Hardware Retailing The Industry's Source for Insights and Information
Every customer who walks into your store is an impulse sales opportunity, according to a study conducted by TimeTrade Systems, Inc., which found that 82 percent of consumers purchase more than they originally planned once they’re in a store.
In addition, 84 percent of Americans have made impulse buys at some point, up from 75 percent in 2014, according to 2016 data from CreditCards.com. Princeton Survey Research Associates International conducted the poll of approximately 1,000 adults for CreditCards.com.
An impulse purchase, according to the poll, is defined as an “unnecessary or unplanned decision to buy a product just before the purchase was made.” The study also found people aren’t just making small impulse buys; they are spontaneously purchasing big-ticket items, as well.
Applied to Retail:
Brick-and-mortar stores are the top spots for shoppers to spend impulsively, so keep your impulse displays fresh and continue to bring in new items.
Find unique or low-cost local goods that catch customers’ attention, and place them in areas where shoppers spend time waiting, such as at the key counter or near the cash register. Cross-merchandise products such as hand sanitizer on clip strips near camping gear, or put bug spray near the lawn chairs and firewood.
To learn more about the impulse category and ways other retailers are merchandising their impulse products, read this article from the July issue of Hardware Retailing.
