How Retailers Can Increase Sales Through Impulse-Buy Techniques

How Retailers Can Increase Sales Through Impulse-Buy Techniques

Online customers move at a very fast pace. Their “few seconds” consist of evaluating, comparing and decision-making. Within that few seconds, their mind will determine whether it is worth buying your product or not. That is the reason why few seconds of action could lead to impulse buying; in which they make a purchase with no pre-planning.

A research found that Gen Y consumers become the global marketers’ interest for their spending power and impulse buying behaviour since the past two decades. However, the fact that Millennials are more impulsive is irrefutable due to them less likely buy big-ticket items, where 52% of them admitted to make an impulse buy to pamper themselves.


Impulse buying: Is there any science behind it?

As the above statement has explained that this behaviour occurs in any generation, it is critical to study the science behind it and not just straightaway using the techniques.

Impulse buying is among the things that are processed in our unconscious mind like automatic skills, information processing, dreams, and intuition. The act of impulse spending is ingrained in our DNA, thus it is highly likely to occur at least once in anyone’s lives no matter how smart of a spender he is.

Hence, a carefully-crafted impulse buy techniques can thrive your revenue. So, what are the techniques that could trigger this behaviour.

 

1. Hit on the loss aversion point

Impulse buying

Have you ever felt that you must urgently buy something or else you are going to regret it? That is called loss aversion.

Loss aversion refers to people’s tendency to prefer avoiding losses to acquiring equivalent gains. In other words, innate concerns to avoid feeling bad in the future. One of the ways to create loss aversion issue among your customers is by promoting certain products for a limited time.

Normally, this would affect customers’ purchase decisions, causing them to prevaricate over a purchase, “If I do not buy this now, I am going to regret it in the future”. Limiting the amount of time on certain promoted product will unconsciously starts a fear of missing out. Subsequently, customers will think twice before overlooking that product.

Another similar way to that is you limiting the amount of products instead of time. Indirectly, it will produce the same result as limiting the time on certain promotion.

2. Choose the right product

Choose the right product

It is important to be thoughtful about the products you want to promote and their positions on the website because you are trying to trigger unplanned buys. Some products are better suited to trigger the impulse buying behaviour and some products are better in securing the impulse purchases.

Firstly, what you need to understand is the needs and wants of the customers. After you understand this, combine these tips with your understandings:

  • Make it clear

Customers always love simple things, especially if it is explained clearly. Bear in mind that although it is simple, you must make sure the explanation is useful and do not hide anything; especially the price. Some of your customers are likely tired from navigating through several websites before coming to yours, hence, make your clear website as refreshing as you can.

  • Keep it cost-effective

Identify if the product matched the criteria of needs and wants of your customers. Then, find another similar or related product to the main product. Lastly, infuse this product with the sense of urgency and relates it with the main product. At the end of the day, you will sell two things at once.

  • Jog a memory

Customer sometimes overlooked things that they want in order to have enough money for things that they need or vice versa. They even do this in order to save some money for other things. However, do not underestimate this factor. Remind them about things they overlooked because sometimes, it is not until you remind them about that small-ticket item that they decide long ago.

3. Strategic promotion placements

Strategic promotion placements

Beyond giving product promotions, strategic promotion placement is another option stimulating impulse buying behaviour.

However, attracting extra attention from them requires the related or promoted items to be placed at strategic and hurrying zones like during checkouts.

More than often, during a checkout, customers might have something else to buy but they just do not know what.

A strategic promotion placement also can trigger customers to make second purchase and another purchase after that. But make sure that the product you are promoting is attractive enough. With discounts, promotion or free delivery, your product could capture their attention.

Despite the great strategy, keep in mind that you cannot overdo it. Customers might feel annoyed with the promotion placement and end up abandoning their cart. Hence, the timing and where to place it must be evaluated thoroughly and carefully.

 

4. Payment made easy

Payment made easy

In triggering the impulse buying behaviour, payment plays an irreplaceable role. Without it being quick and less hassle, the other stimulators are not able to get your products sold increasingly.

Keep in mind, at the end of the day, customers still need to go through payment during checkout.

Here are the main payment elements to stimulate impulse buying:

  • Multiple payment options

To be provided with choices is the best feeling. Customers love to feel that they have options and by having multiple payment options, impulse buying behaviour can easily be stimulated.

  • Easy and seamless checkout

Impulse buying behaviour is a quick action. A simple friction during the checkout could change the outcome of this behaviour. Thus, having a frictionless and smooth checkout is important in order to trigger the best in quick-paced customers.

  • Secured checkout

The last thing that holds the key to a successful impulse buying behaviour stimulation is the security. Secured payment is the backbone of the stimulation via payment. Regardless of the payment options and the seamless checkout, without security, it will just simply be a checkout that could worry your customers and delay their decision-making process.
To discover how MOLPay can help you expand your payment options and increase sales, schedule a free appointment with our team today.