FOMO and live streaming: a dynamic duo for modern marketing

Marketing through live streaming has rapidly grown into a revolution in the world of social commerce, influencing consumer interactions and purchase decisions across multiple platforms. The "Fear of Missing Out" (FOMO) is a crucial factor in its success, as it drives people to take immediate action to avoid missing potential opportunities. This paper investigates how social commerce platforms like TikTok, Instagram, and Facebook leverage FOMO by engaging in realtime interaction, offering limited-time deals, and presenting social proof to create an urgent and persuasive atmosphere that encourages spontaneous purchasing. Insights from various livestreaming highlight different approaches, such as countdown sales, early-bird discounts, unexpected price reductions, and gamified promotions like spin-and-win games. These strategies utilize the concepts of limited availability and time sensitivity to evoke a sense of urgency among the audience. Furthermore, social proof, shown through live viewer numbers and real-time purchase notifications, reinforces the urge for consumers to join in. While these tactics work well, there are ethical issues regarding the possibility of taking advantage of consumer weaknesses, especially in younger demographics. This paper concludes by highlighting the importance of implementing FOMO-based marketing strategies cautiously while ensuring consumer confidence is maintained. Future research should explore how FOMObased marketing influences consumer behaviour over time and assess the impact of regulations designed to protect consumer welfare.