The acronym FoMO (Fear Of Missing Out) is a relatively new term that first appeared in dictionaries in 2013. It refers to the feeling of anxiety or apprehension that one might experience when they believe others are having fun, engaging in interesting activities, or experiencing success while they are not present or involved.
This fear can be heightened by social media, where people often showcase their exciting experiences, leading others to feel like they are missing out on something significant. FoMO can influence behavior, decision-making, and emotional well-being, particularly in the digital age where constant connectivity allows for real-time updates on the activities of others.
This fear, in the era of Facebook and Instagram, mainly affects Millennials (affecting 69%, with 60% of them making purchases because of it) and can have a series of negative effects such as loneliness, low self-esteem, etc.
Companies are well aware of the existence of FoMO and therefore employ various practices to persuade us "not to be left alone".
The most classic way is by creating a sense of urgency, e.g. "book now to get a 20% discount" or "offer lasts only for a few days". The goal is to make the user understand that if they don’t act immediately, they will miss out on a significant opportunity.
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Furthermore, a strong incentive is the privilege of exclusivity. For example, "subscribe to our newsletter to be the first to learn about our offers." By subscribing to the newsletter or having a membership card, the user feels important and special, as they will receive perks that others cannot enjoy.
Another similar practice is to inform the user about how many people are currently viewing the product, how many bought it in the last hour or day.
Needless to say that companies encourage users to write a review or post a video or a picture in order to make others jealous. This specific practice is called user-generated-content.