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What Psychology Knows about Impulse Buying in 2020

What Psychology Knows about Impulse Buying in 2020

Did you know consumers spend $5.400 per year on average on impulse purchases of food, clothing, household items, and shoes?

That shouldn’t be quite a surprise. In one way or another, everyone has experienced a sudden, often powerful, and persistent urge to buy something immediately. In most cases, this regards something we hadn’t planned for.

It could be that one time you visited your local grocery store and realized there had been a huge discount on your favorite Italian rice. Or that time you walked into a high-end jewelry shop and suddenly purchased that sparkling golden Swedish watch on the shelf, regardless of the financial risks involved.

Now that was our impulse buying urge in full effect.

So how can we trigger these inherent impulse buying desires that consumers already have to stimulate impulse purchases?

Are Chatbots Catching Up To Human Salesmen?

Are Chatbots Catching Up To Human Salesmen?

Most likely, you'll recognize that vague feeling when talking to a customer support chat service, that the "person" you're chatting with might actually be a computer. 

Indeed, the market size of chatbots is expanding: starting at $250 million in 2017, it will be more than $1.34 billion in 2024 (Pise, 2018). A chatbot is an automated speech generator that can respond to both written and auditory text. More than 21% of US adults and even more than 80% of generation Z (born between 1996 and 2010) use voice/text bots for information search and shopping.

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