79% of Americans do their impulsive purchases in a store, and only 6% make them on smartphones or tablets.
We are living in eCommerce times and the online buying channel gains a larger market share everyday. China, for example, is expected to generate $562.7 billion in eCommerce revenue. But the story does not end here. Stores and point of sales have much to say yet. In fact, 94% of total US retail sales are still generated in brick & mortar stores.
What we actually see is that, besides the fact that consumers have replaced some store purchasing for online shopping, they combine both channels in order to do a better and more informed purchase. A clear example is that 72% of young shoppers research online before purchasing in a store, and two thirds of in-store shoppers check prices on their phone before making a purchase.
Now, point of sale management should also consider another key purchase factor: impulsive buying, a type of consumer behavior that has a lot to do with the in-store experience. According to a new CreditCards.com poll, 84% of respondents claimed to shop impulsively in 2015. In 2014 it was 75%, and 68% of all retail purchases are unplanned and happen in-store.
What drives impulsive buying? 5 out of 6 Americans say that in the first place they do it for themselves, then for others (sons and daughters).
Your brand also needs to consider that “impulsive purchases decrease with age: 20 percent of seniors say they have never made an impulse purchase -- more than any other age group. Only 8 percent of people under age 50 have never made an impulse purchase.”
On the other hand, big earners are the best impulsive buyers. “One-third of consumers who make more than $75,000 a year have made an impulse purchase of $1,000 or more.”
Impulsive buying and the point of sale
A well-planned point of sale strategy can really encourage impulsive buying and contribute to sales management. But, wait! Impulsive buying does not necessary mean the beginning of a long-term relationship between your brand and a new client. In fact, only 5% of shoppers will remain brand loyal.
According to Specialty Retail, your point of sale display needs to visually stand out with color blocks, contrast and dramatic color groupings. Make sure these colors are different from the surrounding place.
Also, the message has to be clear, short, and precise, especially if it is a call to action. Brain Genetics explains that “stores need to become brands – offering a unique loyalty-generating retail experience. Brand manufacturers should not only align themselves with retailers to further this goal, but actively share their expertise in brands to help retailers through this branding transformation (…) Brand design should be executed with the 3 S’s in mind – the shelf, the shopper and the store.”
Interactivity must be another essential attribute of your point of sale. “Interactive POS displays will appeal well to certain target audiences, so including things like QR codes that lead to a video or social media site can be a great way to prompt brand interaction and influence the buyer’s thinking,” On Demand says.
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