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How To Boost Your Sales Through Impulse Buying
Spontaneous spending or impulse buying has been around for a long time. Have you ever stood in the line in the supermarket to pay for your groceries, then bought some chocolates or chewing gums on at the checkout? That is a perfect example of impulse buying! According to a poll, 5 in 6 Americans have made impulse buys!
Inducing impulse buying can be a great strategy to increase your sales, especially if you have just started your drop shipping store. We are discussing 11 great strategies to help you make more sales in this series of blog posts. Today, we will look into how you can make the most of people making spontaneous purchases!
Who Are The Impulse Buyers?
In every store, encouraging customers to make a spontaneous purchase is a tried-and-true way to boost the average order value (AOV). But how do you know who are those impulse buyers?
An impulse buyer is a customer who buys from your store without any prior planning. These products are the ones that people usually don’t go looking for. Visual platforms like Facebook or Instagram is the perfect place to pitch your impulse goods.
For example, a customer is scrolling their social media posts and all of a sudden they see an ad for a different, unique, or cute product. It immediately catches their fancy and in a flash, it becomes a must-have! They click on the tempting post and purchase the product without much thought.
You can design and price the impulse products in such a way that most customers won’t need to speak with someone before the purchase.
As they need very few touch points to secure a sale, they’re great for drop shippers with a tight budget!
But How Do I Get Customers To Buy Spontaneously?
Impulse buying is mostly psychological, and with the right strategies, you will be able to drive more sales into your store!
Since it is difficult to draw the mass of traffic you need by simply launching your store, you’ll need to engage in marketing. Social Media is one of the best places to target impulse buyers. Facebook even enables you to retarget impulse buyers with ease. After running campaigns for a couple of days, you can analyze your statistics and determine which users are most valuable for your business, and retarget them to secure the sale!
You can also bring in some effective changes to your store:
1. Limited Stock Alert:
The “Fear of Missing Out” or FOMO for short, is real. You can easily exploit this feeling of customers by alerting them about limited stock on your product pages. When a customer sees that only a limited number of products are on the offering, it will entice them to pull the trigger and make the purchase!
2. Flash Sales:
Flash sale is another great strategy to give customers a sense of urgency. Everyone love flash sales, especially impulse buyers. When they become aware that the product won’t be available at a reduced price for a long, they are more likely to purchase a product from your store that’s on sale! Some companies like One Plus, LeEco, Xiaomi, and Asus have used this strategy to effectively sell out their stock in minutes of their smartphone launch!
3. Effective Call To Action:
Including a CTA ( Call to Action) button like ‘Buy Now’ encourages the customers to purchase from your store. It is even more effective when there is a limited stock alert along with it!
What Are The Impulse Products?
Now that you know who the impulse buyers are and where to find them, it’s time to look into what type of products you can sell to them. Not all products are suitable for spontaneous purchase.
You cannot expect a person to buy a Hyperbaric chamber on impulse!
So what qualities should the impulse products have? We have listed 4 essential characteristics here:
Low Cost: People usually do not think twice about buying a product when they see that it is not going to break their bank. Research shows that 20% of impulse purchases were under $25, and around one-third of all impulse purchases were between $25 to $100. If you want to make a good profit, then you should target that $25 to $100 range products!
Emotion-Driven: The best impulse products are those that engage people on emotional levels. Researching into market niches will help you find products that people are emotionally invested in!
Excitement-Inducers: These are perhaps the most well-known impulse products. You have at least once come across a crazy, cute, beyond ordinary or unique items ad on your social feed. They might have even caught your interest and got you excited about having it! You will be hard pressed to find people who are immune to excitement-inducing products!
Impulse products can earn a drop shipping store more in one day than they did over a whole year. Impulse products are on the rise, as 80% of young people have made an online impulse purchase in 2018. This number will keep on increasing, and it is a gold mine for all drop-shippers. Find your impulse product, and never look back!