New research has indicated that British consumers spend over £21.7 billion on impulse purchases. The vast majority of shoppers have revealed that they often add impulse buys that were not on their shopping list or items they really needed. This is based on consumers who walk into store and not online sales where things look slightly different.
The average UK consumer spends an average of £416 per annum on impulse purchases which suggests that retailers are doing things to persuade this type of sale. Whether it is a sale item, special offer or product that’s too good not to put into the basket retailers. Sometimes as consumers we all feel that we may miss out if we don’t purchase ‘there and then’ to secure an impulse buy.
With Christmas now only a few weeks away this is a crucial time for retailers to put their ideas into motion, maximise their customer retail route, product placement, offers, promotions and point of sale last minute buying decisions. These buying decisions are crucial right the way up to the till. If the retailer is able to up-sell at this point they are getting the most out of the customer journey as possible.
The same principle does crosses over into online sales but you have far greater leverage to re-sell to your online audience who on the whole are a pretty loyal audience. If you get it right and offer add on products or services at point of sale with the right price point you may be able to tap into the lucrative ‘impulse buy’ market.