Impulse purchases are when customers buy goods or services without prior intention to buy them. Approximately 95% of Americans make impulse purchases while shopping. The following are the nine driving forces that influence customers to make impulsive decisions to buy products.
- Emotional Impact
- Personality Traits
- Category Placement
- Fear of missing out (FOMO)
Overall, retailers need to focus on packaging, placement, pricing, and targeting to successfully guide consumers to buy impulsively. Advancements in technology have enabled retailers to use virtual reality (VR) to test different packaging, placement, and pricing.