In surveys with both men and women, participants admitted to making impulse, or unplanned purchases often while shopping. In fact, more than 53% of sales now come from impulse buys!
Impulse sales can be captured by any type of retail store. Regardless of store type, the psychology of the impulse buy is the same: certain items at the right price point appeal to your customer’s impulsive side. Impulse buys are rarely items one needs; instead they are items that make us feel good, or at least better than we did. Partaking in an impulse buy can relieve stress, improve self-esteem, or make customers feel empowered. Specific stores and merchandise may vary, but these basic principles will help you to make the most of this retail opportunity.
Location, Location, Location
Items merchandised at eye level are the most profitable impulse items. Retail countertop displays are effective for capturing this customer, both at the register and throughout your store. By the register is an effective location, as are the walkways. We recommend placing more expensive, destination items towards the back of the store, with impulse items scattered along the way. Make your impulse displays eye-catching.
Merchandise Markdowns
Do your impulse items not seem to be moving? Try running a special sale. Choose an item that appeals to a large segment of your customers. Maybe scarves or sunglasses if you’re an apparel shop, or candy and energy bars if you’re a convenience store. These are typically impulse items anyway, so running a special sale, even if it’s only a small percentage off, will catch your customer’s attention. Sometimes a discount is all it takes to convert a browser into a purchasing customer.
Limited Time Only
Today’s customers harbor a fear of missing out, so strategically placed promotions can help to capture the sale. Specials like 2-for-1 deals and 1-day only sales appeal to your customer’s sense of urgency. For stores with an online presence, advertising that a featured item is running low in stock can also encourage a customer who just came to browse to make a purchase. Impulse buys are not thought about before or after leaving the store, they are captured in the heat of the moment.
Choosing the Right Display
Customers’ emotional drive to purchase is highly influenced by their senses, so putting your merchandise in areas they can see, touch, and smell makes them more appealing. Spinning displays, open showcases, baskets and bins can all contribute to increased impulse sales. The more likely your customer is to pick up the product and touch it, the more likely he or she will be inclined to make the purchase, even if it wasn’t something they had originally planned on purchasing. Fixtures and displays that allow your customers to interactively engage with your product will increase your sales.