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How to premiumise impulse purchases
These business models, however, have died out making way for more efficient processes and as a result the consumer experience has taken a back seat. More recently, these retro-business models have started to make a comeback thanks to new technology and a deeper understanding of consumer behavior. Brands who create the right mix of technology, understanding, and experience can enhance impulse purchases and create new revenue streams.
Location, Location…New Location
The old adage in real estate is, “location, location, location” and what can be better than a location that’s always where the consumers are? Food trucks have gotten a makeover and are experiencing a new surge. The new food trucks run routes, hitting high-density spots where they can sell their premium goodies from the side of their trucks. From entrees to desserts, these mobile vendors are keeping overhead low by eliminating the cost of a fixed bricks and mortar location.
These premium food vendors are becoming part of urban culture, combining the nostalgia of the ice cream truck and the delight of premium foods. In US cities like Chicago, websites such as foodtruckfreak.com are dedicated to tracking the routes of these vendors. The New York City Food Truck Association (NYCFTA) is also dedicated to bringing premium food to the consumers of NYC.
While food trucks are run by independents corporate brands can tap into these retrofitted business models to create new revenue streams.
Social Media Sales Representatives
Converse has taken a new spin on the door-to-door salesmen by launching a Facebook app that allows users to customize, promote, and sell shoes while receiving a kickback for shoes sold. Converse has potentially increased its sales force through a new breed of social networking site-to-social-networking salespeople.
These revived business models bring out the experience aspect of buying and enhance them with modern technology and new trends in consumer behavior. The combination creates opportunities to increase impulse buys. Brands must find new ways to connect with consumers. Whether it is through the consumers’ daily journey, new technology platforms, or a retrofitted business model; brands can create new revenue streams by giving consumers a delightful experience through impulse purchases.