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Shopper Speaks (2 of 5): Your Shoppers Have FOMO

Posted by Kassidy Bird at 4:57 pm in Content Curation, Merchandising, Research

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.

Fear of Missing Out

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?

  • It’s not as much about filtering “out”, but about better and more relevant sorting of a wider breadth of product options.
  • Treat search and filtering as a dialogue with the shopper rather than submissions into a black box. Use visual queues to explain why particular products are being displayed per the shoppers expressed intent.

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:

kassidy bird
ABOUT THE AUTHOR

Kassidy is the Lead Generation Specialist for Edgecase. Prior to joining Edgecase, she was the Marketing Coordinator for Invodo. She is passionate about creating live experiences that drive action in a meaningful and rewarding way.

Follow Kassidy Bird on Twitter @uncagedevents

One Response to “Shopper Speaks (2 of 5): Your Shoppers Have FOMO”

  • August 04, 2016 at 12:49 am, Chad Rose said:

    Timely suggestions ! Coincidentally , if someone is requiring a AIA Document G701 , my kids filled out a template version here http://qr.net/bVqPM

    Reply

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