Determinants of FOMO Efficiency for SMEs in Developing Countries

Fear of missing out (FOMO) is the anxiety associated with the fear of missing out on immediate or future opportunities of high economic value for consumers. This behavior, characterized by hesitation and passivity, has emerged in the wake of Web 3.0 and the digital finance driven by the phenomenon of cryptocurrencies, which have profoundly transformed the economic ecosystem in recent years. Cryptocurrencies are digital assets that circulate solely through networks (centralized or decentralized) and aim to fulfill the main functions of a general equivalent. Although virtual, they have “legal tender” status in many emerging countries, acting as mediums of exchange, stores of value, and units of account. In the context of the inclusive dematerialization of the financial system, cryptocurrencies fulfill an economic necessity, and their importance is undeniable. With this advent, the economy has undergone an unprecedented transformation, resulting in the sometimes “excessive” enrichment of agents, resembling a Ponzi scheme. While the bubble may be cracking, the phenomenon persists, spreads across businesses, affects all economic sectors, and seems to have a promising future. FOMO has become an integral part of modern marketing, influencing the behavior of homo economicus and undermining the characteristic rationalism of economic agents. This article aims to analyze the determinants of FOMO through a theoretical model to understand its impact on consumers and the resulting transformations in modern marketing within SMEs.