Everyone undergoes “purchasing impulse” – as our eyes catch something attractive, we are impatient to want that. Whether on Instagram feed or in the shop windows; just on its first sight, we decide we want it straight.
What catches the sight more is the tagline saying the item is on sale. According to the Mood Media conducted survey, it was found that 62% of Australian shoppers belonging to different ages are liable to purchase being impulsive when they come across discounts.
At the same time, e-commerce has introduced convenience and flexibility in shopping. So the consumers spent a lot of time browsing the products. As they browse, it increases the purchasing possibility. The Index Trends Report on PayPal’s 2018 MCommerce shows almost two-thirds Australian population surf the e-commerce sites but have no purchasing intention. But it is assumed that 77% of such people later turn impulse purchases.
What is meant by Impulse Buying?
An impulse purchase is purchasing without pre-planning about the particular product or service.
Why do people engage in Impulse Purchase?
The interesting psychology behind impulse purchase is deriving a great pleasure to buy something new and different. Rather, there are many reasons for assisting this sudden joy from purchasing new products. Let us look into them.
- Treating Yourself With Exciting Things
In every society, material objects are counted as rewards. Whether for Christmas or New Year presents, birthday gifts, monetary incentives so on, and so forth. We have grown up with the concept that doing well means getting something in returns, and the achievement is in the form of material rewards.
Equally, when we feel positive about ourselves in making a suitable accomplishment, we will always want to present something to ourselves. The gift could be ordering food online or getting some new dresses and accessories after we feel we have accomplished a target with flying colours.
The prime motivators of impulse purchase are immense joy, fulfilment, and celebrations contributing to the positive feelings. The happiness doubles with buying the desired matters fulfilled.
- Fear of Losing Out
Missing out a product or service at a discount rate is another impulsive purchasing influencer. Often the limited edition products are on verge of the limited period offer. This message is enough to make us purchase as we do not want to miss out on something interesting. Numerous brands capitalize on this customer thoughts. Likewise, leather goods earn thousands of dollar revenue upholding their limited edition products.
- Possibility of Saving Money
Discounts and offers are the major motivators behind the idea that purchasing from a discounted price saves the wallet. Just as we spot on something really with attractive discounts, then we as customers tend to justify the purchase that the monetary value is suitable for us all.
- The idea of Retail Therapy
Survey and research have stated that individuals become impulsive buyers when they have to deal with personal feelings. Retail therapy acts as a saviour from oscillating feelings and relieves the mind with the joy of achieving something new.
Retail therapy provides us with temporary happiness. The notion of joy rises from the fact that shopping adds a dose of joy and helps to keep the feelings in control.
What Should the Marketers Do?
Being marketers, you have to understand how the customers become impulsive to make purchases driven by the motivations. It is because, when you give a comfortable purchasing experience to your customers, you are converting their interests to sales. The better is the experience, it will indulge them into impulsive buying.
Easy access to the online shopping store, flexible returns ability, writing content on the sponsored ads – influence the customers’ purchasing decision. In modern times the consumers depend on their choices, and as marketers, you have to take care of their motivations and get their trust.
Impulse buying can take over any time. Either while browsing Facebook, or through words from friends and associates, or photos on Instagram – people will be interested to buy new things. So, your business needs to pay heed to approach on multi-channel marketing for increasing the large customer base. Google Analytics has a role to play to increase the customer base, discover the demographics resulting in greater purchase volumes. Facebook advertisement, split test, and content marketing strategy are no less responsible for expanding the customer base and instilling them with impulse buying. The best and wise decision is to talk to digital marketing experts regarding multiple marketing approaches.
Australian Business Network 