An impulse purchase is precisely what retailers are looking for.
A steady stream of impulsive behaviour from tons of customers will of course equate to soaring profits.
But, what are the factors that drive people into grabbing things they probably don’t even need?
Let’s explore just three of the biggest.
Fear of Missing Out (FOMO)
We seem to have developed this unbreakable hoarding mentality, and if we feel as if products could soon be beyond our grasp, it’s common for impromptu purchases, and often at rather large volumes.
Do we really need such lavish quantities? Possibly not! But try telling that to your brain, which could be programmed with irrational fear, revolving around the idea of not having access to certain items unless you take drastic buying action, and sweep the stores clean.
Products marketed as being hugely desirable will also give off the impression that they’re soon to fly off the shelves. For some, the idea of living in a world where they’re one of few to possess these items will again create the need for impulsive behaviour.
Quick Buzz
The idea of retail therapy has always been a simple, yet often very effective way to make yourself happy, even if it’s for very short bursts. The prospects of acquiring something brand new will release positive endorphins, and with it, the potential for reprieve against the often harsh and unforgiving nature of everyday life.
Some common choices would be confectionery, giving people that little pick me up often needed when things become tough, and for others, a brand new item of clothing gives you the opportunity to bolster your wardrobe, offering up the feel good buying factor, but in a more permanent sense.
Retailers will play on this, most notably through lucrative offers that make the idea of purchases even harder to say ‘no’ to. Gazing upon discounted prices is often too much to turn down, and that’s even if we’re being sold a bit of a false dream, that being the offer appearing far more lucrative than reality would dictate.
Eye Popping Displays
First and foremost, the power of impulse buying lies directly in the hands of retailers. Only clever, visually stimulating and ultimately savvy displays in relation to your target audience will hit the mark, and if you do connect, expect products to sell fast.
There’s lots of merchandising ploys to consider, and the first would be positioning your displays potently. Think about where the most traffic occurs and exploit this. In most stores, this would be the end of aisles or at the very front of the store, namely the main entrance.
For optimum control over positioning, definitely consider an FSDU display, which are an easily assembled, loose concept, normally made from cardboard, so really simple to move about with any strain. Parasite displays are another great choice, as these can simply hang off shelves anywhere in store, and of course, counter tops often gain the best spots, that being right in front of tills.
You’re also not the only brand looking to steal a march in the world of impulse buying, so think about how to market your products so that people feel as if missing out would be a crime. Bring out key benefits and focus on the transformation people can expect, that way, it’s harder to turn down.
Harness The Power of Impulse Buying
We know what it takes to dominate the high street and would love to help you rise the ranks. To learn more about our retail displays, contact us directly today.
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