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We’ve all been there as customers: the shop’s about to close and you need to buy something, ANYTHING, for that special someone. You panic, look around frantically and before you know it you’ve spent £50m on an out-of-form Spanish striker.
Ok, this precise scenario might not be something we’ve all faced, but the moral is the same. As the BBC investigated this week, what is it about panic buying that makes us pay over the odds for a product? And how can you use this in your shop to boost profits?
As retail psychologist Tim Denison explains, “If you are under time pressure, you’ll be more likely to look at products the retailer has positioned in places for you to pick out easily.”
This of course means secondary siting, and till-point positioning of Impulse products. However, shoppers are becoming more savvy and increasingly aware of retailers’ tactics to get them to spend more.
Another key weapon the retailer has in his arsenal is quite simply offers. Shoppers attach greater significance to the potential loss of missing out on a bargain than the more basic reward of having bought a product they needed. The shopper will leave thinking about their great bargain, rather than the money they have spent.
Have you got any other insights into shopper psychology? Share your thoughts below
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