How to increase conversion using FOMO
FOMO – or Fear Of Missing Out – is the all-consuming feeling of regret that our decisions have led us to not be a part of something. Whether it's a party you can't attend or a trend you don't understand, FOMO can leave you anxious and desperate to stake your claim.
While the origins of FOMO are primarily driven by socialising with friends, online retailers have a unique opportunity to use this trend to increase conversion. By making shoppers think your products are in high demand or only available for a limited time, then you could find that FOMO inspires a number of on-the-fence consumers to make a hasty purchase.
If you've been noticing your views-to-sales ratio in your Magento reports is looking a little low, consider these three tips for making the most of FOMO.
Display stock numbers
One of the most simple and effective conversion tools is adding dwindling stock numbers to the product page. By showing consumers there are only a few items left in store, they are more likely to hit purchase to avoid missing out.
This works on two levels, as low stock numbers can demonstrate the popularity of a product and can create a sense of urgency in those who may usually wait to buy.
Make the most of watch lists
Abandoned carts and watch lists can be incredibly frustrating for e-commerce business owners, as they indicate a sale that may potentially never occur. Fortunately, you can utilise these statistics to help inspire others.
Consider displaying the number of people who have added certain products to their carts or watch lists. This shows newcomers to your store that particular items are popular – which can inspire strong FOMO.
Create a deadline
While some consumers may resent being rushed through a purchase, adding a ticking clock to your check-out page could be enough to create shopper urgency.
Only allowing a certain number of minutes to complete a sale can increase conversions, as those worried about missing out know they don't have long to make a decision. Just ensure that your deadlines are reasonable, with plenty of time for consumers to complete each step of the check-out process.