From knick-knacks at the convenience store register to that perfect pair of shoes, we’ve all experienced a spur of the moment purchase. Impulse buying is when shoppers make an immediate purchase without any pre-shopping intention for that product. They are often spontaneous, and customers don’t budget or put these items on a shopping list.
Research shows that between 40%-80% of sales are credited to impulse buys. That’s a huge chunk of your total revenue! So the question is, how can you optimize your stocking and merchandising to account for more impulse goods AND a shopping experience that encourages impulse spending? Let’s learn more below.
What Influences Impulse Buying?
Several factors can influence those spontaneous purchases. The most important factor is product characteristics. Think about your own experiences – are you an impulse shopper? What kinds of products encourage you to buy on impulse? Some popular impulse categories are home décor, gadgets and devices, jewelry and apparel.
You should also consider the merchandising and store environment. Merchandising can make or break a product, so it’s important to carry items with creative and eye-catching merchandising.
How to Curate an Impulse Shopping Experience That Converts Shoppers Into Buyers
Now that we know the factors that can influence impulse buying, let’s optimize your customer’s retail experience to encourage unplanned purchases. Consider these questions:
What impulse products, if any, are you selling?
How emotionally appealing are the impulse brands and/or products you currently sell?
What is your pricing strategy?
How have you stocked your impulse goods, and where are they placed in your store?
Once you’ve considered the impulse appeal of your product lineup, you should think about what products you’re stocking and how you place them in your store. How diverse are your impulse products? Are they packaged and displayed well? Carrying a variety of impulse items can increase your potential customers. At DM, we account for every customer’s needs and wants, offering a range of different impulse brands:
Two Left Feet
Choosing DM Merchandising as your impulse vendor means choosing a retail partner that’s with you every step of the way. Our impulse brands are carefully developed and research-proven to boost your business. From conception to final sale, we develop our products to be emotionally appealing, affordable and shelf-ready with built-in merchandising. That’s the DM difference.