Taking the Right Steps to Stop Impulsive Purchases

Impulsive Buying: Why We Practice It and How to Stop It

No matter how frugal you are, no one is immune to impulse purchases from time to time. But the more you compromise, the more it can damage your financial life. Spending more than you can afford or buying things you don't need can disrupt your financial stability. Overspending is a common roadblock to achieving big financial goals, like saving 10% of your gross income for retirement or building a 3-month emergency cash cushion.

Impulse buying, especially when converting from ETH to USD, is the tendency of customers to buy goods and services without prior planning. Customers make sudden purchase decisions and are usually driven by emotions and feelings.

Why Do We Practice Impulsive Buying?

People often buy things they did not plan to get only and wonder why they are doing so. Several reasons exist why people engage in impulsive buying, and some of them include:

  • Decision fatigue

In many cases, impulse buying is the result of decision fatigue. This phenomenon occurs when a person's ability to make decisions decreases after many decisions. This is sometimes called ego depletion. This concept is often directly related to stress levels, good sleep and exercise, and even the time of day.

For example, shopping after work or late in the day will often increase impulse buying simply because consumers are tired from making decisions all day and don't have the "will" to stop shopping.

  • Emotional purchase

Buying is often emotional. Stress, sadness, and even the holiday season can lead to impulse purchases. Shopping or buying new things brings joy to many people, so impulse buying often results from a simple need for an "invitation" or some form of entertainment.

  • Impulse buying sales promotion

Stores can increase sales by tailoring their product offerings to those who make impulse purchases. Making purchases simple is one of the best ways to increase these sales.

  • Take advantage of the in-store signage.

For example, in-store digital signage can encourage impulse purchases by simply informing customers of a product's location. For example, Ombori creates interactive retail displays to enhance the customer experience and attract those prone to impulse buying.

Product displays are one of the main ways large grocery stores can attract these motivated shoppers. Signs that indicate a positive experience or feeling about a brand or product are more likely to target impulse purchases.

  • Attractively packaged product

The type of product packaging can be a determining factor in increasing impulse purchases for certain products. Product packaging is more likely to influence buyers if the product is cheaper and less risky.

How to Stop Impulsive Buying

If you have ever worried about impulse buying, the chances are that you must have considered how to stop making impulsive purchases. Gleaning from the experiences of others, here are some ways to curb impulse buying:

  • Always carry a shopping list with you

Lists are a great way to stop impulse buying and move on. Write a shopping list every time you go to the store and stick to it, even if it's just one item.

  • Create a shopping budget

Shopping is a good thing if it is within your budget. One of the most liberating things about budgeting is giving yourself the freedom to spend less on what you want without the guilt.

  • Don't autofill credit card or payment information.

One of the easiest ways to stop impulse buying online is to make it harder to buy things online. Say no when your phone or browser asks you to save your payment information for later, even when it is a product that aligns with the blockchain revolution in the food industry.

  • Save for goals

Do you tend to buy gum, popsicles, drinks, or other impulse foods? A great way to stop impulse buying and start saving simultaneously is to get yourself an empty pop bottle, and for every candy you don't buy, put $2 into the bottle and watch it accumulate. 

Conclusion

Creating visible activities that make you think about what you want to achieve can be an effective way to avoid destructive financial behavior. Any strategy you can use to remember your goals will help you focus on what matters most and strengthen your commitment.

The best way to resist any impulse is to allow time between the impulse and the action. Therefore, the more time you take to settle, remember your goals and think about the purchase, the easier it will be to resist.