What is Impulse Buying?

An impulsive buyer is a person who makes unplanned decision to buy a product or service, made just before a purchase.

It is a spontaneous act, without the intentions to buy a specific product in a category. Marketers tend to use these impulses which is related to the immediate pleasure or enjoyment. For example, a person may not be looking for a chocolate bar or candies when they go to the supermarket. However, these items are almost always displayed at the checkout aisles to trip off the impulse of the buyer to purchase what they have not otherwise considered. On the other hand, a consumer might see something that is related to the product that they want to buy and it triggers particular passion in them, such as a favorite celebrity’s picture on the cover of a magazine or a favorite color on a bag.
How Can Companies Use Impulse Buying for their Advantage?
1. Create a path for customers to follow: You need the right mix of product selection and product placement to encourage impulse purchases.
2. Place lower-priced, Impulse buys near checkouts: You need to have lower-priced items because the average customer will not spend over a $1,000 in a second.
3. Display impulse products around your high-demand items: Another place to show off your impulse products is alongside your high-demand items. It gives consumers a visual break and separate display.
4. Use the right language to communicate urgency: If you want to create impulse purchase then it can only happen when you create a sense of it in customers’ minds. Generally, one of two things attract impulse buying and that is shoppers’ wants or staple items.
5. Anticipate your customers’ needs: You need to know and anticipate your customers’ needs to be able to display your best products for impulse buy.
6. Draw attention to impulse buys: Use signage, lighting and color.
7. Choose products that require little consideration: You need to use a product that has limited options for your impulse displays because if you give the customer too many options then just like a high-priced item they will pause before buying the item.
8. Offer product samples or demos: This can make customers buy something that they did not plan on buying just buy simply offering a small taste (actual or metaphorical) of products.
9. Showcase seasonal items: Seasonal products are available for a limited time; therefore, people feel the need to buy that item right away before it is sold.
10. Train floor staff to encourage impulse buying: Train your staff to make complementary product suggestions and to direct shoppers’ attentions to point-of-purchase displays.
Which Companies Can Use Impulse Buying?
Clothing brands, online shopping, hospitals, supermarkets, Ikea and so on.
What Are the Benefits of Impulse Buying?
Overall, impulse buying is benefiting the owner of the company and the employees. This is because the more impulse buyers there are the more purchases are made and therefore more profit will be available for the company. Also, impulse buyers can influence other impulse buyers. For example, if you go to the store to buy fresh fruits, you see a crowd of people in another aisle that wants a special type of chocolate that has just come out for a great price. Automatically, you are drawn to that crowd and eventually you are influenced to buy that product as well that will lead to other potential buyers and so on.