Did you know that 90% of consumers have made an impulse purchase while out shopping? With this in mind, what communication tools are you using to increase purchase rate?
Did you know that 90% of consumers have made an impulse purchase while out shopping, and with big sales set to be heavily promoted on this side of Christmas how can you help your business get a piece of the action?
It’s not just about the right sales tactics or clever marketing but about appealing to personality traits, emotional states and timing, which is something good salespeople and knowledgeable marketers are good at.
The average consumer makes approximately 3 impulse purchases in 1 in every 4 shopping trips, with negative emotions such as sadness, anger, boredom or stress having a lot to answer for – 20% of women and 14% of men have fallen victim to impulse purchases when sad.
As we wave goodbye to the holiday season and say hello to 2016, how do you ensure that your high street store or online shop is ready to make your customers feel compelled to make a purchase?
Saving money
The biggest motivation for impulse purchases, that accounts for 88% of impulse purchases are sales and promotions, which give the impression of saving money. The idea of “value” is the main motivation for consumers and with wording like “20% bigger”, “50% more” or “10% off” it’s not surprising it works.
As the holidays pass us by, we arrive at the peak season for impulse purchases. 45% of impulse purchases are made after receiving a promotional SMS, with mobile coupons achieving a 10 times higher redemption rate than paper or email coupons – your customers want to save money.
Pleasure
Rarely things we need, impulse buys are often things that make us feel good. The term ‘retail therapy’ is testament to that, whereby the act of acquiring something new is empowering and liberating. We all want to experience pleasure and after the first time we experience it after a purchase it’s something we want to continue.
Could this be why single adults make 45% more impulse purchases than married adults?
Surroundings such as smells and sounds also contribute which could be a good reason to bring people in store. Differentiate yourselves from your competitors by sending voice broadcasts about new in-store product launches or demos and make your customer feel special.
Loss Aversion
Stores have learnt that consumer’s purchase decisions are affected by attempts to avoid negative emotions in the future, often triggered when they miss out on a potentially good opportunity or sale.
Strategically placed items, more often than not, in a sale or promotion trigger this fear of loss and as a result prompt the click of “add to basket” or action to purchase. Mobile Journeys offer a subtle opportunity to promote products with a hint of personalisation. This could be why 75% of consumers feel happy after making an impulse purchase. (Brandon Gaille).
To find out more about our products and services and how they can benefit your business call us on 0345 356 5758.
