One way to increase your profits as a brick-and-mortar retail store is through last-minute purchases. If you look around shops you visit, you may notice various items on display near the cash registers. From supermarkets that arrange magazines with eye-catching headlines to book stores stocking the counter with bookmarks, it’s a common practice that’s proven effective.
DailyFinance defined an impulse buy as anything that a customer didn’t intend on purchasing when he or she entered the store. According to the financial resource, 90 percent of shoppers reported making impulse purchases in a survey by The Checkout.
Consider the following ways you can attract customers to your last-minute purchase displays:
Tactical store design
A recurrent arrangement for store fixtures that encourage impulse buys puts emphasis on the cash wrap area. Stock this area with products shoppers can snack on, whether shelves of candy bars or a cooler of sodas, is a popular tactic because it’s effective. Other stores go for random items that customers might realize they need, like lip balm or batteries.
Another way to draw customers in with last-minute purchases is by setting up a demonstration area on one of the display tables. This works best for stores that sell merchandise related to food or electronics, where shoppers can have a hands-on experience. When a friendly store employee offers patrons sample snacks or drinks while talking about the effectiveness of the appliance used to make them, the customers end up staying for more of the pitch.
If your business has an online store as well, you can encourage more spending by suggesting related products or displaying other items people have purchased in conjunction. However, impulse buys are more common in physical retail locations, according to ShoppinPal. The source cited a study from A.T. Kearney which showed that 40 percent of consumers indulge in last-minute purchases in brick-and-mortar stores, compared to 25 percent of online shoppers.
Sale signs can influence impulse buys as well, especially when they present a sale with a time limit. This sense of urgency can encourage shoppers to take your store up on the offer so they don’t miss out. A similar way to use promotions in your favor is through deals that reward customers with increasing discounts based on quantity, influencing them to buy more.
Creative counter displays
In addition to the way the space is set up, store displays can influence the success of your impulse buy campaign. According to DailyFinance, a color coordinated display may attract customers to explore the merchandise. You can go with a seasonal theme – think orange, red, yellow and brown for autumn – or get creative with any combination that you find pleasing to they eye.
Another way to arrange items intended for last-minute purchases is by highlighting the hottest trend. Popular designs and icons that are clearly in style can be displayed together, even if the products themselves aren’t complementary. For example, an Acrylic Counter Top Display that’s full of merchandise featuring chevron patterns would be a great concept based on current styles. This method requires you to switch up the items on display as new trends take over, DailyFinance explained.
Consider dedicating an impulse buy display to products that are new or improved. Whether the packaging promotes a new recipe, formula, design or the like, customers will have a heightened interest.
Accessories are excellent to showcase at the register, especially those for electronics and toys. A display stocked with headphones, spare parts, and phone cases can attract customers in most businesses because they apply to the products people use every day. It’s difficult to justify passing up a deal on merchandise you know you’ll use, particularly when the discount advertised well.