Today, people are more connected to one another than ever before. Social media allows us to glimpse into the lives of our friends, our favorite musicians, and even strangers. While this interconnectedness has given us a deeper appreciation for others, it’s also caused what’s known as FOMO: Fear of Missing Out.
Common among Millennials, FOMO is directly related to the desire to showcase your best self online. Whether it’s new shoes or a luxe vacation, consumers today want to be able to brag about their purchases on social media. With more than 73% of shoppers stating they have experienced FOMO during shopping, it’s something retailers need to consider. But how do you ease the fears of these shoppers?
Don’t Overwhelm Them
Never before has the paradox of choice been so overwhelming. Just take a quick look at your local grocery store’s yogurt shelf – there must be at least 10 different versions of just plain vanilla yogurt! While this would seem like a good thing, too much choice has actually been found to raise shopper anxiety. Add in FOMO, and your customers are likely to face serious stress while shopping.
Give your customers the flexibility to refine their search by a number of different parameters. Price, color, and size are some common parameters, but the most effective product filters use customer insights to identify new ways customers are searching. Using thematic filtering which use themes to break down traditional categories, such as party dresses or work attire, helps customers find what they are looking for quickly without getting stressed out by all of the options.
Provide Bragging Notes
What shoppers with FOMO are really looking for is the best of the best. They want insurance that your product is the best option available. When you write your product copy, be sure to include all of the brag worthy points. What features are unique to your product? Has it won any awards? Is it the newest version on the market? This will help your shoppers justify the investment in your product and increase customer satisfaction. Including great sound bites also helps to drive word of mouth traffic as they post and brag about your company.
Give Them a Gentle Push
Offering incentives and creating a sense of urgency can work wonders for your FOMO shoppers. Give your customers the gentle push they need by letting them know there are only 2 items left in stock or that a promotion is only available while supplies last. Any anxiety they feel about buying your product will be mitigated by the motivation to save money or snag one of the last items in stock.
Consider Your Payment Options
Debt is one of the major causes of FOMO and FOMO is a major cause of debt. The Millennial generation is known for their overspending habits and lifestyle of living beyond their means. Overspending can lead to missing payments and developing bad credit scores, resulting in negative effects long term.
However, there are alternatives to keep your customers in good financial standing and allow them to not miss out on experiences. Payment options that allow customers to buy now and pay back later in monthly payments is one effective method. This ensures customers time to pay back their dues in manageable payments while also not missing out on things they need or want..
As social media further integrates into our lives, there’s no doubt that FOMO will continue to rise. Keeping up with the Jones’ is much more difficult now that you have a window directly into their daily lives. But there’s no reason to be afraid of FOMO as a retailer. Give your customers a more enjoyable shopping experience by addressing their FOMO head on and reap the benefits of more sales and happier customers.