Impulse Purchases

Today it is:

Impulse Purchases: The ones I don’t tell my wife about.

This is a purchase that requires very little thinking or research prior to purchasing. It is the reward in that moment you just can’t resist succumbing to temptation. If you are thinking of the tower of gum or candy bars next to the short fridge of Powerade at checkout you understand what this is. Consumers will impulsively purchase this product without needing to pull up their phone and look at reviews.

In Pyschology Today, Ian Zimmerman says this about Impulse Buying:

When we’re connected to a product, our minds essentially start acting like we already own the product, which makes it harder to go without buying it. This raises the question, “How are connections with products formed?” A physical connection with a product is created when we’re close to it and when we’re able to touch it. A temporal connection with a product is created when we’re able to purchase it immediately. Finally, a social connection with a product is created when we see someone using it and compare ourselves to that person.

Examples: Gum (That damn Quench gum), Magazines, Candy, Soda, Cheap Sunglasses, bracelets, hats

Advice if you are selling this product: Price matters. You do not want price to become a barrier to this customer making this impulse buy. The threshold I have always gone off of is no more than $20 for an impulse purchase and that really is the top. If you make this product understand quality matters, but it isn’t the defining piece of this puzzle. At this price, volume is how you make money so pay attention to manufacturing costs and gross margin. Understand the buyer’s mindset when purchasing these types of products, thus focusing less on the depth of information and more on appealing to that impulse moment.

Article Reference:

https://www.psychologytoday.com/us/blog/sold/201207/what-motivates-impulse-buying

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