Impulse buying is becoming a major force for those living in South Korea
Consulting firm McKinsey has released a report that shows that impulse is driving participation in mobile commerce in South Korea. The report notes that the country’s mobile commerce market has doubled in value every year since 2010. Now, mobile accounts for nearly one-third of all online sales made in the country, making South Korea one of the most attractive mobile markets in the world. The report also notes that consumers are making mobile purchases based on impulse more than anything else.
Consumer impulse leads to more money being spent in the retail space
Impulse can be a powerful force among consumers. When shopping online, consumers often find products that pique their interest and feel the urge to purchase these products. In South Korea, many consumers act on this urge, which leads to impulse buying of products. Regret over such purposes is not uncommon, but consumers are typically happy with their impulse purchases. This impulse buying has become quite common in the mobile commerce sector, where the convenience of mobile shopping lends value to the impulses that consumers feel when shopping.
Small smartphone screens are making it difficult to compare product information
An abundance of interesting products is not the only reason behind impulse buying, of course. The report suggests that the small screens of smartphones is leading consumers to impulse buy rather than look around for similar products. These small screens can make it difficult for consumers to see product information, which also makes it difficult to compare such information with other products. This may be ideal for merchants, as the report shows that consumers are driven more by impulse when purchasing products than they are by the price of a product.
Impulse trends could be valuable for online merchants
This may lead to new opportunities for retailers, according to McKinsey. Merchants can devise strategies that are based on taking advantage of consumer impulse, allowing the shopping experience to be more aligned with the interests of consumers. Impulse is expected to continue being a powerful force in the mobile payments space.