What is impulse buying? Or how to get customers to buy something unplanned.
According to the latest e-commerce market research conducted by the digital agency Promodo, we can conclude that online retail is growing at a frantic pace:
The volume of the Ukrainian online trading market in 2023
- almost 10 million Ukrainians bought goods online
- 1.5 million of them made their first purchase in 2023
- the total amount of sales of goods and services via the Internet amounted to more than UAH 182 billion.
And most importantly, 300% is the amount by which conversion rates can be increased if you have a customer relationship management system.
So how do you work with a potential customer so that they don’t leave your platform without making a purchase?
The way to a customer’s wallet is through understanding their pain, needs, and triggers. That is the trigger. In marketing, a trigger is a reason that prompts a customer to make purchases and other conversion actions. It affects a person’s emotions and pushes them to make decisions that are beneficial for them. The most important Big Idea of marketing is to create such conditions that the desire to BUY is overwhelming. The trick is to anticipate the desires of consumers in such a way as to make them make impulsive purchases.
An interesting fact is that impulse purchases generate up to 70% of revenue in offline stores and more than 40% in online stores.
What is impulse buying? This is a purposeful activity of a powerful stimulating influence (manufacturer, retailer, merchandiser, trade marketing campaign) that pushes the consumer to make a purchase. Impulse buying occurs when a customer feels a strong desire to buy something immediately from an assortment that has not been planned.
What drives impulse purchases?
Let’s analyze 5 tips that will encourage customers to buy instantly.
Give a sense of a bargain
Impulse purchases are not always about spending the entire salary on trendy products. People sometimes buy goods because they feel that they are saving money.
Most often, buyers are guided by prices. Therefore, when a customer sees a cheap product, they buy it, even if they did not plan to.
We care about comfort
Most consumers are reluctant to register on the website before making a purchase and do not want to fill out many forms. If it takes more than ten minutes to place an order, there is a risk that the customer will not want to understand it and will leave. They need a quick, convenient, and clear process in a few clicks. The situation is the same with the return of goods, which should also be as simple and convenient as possible.
Offer accessibility on all devices
It is important to allow the customer to start a purchase on the phone and complete it on a personal computer without complicated personal data verification.
We use cross-merchandising
When a customer has already decided on a purchase, you need to encourage them to make an additional purchase that will complement the purchased product.
Create profitable sets of products that are often bought together or complement each other.
Give instant rewards
When we experience emotions and excitement, it is more difficult for us to make rational purchasing decisions. The emotional part of the brain doesn’t think about the future and considers instant gratification to be the highest reward. Shopping gives customers a sense of happiness, it’s dopamine that drives people to make purchases.
We deliver the purchase as soon as possible
Online consumers don’t want to wait a week for their purchase. They want it here and now. Transparency and delivery options are also very important.
And don’t forget about repeat sales, because all business owners know that it’s much easier and cheaper to retain a real customer than to attract a new one. Therefore, it is worth doing everything to ensure that repeat sales become a significant component of the company’s activities and grow steadily. Here are some effective tips on how to retain a customer.
- Loyalty programs. Gifts, bonuses, discounts for purchases of a certain amount.
- Gift certificates. Give a new customer a certificate with a discount on the next purchase or with the opportunity to receive a gift for fulfilling certain conditions.
- Content marketing. Post tips on how to choose, use, and care for the product on your website.
Thus, impulse buying is an additional opportunity to increase revenue for both the manufacturer and the seller. Use our tips. Based on this data, you can build a smart marketing campaign.
