According to a 2014 Mass Merchant Study, 16% of unplanned purchases were due to a display noticed while shopping. Purchases such as these are commonly referred to as impulse purchases. And while it may sound surprising, your store's layout has a bigger influence on your customers' likelihood of making an impulse purchase than you might think. But not being mindful of shopping psychology can cause you to miss out on some serious impulse purchase sales. Here are just a few mistakes to avoid when trying to increase the likelihood of customers making impulse purchases.
Not filling up the displays close to the check-out counter.
Between six and 10 purchases in a store can be classified as impulse purchases, and it's important to recognize where many of them are made -- right at (or before) hitting the checkout counter. This means that to get the best impulse sales results, you'll have to place the items you want to be impulse purchased in the right area of your store. It has to be visible -- at or around eye level -- as well as eye catching. Placing a display of these items near the checkout counter makes it more likely that a customer will grab one right as they're checking out without fully thinking over their decision. Though these purchases are typically only a few dollars each, they can really add to your store's profits over time.
Not displaying price tags clearly.
The second mistake to avoid is not displaying all price tags on your custom display stands clearly. It's true that several studies, including one from Brigham Young University showed that merchandise with a sign outsold merchandise without a sign by 20%. But if a customer has trouble finding a price for an item, they're more likely to put it back, especially if they're about to check out. Make it as easy as possible for your customers to find prices by hanging visible holders for price tags.
On average, consumers are exposed to 3,000 ads and promotional messages every day, and avoiding these mistakes can put you on the path to boosting impulse purchases all throughout the upcoming shopping season. For more information about holders for price tags and other creative retail display ideas, contact The Global Display Solution.