FOMO Tactics to Increase E-commerce Revenue
As humans, we all struggle with anxiety that stems from the assumption that others may have better experiences than we do.
As humans, we all struggle with anxiety that stems from the assumption that others may have better experiences than we do.
According to Strategy Online, reported by Entrepreneur, 64% of respondents said that they had experienced FOMO, most were in the 18 to 30 age group, while 60% said they made impulsive purchases after experiencing FOMO.
E-commerce giants such as Amazon, Sephora, Flipkart, and many more have taken advantage of this concern and used FOMO tactics to hit high sales figures.
Likewise, small businesses, especially e-commerce portals, can also create FOMO to strengthen their brand existence through several proven strategies.
1. Set a time limit and indicate the scarcity of goods
Setting a deadline or counting down offers and discounts creates urgency, and people tend to make impulsive purchases under pressure. Flash sales help increase sales by offering heavily discounted products for a relatively short period of time.
FOMO will encourage buyers to take opportunities before they pass by, even if they don't need the product right now.
Displaying product inventory status can also encourage users to pre-order, a tactic used by Amazon when they warn customers about product shortages.
2. Offer unlimited free shipping
Shipping costs can quickly make us think twice before buying anything online. According to a MarketingLand survey, 90% of users cite free shipping as the main incentive to shop online. Offering free shipping for a certain duration or for a certain amount of spend can encourage customers to go the extra mile and buy something extra to save on shipping costs.
3. Exclusive offers
Personalized offers and discounts are tough; customers appreciate the opportunities only available to them and indulge themselves with the product. These exclusive deals can be related products previously purchased by them or packaged in cross selling and cross selling opportunities.
4. Show social proof
Social proof is a marketing strategy that shows the popularity of a product through the number of people who benefit from it. People seek validation from others before making an online purchase and reviews or testimonials from previous users help build credibility.
5. Promote content created by consumers
User-generated content such as reviews, blogs, or social media posts are genuine evidence of a product's quality. The Local Consumer Review survey results reported that 82% of consumers read online reviews, and the average consumer needs to read nearly 10 reviews to believe a product. Including user reviews, along with product descriptions, can help users make the right purchase.
Experienced e-commerce experts consider this strategy to be a sure part of their conversion rate optimization technique. With e-commerce giants like Amazon using these proven methods to increase sales and revenue, implementing them the right way can do a lot.
0 Response to "FOMO Tactics to Increase E-commerce Revenue"
Post a Comment