How to Capture More Impulse Buys
Posted in Retail Trends
How many times have you heard your customers say that they came in looking for just one or two items, yet they are standing at checkout with several more? The act of purchasing more than intended is a practice known as impulse buying, and it is a practice that can greatly help to improve your revenue. Impulses are powerful, and are important to your business…if you know how to tap into them. According to research conducted by Invesp, "8 out of 10 impulse buys are made in a brick-and-mortar store." Here’s how you can capture more impulse buys with eye-catching point of purchase (POP) displays.
A display that includes more than one item, particularly when they all go together, and make a complete set, can be a powerful suggestion tool. For instance, maybe you sell kitchen goods. Let’s say your customer comes in looking for a new mixer. Creating a display with the mixer, spatulas, whisks, mixing bowls, baking sheets, oven mitts and an apron could convince that customer to invest in some extra new kitchen equipment. This is an excellent example of creating a one-stop display complete with all the impulse buys someone would need for a brand-new kitchen.
Similar to creating a complete display as mentioned above, a cross merchandising display can also convince your customers to make additional purchases related to a certain item. Cross merchandising involves placing complementary items near a major display. For instance, a display of belts near jeans could encourage the purchase of a new fashion accessory.
Location is Key
Where you set up your point of purchase displays can really make a difference. Studies into retail layout design have shown that when most customers enter a store, they immediately head right, whether consciously or not. So, placing an eye-catching display immediately to the right of your store is a good place to start. Another great place to encourage impulse buys is at the checkout counter, where customers are limited in the amount of time they have to make a decision, and will often grab what they see in the spur of the moment. If you want to keep things interesting, get a display on wheels, or at least one that can be easily moved, such as a rolling rack. Then, change the display’s location from time to time, giving your customers the joy of “discovering” something wonderful.
Spin the Color Wheel
There’s a lot of psychology behind the use of colors. Bright colors can quickly attract attention and draw your customers over to your displays to see what you have to offer. However, they also have the power to repel just as easily. This is because many studies have been done showing that certain colors evoke certain feelings and emotions. Different shades of the same color can immediately change the feel. For example, dark red can evoke luxury while bright red often gives a cheap feel. And you should take into consideration the combinations of colors. For example, black gives the impression of power or mystery while certain shades of red can elicit energy and excitement, but if you combine the two, you could falsely give sexual connotations to your display.
Mix Up Your In-Store Marketing
Location is not the only important factor to keep in mind. Most impulse purchases are items that are marketed at a lower price, which is often quite attractive to customers, who enjoy getting a deal. The products should catch the eye of your customers. The use of signage can be very helpful. And the placement of the product – where it sits on the shelf (such as eye-level) – should be taken into consideration, making it easier for your customers to find what you want them to buy.
With the right strategies and the right displays you will have no problem increasing impulse buys by your customers. Need a custom point-of-purchase display for your store? Download our free guide to learn how to take your brick-and-mortar displays to the next level.