Retail

The Power Of The Online Impulse Buy

It may not be as easy as when a customer is standing at the checkout line in a brick-and-mortar store, but the opportunity for the online impulse buy does exist, according to a MediaPost report.

Neil Ackerman, the director of global commerce at Mondelez International, the company that makes Oreos and other snack foods, wrote about the potential of the online impulse buy.

“Those of us in the consumer packaged goods space know the power of the impulse purchase,” according to Ackerman. “When shoppers stand at the checkout counter the enticing snack or intriguing gadget intentionally placed at eye level often goes into their carts.”

According to a recent study, five out of six U.S. shoppers, or 84 percent, admit to having made an impulse purchase at some point in their lives.

“In today’s online world, the real estate for a shopper’s attention is only as wide as their digital screen,” according to Ackerman. “It is a ‘one-screen world.’ Because of this, it’s not uncommon to hear about the death of impulse shopping. But impulse shopping has not gone away. You just have to work smarter to win the attention of online shoppers.”

Ackerman believes it is important for online retailers to know their consumers and their online shopping behaviors so that they can cultivate impulse buys online.

He also believes it is important for retailers to pair products together online, such as pairing chocolate with items someone might purchase as a Valentine’s Day gift.

“It is important to intentionally ensure that these online connections are made and displayed to the consumer on that mobile or laptop screen at the right time,” Ackerman said.

And he also believes it is important for retailers to create “impulse moments” online.

“In today’s digital world, ‘impulse-buying’ is a verb,” according to Ackerman. “You have to impulse them to buy and to win the screen.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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