Επίσης = also, too, in addition
e.g.
1) - Καλή εβδομάδα! = have a nice week - Επίσης! = you too
2) Επίσης, τα παιδιά πρέπει... = Moreover, children must...
Παρομοίως = likewise, the same to you
Χάρηκα πολύ για τη γνωριμία = really nice to meet you
Παρομοίως! (Here it could also work: Κι εγώ επίσης = me too)
Επίσης is not more formal, it is just a more general word we would use in more contexts.
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Vasiliki Baskou, Instructor/Director, https://learn-greek-online.com.