer incentives for customers who make early decisions.

To further the FOMO effect, marketers can highlight real-time sales activity on their website. Companies can use the FOMO plugins and other tools to monitor real-time customer activities on the website. Adding AI-powered chatbots can further help ecommerce sites ensure timely responses, reduce customer churn and boost sales.

Adding legitimate user-focused content to the website can help companies convince buyers to make purchase decisions. With 84% of buyers considering online reviews while making online purchase decisions, marketers must leverage user-generated content to improve conversions.

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