What is FOMO (Fear of Missing Out) in Retail? Explained

FOMO, or Fear of Missing Out, is a psychological phenomenon prevalent in retail. It describes the compelling urge consumers feel to make purchases driven by the perceived urgency of limited-time offers or the fear of missing out on popular products. Retailers strategically use FOMO through time-limited promotions, exclusive deals, or limited-edition releases, tapping into the emotional aspect of consumer behavior to prompt immediate purchasing decisions.