Is the Impulse Buy Dead?

By Rieva Lesonsky

Is impulsive shopping a thing of the past? Consumer shopping behavior is becoming less impulsive and more planned, according to a new study, “The Long and Winding Road: Gamesmanship of Shopping,” from Yahoo and UM. Social networks, coupon sites, online reviews and the mobile Internet are among the factors behind the trend, the report states.

Reporting on the study, MediaPost likened today’s consumer shopping behavior to a game—“a complex process of discovering, evaluating and socializing [that is] all part of an ongoing hunt to get the best possible deal.” Online tools turn shopping into a collaboration with other “players,” rather than a solitary chore.

Because they are turning to trusted Internet sources to make decisions, the majority of consumers (55 percent) report less impulsive purchasing due to the Internet. (However, 17 percent say the Web has made them “more impulsive.”)

What tools are consumers using when they buy? More than two-thirds (69%) say the Internet is their most trusted source of information on products and services; 43% who trust magazines and 35% trust TV. Sixty-one percent use “evaluate” tools, such as deal collection emails and coupon sites, to help with shopping. And nearly half (49%) use “socialize” tools, such as conversations with friends or user-generated reviews. Before making the final decision, more than two-thirds (69%) look for deals and coupons online.

Nearly three-fourths (72 percent) of respondents say the Internet makes it easier to figure out which brands to consider, and 59% believe they have an advantage over marketers and retailers because the Internet allows them to gather opinions from other consumers.

How can you learn from the way consumers are shopping? The study authors suggest:

• Become part of the conversation about your business and brand. Contribute to third-party communities such as fan pages to create a personal relationship with your customers.
• Create reward systems that make consumers feel special, such as tailoring deals to their interests and encouraging viral sharing.
• Take advantage of online reviews. Be sure your product or service is included on trusted review sites, and monitor your reviews.

Of course, if you’re a brick-and-mortar retailer, this news doesn’t mean getting rid of the “impulse buys” in the checkout aisle. But it does mean understanding that today, there are many ways consumers shop—and you need to influence all of them.

Image by Flickr user The Consumerist (Creative Commons)

This entry was posted on Friday, June 10th, 2011 at 6:00 am and is filed under Branding, Marketing, Sales Process, sales process, Small Business. You can follow any responses to this entry through the RSS 2.0 feed.


You can leave a response, or trackback from your own site.