At present, there are several types of commodities available in the market, and launches of new commodities are occurring every time. In such an environment, the behaviour of the consumer has dramatically changed. In this article we discuss What is Impulsive Buying? The Complete Guide.
Impulsive buying has become a new trend among global consumers. It is a phenomenon where a consumer purchases something in haste without planning much.
Generally, millennials are more prone to impulsive buying, and according to data published on the site of Invespcro, 52% of the global millennials have indulged in it.
Alarmingly 46% of males and 52% of females regretted the act. So, it is clear that impulsive buying has no good record from the buyers’ end.
There are certain states of mind when people go on a purchasing spree impulsively. Have a look below to find out:
- Excitement: The most common state of mind of people when they purchase something without planning is excitement. Many brands advertise their products in such a manner that intrigues the excitement in the minds of the consumer.
- Angry: It might sound weird, but many consumers tend to purchase commodities out of anger. When purchasing online, placing an order of a certain product can lead a person to mental peace.
- Boredom: Boredom can lead a consumer to buy things in an impulsive manner. Mostly, the consumer does not plan or even check the commodity without placing the order. Shopaholics indulge in unplanned purchases the most. They are also the ones who regret purchasing an item the most.
- Sadness: Few consumers shop for some commodities to get rid of the sad state of mind. Like the angry impulsive buyers, the sad ones also regret their decisions in most of the cases.
- Intoxicated: Some shoppers place orders while intoxicated. They might also regret their decisions later.
Given the details of the consumers’ state of mind, you can consider the impulsive purchase as a bad thing from the consumers’ end. However, things are quite different on the retailer’s end. Impulse buying enhances the rate of sales in a retail store.
If you are a retail store owner, you can use a few effective strategies to boost impulse buying. These strategies should be taken in such a manner that the consumer goes to a minimum or no regrets after purchasing the commodity.
Some offline and online strategies encouraging impulse buying are discussed below:
Top Offline Strategies
1. Guide Consumers to Items
Any consumer would love to purchase a commodity on finding the right guidance. As a retail shop owner, you have to provide proper guidance to the consumer (impulse buyer). You can change the following things in your store:
Layout of the store: Make sure your store is not too complex as people might not find the commodities they really need along with the ones that they can buy without planning. Concentrate on the visual break as excited consumers get some time to make their decision.
Shift the impulse items to one side: As a retail store owner, you can make a different zone to keep the impulse items for the consumers to buy them easily. Make sure to add the boards as they can easily spot the zones.
2. Impulse Buying Commodities Should be Inexpensive
Although impulse buying commodities boost the sales and profits of a retail store, you have to make sure they are inexpensive. Otherwise, a consumer might develop a negative feeling about your store out of regression.
You should always check that the items present in the impulse zones do not exceed the bar of $1000. This can help you the other way round. More customers will be eager to purchase these items just for fun.
So, at the end of the day, your retail store will only get a total profit. In emergency situations, you can keep commodities from your old inventory with reduced prices. An impulse purchase of such items can cut down your burden while making you earn money.
3. Create a Situation of Impulse Purchase
As a businessperson, you can create an instance of an impulse purchase in your store. However, you must keep in mind that no customers should feel regretted purchasing the product.
The situation of impulse purchases can be created easily. All you need to do is inform the buyers regarding a commodity and tell them that a specific offer on it lasts for only a few days.
As a result, the shoppers will be more inclined to buy the commodity without much planning. The importance of getting a good yield is always there as the regression regarding the purchase among the people can ruin your retail store’s sale.
4. Choosing the Right Product is Necessary
There are some products that can be the best options for impulse buying. You need to keep such products in the impulse zone. Commodities like handbags, flip flops, sunglasses, etc., can be the best products to keep for impulse purchases.
However inexpensive, you must check that the quality of the items is satisfying. This can result in frequent impulse buyers visiting your store more often.
5. Seasonal Items Can Be the Best Impulse Commodities
All types of seasonal items can be put as impulse commodities as people have a tendency to buy them without planning. This is another way you can clear your old inventory and make room for new items in your retail store.
You can put exciting discounts on the old seasonal items to ensure the products get sold soon. You should inform your sales executives to ensure that the impulse buyers purchase the old items. Sheer manipulation techniques can work here pretty well.
Top Online Strategies
1. The Theory of Inexpensiveness
Like offline retail stores, the theory of inexpensiveness is the same for online stores too. You can show a lot of products to the customer through the e-commerce website. The best you can do is create a separate section for impulse buyers.
By doing this, you can be assured about the definite upsell of your products. Moreover, the reach of your website will also increase dramatically.
2. Suggested Products
Impulse purchases take place through e-commerce sites mostly as a result of tactical advertising. You can also publish ads tactically to encourage impulse buyers by following these simple steps:
- Merge products
- Inform the customer with the help of proper web content
- Show the discounts and offers on the ads
- Make sure people see the ads in multiple places
3. Cut all Side Costs
Impulse buyers are always in search of products that are cheap. At times, they order a commodity while not being aware of their needs. If you have an ecommerce business, you can simply exclude shipping and handling charges.
So, the consumers will not have to bear extra costs, and they will not regret the purchase. As a result, your brand reputation experiences an upsurge.
4. Using Social Media
In simple words, most impulse buyers are shopaholics. They are always in search of some or the other commodity. In such a condition, you can execute social media marketing in a way that attracts these shopaholics.
5. Seasonal Discounts Are a Must
Seasonal discounts can put a big smile on the faces of impulse buyers. The best you can do is attract the shoppers with a limited period discount offer. You can also restrict the shoppers’ knowledge when the offer period gets over.
This is a good technique to turn regular shoppers into impulsive ones. However, the risk of horrible product quality or utility is always there as the shoppers can develop a bad view of the site and stop purchasing items from your site.
Impulsive Purchase: Ethics
There are some ethics to dealing with impulse buyers while managing a retail store, either online or offline. You can follow these ethics by instructing people to follow some facts:
- You should tell them always to maintain a fixed budget during impulse purchasing
- You must always advise the customer to test the quality of the material before purchasing the product
- Always welcome the customers to take the demo items and test them before buying
- Advice your customers not to make any purchases if they are drunk or angry.
Impulse buying has already become a trend, and as a retailer, you can make a good profit. Being ethical as a retailer can also ensure both you and your customer stays in the win-win situation. If you are new to the retail industry, try to attract more impulsive customers.
Social media marketing and proper e-commerce marketing can be your support system. The best you can do is hire a good marketing team and put it into action as it boosts the exposure of your retail store among impulse buyers. With proper management and ethics, you get the desired profit.
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Akash Tripathi is a Content Marketing strategist at Top Mobile Tech. It is a blog where I cover all the tips & tricks related to Mobile and more related to tech. Stay connected to the rest of the world with Top Mobile Tech. We bring the latest news to your device.