Impulsive Buying: What Is It Worth? | JW Lister


Impulsive Buying: What Is It Worth?

Posted by Jordan on Sep 25, 2018 in Latest News

Consumers may be doing more online shopping, but there are plenty of advantages to a good old brick-and-mortar retail store. One of these advantages is every store owner’s best friend, impulsive buying.

How much money do the Brits spend each month? How much do we spend on impulse spending? Sources differ on the exact amount (such as smallbusiness.co.uk and whistl.co.uk) but we can agree it has 10 digits.

£20 notes

Most of that is spent in-store.

A 2016 UK survey looked for spending on products bought on impulse or recommendation, both in stores and online. It reported that, during the survey period, 35% of those surveyed made a purchase like this, as opposed to 21% doing the same online.

Get your share of that action.

If you’re in retail, ask yourself — how much profit are you making from impulsive buys? Could you be making more? We’ve got a few tips to help you out.

1. Sell what everyone wants: Offer some products that just about every customer likes or needs, even if it doesn’t fit with the rest of your stock. Think about the little things that customers might like when they’re out and about — snacks, drinks, lip salve, pens, even an umbrella. In Mirror Online’s list of our top 25 impulse purchases, most of the top 5 are food- and drink-related, number one being chocolate and sweets.

Chocolate Bar

2. Sell small and cheap items: They’re easier to stick in the basket. Offer products that don’t cost that much extra (or products on special offer). Small toys, stationery, accessories, knick-knacks, even the examples suggested above.

Pens

3. Make them noticeable: Seeing something is the customer’s first step to buying it. Sell products that stand out — for example, something that doesn’t match the rest of your products. Use brightly-coloured signs to show off the price. Most importantly, put them where all your customers will see them — near the door, near the till, or even in the middle of the aisle.

Wire Dump Bins

And that’s where our wire dump bins will come in handy for impulsive buying. Hiding products on a shelf won’t make sure they’re seen. Giving them pride of place in a spot of their own will make them visible and reachable. Once you’ve got a big basket of something people want, all that’s left is to put it somewhere clever and let your customers do the rest.

Take a look at our other retail display products, or contact us on 01484 712925 today.