Today’s consumers are finely tuned research machines. Investigating the best deals coupled with waning brand loyalty has put retailers and brands in a tailspin. A recent report released by Nielsen discusses the new impulse consumer spending habits as shopping venues continue to diversify according to types of products.
The report primarily focused on the grocery category, however fashion retailers or brands can glean insights from the findings. “To succeed in today’s environment, retailers and manufacturers need to be aware of the consumer path to purchase across all channels, including online,” the report said.
The study found that consumers tend to do most of their impulse spending online — not in brick and mortars. The report said, “Consumers make more online impulse purchases across the grocery, household care, snack and personal-care categories than they do at brick-and-mortar stores. In fact, U.S. consumers are 5 percent more likely to make an impulse purchase in the grocery category online than in a physical store.”
Shoppers tend to spontaneously spend on groceries and household care items via online platforms. Of these two segments, snacks and basic toiletries dominated the purchases. Retailers and brands might consider less expensive add-on products during checkout processes, like prompting beauty and accessories deals during the order-completion stages. Those who manage to bring the check-out aisle temptation to the digital era will benefit from delivering an additional touchpoint for shoppers and an extra revenue boost.
The report asserted, “Today’s consumers aren’t just shopping a single channel — they blend channels and shop fluidly according to their unique needs.” Crunching big data to analyze habits and behaviors according to platform, region and other attributes could help retailers and brands approach shoppers in a meaningful and organic approach. What’s more, consider micro-influencer campaigns to crowdsource the popularity and potential of smaller items for up-selling strategies. By engaging consumers early in development phases, impulse spends are more likely to occur, garner success and strengthen brand loyalty.
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