No matter what retail industry you are in; "Impulse Items" are crucial to raising your UPT (units per transaction) and total retail sales per customer. As as Buyer for numerous types of retail concepts; I always included Impulse Items to the buying cycle as they were not only fun to shop for but also crucial to the overall sales and UPT for the day.
Well, you may be asking yourself - What is an "Impulse Item" and why do I need them in my store? Impulse Items are retail items that are usually a lower pricepoint item (under $20-30). They are strategically placed at the POS (Point of Sale or Cashwrap - where the custom checks out). These lower priced retail items are strategically placed in this area because the lower pricepoint is not a serious financial commitment and basically a no brainer that won't break the wallet. Overall they help drive revenue!
When customers are standing in line waiting to check out.... they also browse and look around. This is the ideal location in your store to have items that customers can browse, test or even play with. This is great (especially if there is a line of customers waiting to check out; it keeps them occupied instead of worrying about the wait. You may ask why the "below $20-$30 pricepoint? The pricepoint of these Impulse Items are "KEY"; as these are items that he or she didn't think she needed but further enhance their shopping experience. They could also be items that they want to purchase as a gift. As an example; if you were shopping in a clothing store; you may find beauty items such as lip balm, smaller sized travel perfumes, a pair of earrings or other fashion accessories. The same example works at a cafe venue, convenience store or grocery store. As customers wait to check out; items are placed strategically at POS (Cashwrap) for those last minute add on's - like a muffin, mints, magazines, caps, drinkware etc. In some cases with convenience industry the pricepoint will be much lower for Impulse buys. Key here is to know your demographic and customer.
Okay... so you have details of what Impulse Items are but you may also ask yourself how many do I need at the Cashwrap? This is a great question but not easy to answer because there is a gray area here. It really depends on your size of the Checkout Cashwrap and type of retail you are selling. As an owner you have to consider what else is at the Cashwrap (that is customer facing). Side note here... I can go on and probably will in another blog posting just about overall Cashwrap Clarity and their standards for this area but as a good rule of thumb think about the other non-retail items are placed at the Cashwrap. Do you have Gift Cards, the Return Policy in a sign holder, other signage related to current promotions, a GWP (gift with purchase) you are running etc...... these all take up room and having too much at the Cashwrap goes into "Visual Chaos". Too much going on and nothing will have clarity to the guest. Think of the Cashwrap as another Wall Bay or Fixture in the store that you have to buy for. Plan it well and change it out often so that there is something new for each time she or he is back in your store. As an owner; know how often your guest visits.
Overall, Impulse Items are a win for the guest and shop owner. They should not only be fun and affordable for the guest but also helps average dollar sales. As a Buyer myself; I never left this area to chance... it drastically changed overall revenue on a daily basis. Plan for this space and be strategic about finding the right mix of products at the right pricepoint.
Curating a retail assortment for the Cashwrap should not be overlooked and any successful business owner adding strategic Impulse Items will be seeing a lift in their reporting if done with clarity, purpose and an overall strategy. Know your guest!
Need a consultant to build your brand from start to finish or just aspects of your retail brand? ollie mae & cole, llc is well versed in curating the special nuances of building all aspects of your brand with any budget in mind. Visit us at olliemaeandcole.com and view our Menu of Services or send me a quick hello email. I would love to hear from you. Email me at olliemaeandcole@gmail.com See you soon....I am off now to curate the day!
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