Abstract
FoMO (The fear of missing out) was noticed by marketers and started to be used on consumers. FoMO is an anxiety disorder that is defined as not being aware of exciting things when not being looked at, or missing out on the experiences of others. Although the FoMO effect has a negative meaning, businesses manage to use this concern to their advantage. Limited production, shortage of products in stock, short-term discounts, showing the number of people interested in the same product, promotions offered as opportunities not to be missed are among the efforts of businesses to persuade consumers through FoMO. It is seen that the literature on FoMO in the field of marketing is limited. This study aimed to examine the relationship between FoMO and consumption and to evaluate the relevant literature. For this purpose, the findings, results, and evaluations obtained by examining the experimental and conceptual studies in the relevant literature were synthesized.
TopIntroduction
Today's communication technologies are developing at a great pace. Thanks to these technologies, information can easily spread all over the world. This rapidly developing technology significantly changes the lives of consumers. Undoubtedly, this change also affects consumption habits. Platforms such as the internet, social media and virtual reality are turning into platforms that take precedence over stores or shopping malls. Businesses try to retain their existing customers and gain new customers through the communication they establish with consumers and the experiences they give them. However, technological developments make this process increasingly complex. Therefore, businesses have to look for new ways to persuade consumers. Marketers began to develop methods to attract consumers’ attention without ignoring the FoMO effect. FoMO is an anxiety disorder that is defined as missing the news (Przybylski et al., 2013, p. 1842). It can be said that the power of accessing all kinds of information quickly, together with the Internet, creates this anxiety. As a matter of fact, FoMO is a psychological problem of the people of the new world. Consumers are so accustomed to obtaining information from the outside world that they cannot stay away from the internet for fear of missing something. For example, charging of smartphones, computers or tablets has become a primary need for many consumers. Buses, parks, restaurants and even streets can be used as environments where these smart devices can be charged. It can be said that one of the reasons for this primary need is related to FoMO. Because every consumer whose device's battery is low or whose battery is running out is afraid of missing out on developments. Today, the product variety is very large. Businesses trying to be different and visible among such diversity have to add attraction to their products. Consumers exposed to such diversity and appeal may wish to have them all. As such, FoMO is the desire to have everything and not miss anything. The development of technology and the desire to be constantly up-to-date caused by social media platforms have started to cause a kind of anxiety in consumers. Especially the fear of missing the developments shared on the internet has led to the emergence of a concept called FoMO (The fear of missing out) in the world. Businesses can also transform this anxiety into purchasing behavior.
Herman conducted the first study on the use of the FoMO effect in marketing. Herman identified this concept while working on marketing and branding methodology in 1996, then conveyed how it could be used in terms of marketing through a scientific article, and then FoMO entered the Oxford English Dictionary in 2013 (Kaçik & Acar, 2020, p. 76). Afterwards, the FoMO effect was used in the field of marketing to persuade consumers to buy. Many strategies, such as keeping the number of stocks limited, making a limited number of sales, and satisfaction comments from those who bought the product, were produced using the FoMO effect. It can be thought that with the technological developments, the effect of FoMO may differ or it may affect more people. One of the ways to catch up with the future is to understand the present. For this reason, it is necessary to understand the reflections of FoMO effect in the field of marketing today. It has been observed that there are not enough studies on FoMO, which is a new phenomenon (Hayran et al., 2020, p. 1; Elhai et al., 2021, p. 206). Therefore, this study aims to synthesize research on the FoMO effect and its use in marketing. At the same time, various suggestions have been developed for future research and businesses on the subject. It is thought that this study will present a different perspective to researchers and practitioners related to FoMO, which is thought to have different uses in the field of marketing in the future.
Key Terms in this Chapter
FoMO (The Fear of Missing Out): It is the fear of not being aware of the events in the digital world.
Consumer: They are individuals, groups, or institutions that buy or have the capacity to purchase products to meet their wants and needs.
Problematic Internet Use: It is the situation where consumers use the internet at a level they cannot fulfill their responsibilities and have problems in their social relations and cannot control it.
Metaverse: It is a three-dimensional virtual space where social life, commerce and all interactions can be experienced in the virtual reality world.
Perceived Scarcity: It is the perception of consumers that the accessibility of the product they demand is decreasing.
Consumer Behavior: It is the emotional, mental and behavioral reactions of consumers in the purchasing decision process.
Social media: They are online resources where the individual or corporate digital content can be shared.