{"id":1142,"date":"2021-08-23T18:58:55","date_gmt":"2021-08-23T18:58:55","guid":{"rendered":"https:\/\/www.degencpa-titan.com\/test\/?p=1142"},"modified":"2021-08-31T16:39:48","modified_gmt":"2021-08-31T16:39:48","slug":"impulse-buys","status":"publish","type":"post","link":"https:\/\/www.degencpa-titan.com\/test\/impulse-buys\/","title":{"rendered":"Impulse Buys"},"content":{"rendered":"<p>&nbsp;<\/p>\n<h5><span style=\"color: #000000;\">What Are Impulse Buys?<\/span><\/h5>\n<p><span style=\"color: #000000;\">We most commonly associate impulse buying in the traditional retail setting.\u00a0 Typically, impulse items are those small pieces of merchandise that crowd the retail sales check out area and aisle ways.\u00a0 They include candy bars, batteries, magazines, salty snacks, cold soda pops and other beverages, and other assorted items.\u00a0 These impulse items are clearly not the destination purchase that you customer intended to make when he\/she visited your retail establishment.<\/span><\/p>\n<p><span style=\"color: #000000;\">Emotions are at the heart of impulse buying decisions.\u00a0 People rarely buy things for logical reasons.\u00a0 Customers buy things for the emotional reward that the purchase gives them.\u00a0 Only later, if ever, will they look for logical reasons to justify their purchase.\u00a0 For instance, many of us pay more attention to the advertisements for an item after we have already purchased said item.\u00a0 Most people buy for the emotional rewards and then look for the logical reason to justify their purchase.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><span style=\"color: #000000;\">Why Would My Customer Be Interested in An Impulse Item?<\/span><\/h5>\n<p><span style=\"color: #000000;\">Quite simply, you won\u2019t know if your customer would be interested until you present the options to them.\u00a0 Your customers will appreciate your desire to fulfill needs that they did not know they had.\u00a0 It is another opportunity to position your business as a valued problem solver to your customer.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><span style=\"color: #000000;\">What Are the Benefits Of Increasing Impulse Buys in My Retail Store?<\/span><\/h5>\n<ol>\n<li><span style=\"color: #000000;\">Most importantly, you can increase revenues and margins. Impulse items tend to have higher than normal margins.<\/span><\/li>\n<li><span style=\"color: #000000;\">You can position your store as a purveyor of useful items that your customer did not know he needed.<\/span><\/li>\n<li><span style=\"color: #000000;\">You can help save your customer time by offering the right combination of product and services to suit his requirements.<\/span><\/li>\n<li><span style=\"color: #000000;\">You can improve your conversion rates.<\/span><\/li>\n<li><span style=\"color: #000000;\">Impulse purchases can add up to 5% to 25% to average order size for a minimal incremental cost.<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h5><span style=\"color: #000000;\">Some General Characteristics That Influence the Chance of a Product Being Bought as an Impulse Purchase:<\/span><\/h5>\n<p><span style=\"color: #000000;\">* Low Price \u2013 This lowers the customer\u2019s inhibitions against purchasing the item. \u201cAfter all, that pack of breath mints only costs $0.89.\u201d<\/span><\/p>\n<p><span style=\"color: #000000;\">* Marginal Needs \u2013 The customer has marginal needs for said impulse item. \u201cAfter all, I can always use a pocket flashlight for emergencies.\u201d<\/span><\/p>\n<p><span style=\"color: #000000;\">* Mass Distribution \u2013 The products are readily available for purchase, so the customer does not have to expend energy searching for said item&#8230;Self Service \u2013 The customer can get the product himself without asking for assistance from store personnel.<\/span><\/p>\n<p><span style=\"color: #000000;\">* Mass Advertising \u2013 The products are well-advertised and the consumer knows the appeal of the product. Therefore, little if any \u2018selling\u2019 is required by store personnel.<\/span><\/p>\n<p><span style=\"color: #000000;\">* Prominent Store Display \u2013 Don\u2019t underestimate the power of a well-crafted product display.<\/span><\/p>\n<p><span style=\"color: #000000;\">* Short Product Life \u2013 The item is a readily consumable. Beverages, candies, and salt snacks are perfect examples.<\/span><\/p>\n<p><span style=\"color: #000000;\">* Small Size or Weight \u2013 The item is small enough that a woman can stow in her purse or a man can put it in his pants pocket without much thought.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><span style=\"color: #000000;\">What Type of Customers Should I Encourage to Impulse Buy?<\/span><\/h5>\n<p><span style=\"color: #000000;\">When you really think about it, any customer would potentially be interested in impulse buys.\u00a0 Although we typically associate impulse buys with the retail setting, in particular, the area surrounding the checkout line, the concept of impulse buys can be spread to different types of customers and buying situations.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\">***<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\">Eric S. Degen, CPA Titan Accountancy<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\">www.degencpa-titan.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; What Are Impulse Buys? We most commonly associate impulse buying in the traditional retail setting.\u00a0 Typically, impulse items are those small pieces of merchandise that crowd the retail sales check out area and aisle ways.\u00a0 They include candy bars, batteries, magazines, salty snacks, cold soda pops and other beverages, and other assorted items.\u00a0 These<\/p>\n","protected":false},"author":2,"featured_media":1141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44,47,3,51,53,50,52],"tags":[35,57,56,54,55],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Impulse Buys - Eric S. 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