Making Impulse Buys Attractive
We’ve all done it. Standing in line to buy whatever we actually came to the store to buy, we pick up a pack of gum, or lip balm, or even a small electronic or tool. They may seem like insignificant purchases, but research has shown that the smaller, cheaper impulse buys can actually have a huge impact on a retailer’s bottom line. This is because, according to Virgin Entrepreneur Online Magazine, around 80% of Americans made an impulse buy last year. Most of these purchases are made on inexpensive, sometimes even as low as a dollar items, but once those dollar purchases are spread across an estimated 83 million people, they start to add up.
A company can increase its impulse sales by promoting the right products and using strategic pricing and placement to make them as irresistible as possible to the consumer. Step one is paying attention to what people are buying. According to Vend, “The best impulse products are the ones that are easy to grasp—both physically and mentally.” Consumer Electronics ranks 7th as the area where consumers are most likely to make impulse purchase—and it is only that far down on the list because purchasing anything to do with electronics requires at least some measure of knowledge about the product, whereas more easily consumable products like clothing and food require little to no knowledge on the part of the buyer. However, items that promote individuality and style, such as sparkly Hello Kitty headphones or zebra print tablet pillows are great for encouraging impulsive purchasing.
Urgency, value, and excitement are the key ingredients to encouraging consumers to make impulse purchases. This means picking the right items and placing them strategically so that consumers are more likely to make a snap judgment and add them to their purchase. For instance, displaying recommendations based on what has been previously viewed online encourages customers to go ahead and buy that little something extra. When online, it is easy to select small, inexpensive items to feature on the front page of the website and to pop up when someone adds something related to their cart. This may be something like a unique accessory that makes a bigger purchase more personal or convenient, such as a colorful, fabric phone case, a super-durable military grade case, or a small appliance or tool, like Herb Scissors from Starfrit.
It should come as no surprise, but the biggest group that is targeted for impulse shopping is the millennials. They are more likely than any other group to throw something in just because it is inexpensive and appealing. The items that get purchased in this way most often tend to be small things that accessorize or complement what they have already picked out. The caveat to this is that millennials are also susceptible to buyer’s remorse because they “[want] assurance that their decisions will help them fit in and ‘conform with the crowd’,” according to Millennial Marketing. This means that items that indicate status, such as a stylish mouse to go with their notebook, can be easily incorporated into a purchase of other electronics. Shopping is also a social event for this group, so retailers should find ways “to make [shopping] as fun and social as possible.”(Millennial Marketing). This may include items that are both useful and luxurious, like this selfie wand from sunpak for taking pictures with friends, a spa item like a foot scrubber or an electronic accessory that lets them engage with peers, such as a sound box for a phone or MP3 player.
Buyers of a slightly older generation may be more drawn to gadgets that increase convenience, supplement or protect what they already have. Small items like screen protectors or a metal detector have straightforward uses that are easy for consumers to understand and integrate into their plans for whatever they are already buying, and have the added benefit of fulfilling a need for emotional gratification (“Now my phone will last longer, so I’m getting a value!” or “This will be both fun and potentially profitable!”).
By making these small, “treat” items highly visible, and by emphasizing the monetary value that a consumer is getting because of a lower price, it is easy to encourage impulse shopping both online and in brick and mortar stores. Eventually, these seemingly trivial purchases compound and will lead not only to greater sales, but to more customers who feel satisfied with their shopping experience.
Want more inspiration for impulsive add-ons? Shop around the Petra website or feel free to contact a Petra sales representative today.