Last week we shared the first major finding from our newest whitepaper recapping our recent consumer study completed with Lauren Freedman of the e-tailing group. Over the next four weeks we will continue to share the major findings in this “Shopper Speaks” series including videos of the actual study participants and discussion of what these findings mean for retailers.
Perhaps the most surprising of the study’s findings was that the majority of shoppers have FOMO, the fear of missing out. 73%, in fact, explicitly expressed fear that they would miss out on the right product for them when shopping online.
Shoppers were wary of applying too many filters on a retailers’ website largely because they were worried they would exclude relevant options. The alternative most commonly chosen was scrolling and visually scanning hundreds of products. Common phrases we heard — “I’m always afraid I’m going to miss something” and “I’d be afraid I’d over filter and miss something.”
Filters are meant to help efficiently direct customers towards the best products, however, it seems many feel that “sometimes filters just filter too much.” FOMO reduces the shopper’s confidence in the purchase they are making or planning to make, ultimately, reducing customer satisfaction and conversion.
What can retailers do to reduce FOMO?
If retailers can reduce the fear consumers feel when shopping online it stands to reason that key metrics including conversion, engagement, brand loyalty, return rates, and AOV would all be positively impacted.
To view the full report, download the whitepaper here. In the meantime check out what real shoppers had to say about missing out: