According to Shopify, stores use several tactics like creating a path for customers where they must interact with the impulse buys and choosing items specifically that either require little consideration or are in stock for a short time (think seasonal or clearance items). They understand that we as consumers can be swayed off-course by a quick and seemingly beneficial purchase. We think that because we probably haven't already seen these items elsewhere in the store, we perceive the item to be scarce and thus worth buying.
They also know that we get a lot of short-term utility out of impulse buys. The joy of eating a candy bar bought while waiting in line is short, but still leaves us with a brief sense of satisfaction. If the product is something else, like a magazine or travel-sized item, we look forward to using it and frequently do so as soon as we get home.
Impulse buys also occur online. When we're checking out on an online store, last-minute sales like "buy two more of the item in your cart and get them all 50% off" can cause us to buy more than we actually intended or need. According to CNBC, customers spend an average of $5,400 per year on items we probably don't even want.
How can we stop these toxic spending habits? There are several ways to combat giving into impulse buys. We can:
1. Avoid shopping online when possible.
2. Be mindful of your feelings surrounding the impulse item. Will I really want this tomorrow?
3. Stick to a list when shopping.
If we stick to these tips, we can hopefully reduce warrantless spending and find more utility out of things we actually want to consume.
https://www.shopify.com/retail/10-tactics-for-impulse-buying
https://www.cnbc.com/2018/02/23/consumers-cough-up-5400-a-year-on-impulse-purchases.html
https://www.google.com/search?q=how+to+stop+impulse+buying&rlz=1CAPQVW_enUS709US710&oq=how+to+stop+impulse+buy&aqs=chrome.0.0j69i57j0l4.3496j0j9&sourceid=chrome&ie=UTF-8&safe=active&ssui=on
This is really cool! Another thing that may contribute to impulse buys is color theory. Stores like target use red to cause shoppers to pay attention, feel more alert, and impulse buy more. Red signs for clearance or sales also use this technique, as red is always an eye-catching color for us.
ReplyDeleteThis is really cool! Another thing that may contribute to impulse buys is color theory. Stores like target use red to cause shoppers to pay attention, feel more alert, and impulse buy more. Red signs for clearance or sales also use this technique, as red is always an eye-catching color for us.
ReplyDeleteThis is really cool! Another thing that may contribute to impulse buys is color theory. Stores like target use red to cause shoppers to pay attention, feel more alert, and impulse buy more. Red signs for clearance or sales also use this technique, as red is always an eye-catching color for us.
ReplyDeleteReading this reminded me a business class I took, when we talked about marketing, we learned how it costs more to put your item someone eye level, because those are the products that catch our eye the most. Also to build off what Sydney said, if you take a look at fast-food restaurant logos, almost all of them are colored yellow and red.
ReplyDeleteAlthough I think you had some great ideas for solutions, I also think that in this day and age, it's almost impossible to not shop online. On top of that, shopping online is much easier due to companies knowing how to market to us and taking advantage of our responses to certain ads and colors. And currently, the only solutions is, as you said, to be more mindful of what we need.
This was really interesting to read especially since it's something many of us do. Other ways to prevent impulse buying is to find ways to reward yourself for not acting on your impulse and to avoid going to malls because there are more opportunities to buy unnecessary items.
ReplyDeleteThis was interesting to read, and I have definitely fallen to impulse buying many times. However, I don't think I would be able to stop online shopping (one of the solutions you provided) as well as many others. Therefore, one thing I do to stop impulse buying is to make active notes about the amount of money I am willing to spend (essentially making a budget) and then tracking the amount of money I spend on each item. It takes a lot more effort, but it definitely helps!
ReplyDeleteThe way you wrote this out was very engaging and it is a topic I think we can all relate to. I appreciate the tips you gave at the end. I wonder how they are able to appeal to so many people from an economic standpoint.
ReplyDeleteA lot of marketing is based off psychology. I remember reading a psych book on instant gratification, essentially the urge to sacrifice the future to make the present better. Procrastination is one of the biggest examples of instant gratification, where one forgoes the work that they *should* do in lieu of doing activities that they enjoy. They know they need to do the work regardless, but choose instead to enjoy themselves in the moment and sacrifice potential in the future. This works the same way with impulse-buy marketing, where people who choose to buy something off of an impulse sacrifice everything they could have bought in the future (opportunity cost!). For example, if someone who is saving up to buy a car decides to impulse-buy a cup of boba tea, then they're delaying their purchase of the car (in the future) in exchange for feeling better in the present (having boba). It's the same concept as procrastination, and the psychology of instant gratification is something to keep in mind when analyzing impulse-buys.
ReplyDelete