If you've made a purchase in the last few years then you've most likely been affected by FOMO. In case you're unsure, what I'm referring to is Fear Of Missing Out. A marketing technique that offers products or services for apparently a very limited time or with very limited stock. The result is customers feeling forced to buy a product without making the proper considerations.
It's not always an intentional move. FOMO can happen to the best of companies when stock levels run low. This is just the truth of any business. The difference is, was it truly because stock levels were limited? Or are you just creating the idea that stock levels are limited or the purchase time is limited?
I don't think I have to be the one to tell you, but if you're managing a business and you're not carrying enough stock for customers then you've gotta do better. Creating the false impression that you're nearly out of stock is just as bad and I would advise any consumer to consider this before making what could be a FOMO purchase. Ask yourself, does this business truly have your best intentions in mind? Why can't this business keep products in stock? Are they just trying to make a quick buck regardless of how you feel? The truth is, products are rarely that limited and when they are it's typically limited sales dates. Pay attention and watch for those certain companies creating FOMO with everything they sell.
Since the fear of missing out is typically an intentional move by businesses. It forces customers to make an impulse decision based on a lack of knowledge. To any consumer this should be considered disrespectful as it ignores your considerations, questions and hesitations in order for you to make a purchase regardless of all of those thoughts and feelings. As a business, we should all strive to listen and have real answers to any customer's questions to products before making a purchase.
I'm not sure about you, but the experience of making a purchase only to be immediately confronted with buyers remorse is extremely unpleasant. Since FOMO bypasses all considerations, there is a large chance that a purchase will result in buyers remorse. Businesses should avoid having customers feel uneasy about any purchase. Customers should feel supported during the entire experience. The last thing a business wants is a customer feeling like they've been lied to or had their money taken from them.
It may feel as if FOMO is an endless supply of sales for any business, but there comes a time that customers will decide to move on. After feelings like buyer's remorse and a company that doesn't respect its customers enough to ever hold enough stock, it doesn't take much for a customer move on. Customers will move onto a better company, one that respects its customers. A company that can manage its business better with reasonable stock levels. One that will have alternate options if stock levels are depleted. Rather than risk customers leaving with nothing or making the wrong decision.
Offer a quality product and believe in the products/service you're offering. Offer them at a fair price with knowledge and support to your customer. It may not lead to instant success or overwhelming sales, but it'll create a foundation for your company to be known for quality, integrity and trust in an otherwise hostile seller's market that makes customers feel uneasy.