FOMO

[japancool]

I wanted to discuss FOMO (Fear Of Missing Out) as a marketing tactic.

In my industry (collectables), pretty much every company uses FOMO - single print items, limited edition items etc are rife. As retailers, we have to go along with that.

In my case, we've also had inadvertent FOMO. Because we can't get enough stock of most items, when they do come in, there's a big rush for them and what we do get sells out within a day or two, which is great for stock turnover, not so great in times of high demand (like Christmas).

Conversely, when we get loads of something, it can take time to turn it over, and the initial rush isn't so great.

Does anybody else use FOMO as a marketing tactic? How do you do it?

Trying to understand if there's anything I'm overlooking or not considering.

 

[Shopclicks]

Conversely, when we get loads of something, it can take time to turn it over, and the initial rush isn't so great.

Does anybody else use FOMO as a marketing tactic? How do you do it?

I don't know if BigCommerce has this functionality. Put an automatic stock count on your product listings 'Only 3 left in stock' (just an example). Get notifications when your stock level gets to 1 and top it up.

Again I don't know if it's available to you but a 'John from Leeds just bought ......' popup feed can make the store seem busy and may create urgency.

 

[ctrlbrk]

Does anybody else use FOMO as a marketing tactic? How do you do it?

Are you talking about FOMO scenarios such as yours, i.e. fear of missing out on physical products, or is the question broader, i.e. it applies to time-limited offers for, say, software products (e.g. "only 1 week left with 33% discount!")?

 

[japancool]

I don't know if BigCommerce has this functionality. Put an automatic stock count on your product listings 'Only 3 left in stock' (just an example). Get notifications when your stock level gets to 1 and top it up.

That functionality is available, but I don't have it enabled since for many items, we might only get 3-4 to begin with - it'll look a bit naff if over half the catalogue is showing as low stock.

In terms of restocking, it's not, unfortunately, a question of topping up. The products simply aren't available (mostly) from suppliers as they also run out of most of them as soon as they come in, and the manufacturer won't reissue them for months. Some of the most popular or high ticket price stuff is issued once or twice a year, and although I put orders in for them, the distributors don't allocate them based on first come, first served.

I got lucky recently with some new items and got them in more than a week before everyone else did. I reckon I got half the market for those, sold out before everybody else got theirs and some competitors are still stuck with some that are now shifting very slowly.

 

[japancool]

Are you talking about FOMO scenarios such as yours, i.e. fear of missing out on physical products, or is the question broader, i.e. it applies to time-limited offers for, say, software products (e.g. "only 1 week left with 33% discount!")?

Both, I think. We sometimes do time limited promotions but I've found them to be of limited value. It's different for software or services, I reckon, I personally use those kinds of offers all the time.

 

[Shopclicks]

This may not be suitable for you but it may work for someone else reading this.

A Dutch Auction is an easy way to clear a large amount of stock in a short time and brings FOMO into play.

An example that I saw a while ago:

A bedding shop (sheets, pillows, duvets, etc.) ran a sale that started at 10% off all linen items and finished at 50% off on day 5. By day 3 at 30% off, they had virtually nothing left. The conundrum for the buyer - Do I buy today at 30% off, or hope it's still there tomorrow at 40% off???

This was a b&m shop but I think if well publicised it could work online.

 

[japancool]

This may not be suitable for you but it may work for someone else reading this.

Sure, I wanted to open the discussion up so other people can benefit too, if they haven't considered it as a strategy before.

 

[Mark T Jones]

I'd say it's difficult to do well, and easy to come across as a bit desperate

Skill / humour /irony help!

As ra rule, I automatically think 'is that the best you've got?' When hit with FOMO lines

Booking.com do it as a matter of course. I ignore it.

 

[Shopclicks]

The first 10 buyers to use promo code SAVE10 get a 10% cart discount. (Obviously you need the ability to restrict usage on coupon codes)

The first 10 buyers to spend £100 or more - Use promo code DISCOUNT10 to save 10% at checkout.

 

[thetiger2015]

Booking.com do it as a matter of course. I ignore it.

That's because you're involved in business 'stuff'.

I am also switched off to any forms of marketing/FOMO. I buy what I want to, on my terms. I don't care about any offers. I will only purchase something if I need it, if there's an offer on, great.

However, retail consumers are highly persuaded by FOMO. If there's 1 left in stock, they don't want to risk leaving it, it may not come back in for weeks or months.

Some retailers also restrict stock releases to ensure the perceived value is high - they have 100 in the warehouse but only put 25 or so on the website. People see the numbers going down, panic, best buy it right now. The retailer lets it go out of stock and then re-stocks a few days later but they already had everything out back.

 

[ctrlbrk]

Booking.com do it as a matter of course. I ignore it.

So do Udemy (a courseware business) . They have this header on repeat
https://i.imgur.com/RyYJfTI.png

Udemy is famous. If they keep doing it, their marketing team must have a reason.

 

[Shopclicks]

Sign up to our newsletter and get notified when xxxxxx arrives. These won't last long!

 

[japancool]

Sign up to our newsletter and get notified when xxxxxx arrives. These won't last long!

I'm still trying to find a BigCommerce plugin that will notify users when an item on their wishlist comes back into stock. The software I used to use had this (it was crap at everything else though).

 

[Shopclicks]

I'm still trying to find a BigCommerce plugin that will notify users when an item on their wishlist comes back into stock. The software I used to use had this (it was crap at everything else though).

Make the switch to Woo

 

[japancool]

Make the switch to Woo

Woo?

Noo.

 

[UKSBD]

I used to buy collectables on ebay.
The thrill of thinking you have outsmarted someone by making a bid in the final 2 seconds for just a £ more was more exciting than getting the product.

Convincing the customers that it's a genuine auction with a few people doing last second bidding is the big battle though.

Also have a look at https://weare1of100.co.uk/ they do limited edition numbered t-shirts, only 100 and each comes with a little numbered button.

On popular collaborations they have drops, let everyone know what time the drop is taking place and people are waiting to get their number (not an auction, but 1st to order the number gets it)

Can you include something unique with each limited edition item to add a bit of a thrill?