This phenomenon is characterized by a fleeting lapse in the consumers’ self-restraint, stereo-typically occurring whilst waiting for the next available cashier to check out their purchase. According to Psychology Today, the spontaneous urge to spend is embedded in the consumer’s subconscious and serves as a form of instant gratification which is most often justified by perceived value.
For the modern day consumer, researching every item they are considering for purchase is a tedious exercise, as a result, consumers have naturally gravitated towards perceived value. This value is generally in the form of bulk promotions or discounts. Consequently retailers are able to encourage purchases by embracing this shopper trend and experimenting with channels in which consumers are able to receive notifications of value-added purchases in the form of promotional material.
One of the concerns surrounding the modern day shopper, is the relationship with their phones, the perfect example of this is being millennial. The average millennial is more likely to be visually engaging with their mobile phones than with actual products & visuals in store. A study contacted by the Ryan Partnership shows 21% of millennial shoppers are more likely to make unplanned purchases in store once they interacted with an instore related smart phone app.These apps have begun to tackle the lack-of-interaction subject that retailers fear whilst also keeping the consumer in store for longer. This type of app in conjunction with beacon technology, offers the opportunity to drive location-based promotions, thus driving more unplanned purchases.
Understanding customer convenience and satisfaction are very important factors that drive shopper conversion. Retailers can take advantage of these needs with the use of technology to provide the ultimate 21st century shopping experience for their consumers. For more information on retail technology solutions contact us.