Since the 1950s, retailers have appealed to the impulsiveness of consumers. And we all know how impulsive we can be!
In the grocery store line, you become hypnotized by the pulp magazines, reaching out to flip through one. With no time to finish reading the article about the Kardashians, you throw it in your cart. Examples of this retail strategy, deftly employed, are everywhere and we all have a story.
And while online retail is growing, its impact on impulse purchasing doesn’t seem to be profound. Almost 80% of impulse purchases took place in brick-and-mortar stores, with 5 out of 6 consumers admitting to succumbing to an unplanned purchase.
Because the consumer mind has been conditioned to enjoy novelty and having something new, impulse buying is ingrained in us. The act of purchasing and acquiring new items even provokes chemical changes in our bodies. Our dopamine levels surge, for example, when we take ourselves on a shopping spree.
We are hardwired to buy, so in terms of impulse buying, how retailers can get customers to buy more on the fly depends on a strategy addressing that human wiring. It’s all about consumer psychology and exploiting it for additional sales.
Giving them what they want.
Triggering impulse purchases means getting inside your shoppers’ heads. They’re in your store, because you have something they want. But how do you convince them that there’s something else they want to buy on the fly, that they hadn’t planned to?
Giving them what they want is crucial. Cosmetics retailer, Sephora, does this by placing sample-sized items near the checkout. Items their customers may have an interest in, but hadn’t considered purchasing due to price and other considerations, are made more attainable with the smaller sizing. At a price point within their reach, trying something new becomes possible.
Choose items at an affordable price point that makes the impulse buy seem less of a dent in the wallet. Also, don’t underestimate the commonality of some products. Chewing gum is something people often forget to buy until it’s right under their noses. Put it under their noses at the checkout and watch it fly off the shelves.
Visibility.
If it can’t be seen, it won’t be bought. Impulse buying depends on the shopper knowing the item is there, waiting for them to grab it on the fly.
Make products targeting impulse buyers highly visible by employing displays and signage which draw their attention. Positioning items near the checkout is one time-honored way to do this.
Technology is your impulse buying friend.
The mobile generation is glued to its phones, so reach it there. A branded application can draw your customers’ attention to sales and featured items.
Beacon technology, which is location-aware, can notify your shoppers of sale item as they’re walking past them. The Rite-Aid drug store chain now has the largest Beacon-based network in the USA, having deployed it in its 4,500 stores, nationwide.
Clip Strip Corp. is a leader in retail POP supports. Contact us.