Factors That Influence Consumer Purchasing Decisions
To get consumers to purchase from you, supplying a great product is not enough. Understanding the road that led the consumer to your product is essential to make the individual purchase your product and turn him or her into a return consumer. 71% of online purchases start with a search online. They start searching for a product that meets their needs and suppliers who provide that product. From your prospective customers, 91% looks in most circumstances for reviews and 74% of them trusts a business more when finding positive reviews. In to have a better chance of your product being the one they ultimately choose to buy, you need to be aware of the psychology of the search and the individual aspects at play.
Influence Through Consumer Psychology
Many purchases are driven by the subconscious, satisfying an instinctive necessity that can’t be quantified. But there are some clear behavior patterns that dictate consumer psychology and have a part in how people make purchasing decisions. When online shopping, feelings drive individuals more than anything else. Emotions doesn’t only guide the buying process, it controls purchases. Research from fMRI neuro imaging found that personal experience and emotions shape behaviour more than brand attributes, features etc.
Positive emotions toward a brand are more valuable than trust and other judgments when it comes to persuading consumer commitment. Emotions determine the purchase and influencing emotions isn’t simple. But there is one emotion you can properly sway, and that’s likability. Likability is the most prognosticative way of measuring of whether a promotion will enhance a brand’s sales.
Elements That Influence Consumer Purchasing Decisions
Through the years, several ways have been identified on how to alter purchases through consumer psychology. Of course, your product has to measure up to the needs and wants of your target group. However, there is a lot more to keep in mind. Most purchases are made because of feelings, not just the product. The following elements reveal what you should be aware of when selling online.
Your Google Ranking DOES Matter
Due to the fact that 71% of online purchases begin with a search, your product needs to be visible in order to sell. The top 5 organic search results is viewed the most with 33% of traffic visiting the first search result. Result 4 and after get less than 10% of the clicks. If your product is visible underneath the top 5, you are only reaching a small part of your target group.
You need to take reviews seriously
Since we have experienced the effect of negative online reviews on businesses, we can’t emphasise the importance of reviews enough. Research showed that in the B2C market, 81% of online consumers conducts online research prior to buying. And a big part, 67.7% of online purchasers are influenced by reviews. Additionally, a business with four or more negative articles associated with their product or company will likely lose 70% of potential customers. Negative reviews can sometimes have a positive effect if you demonstrate a proper, timely, and professional response– or when it’s clear that the review is false. Calling the review into question makes the false review seem less trustworthy. But responding has to be done with care and tact.
Social Media Influence
Social media has a big influence in eCommerce purchases. A social network’s point of view on a product carries a lot of weight. Just think about imagine your friend writing about a poor experience with a product. Would you buy that product after seeing your friends message? Facebook in particular is responsible for 63% of the social media steered purchases made on Shopify-supported shops. Social media can improve and ruin your business in two ways. Your own online visibility, founded on what you upload, how you post, how often, and the way you connect with individuals can have an effect on your brand’s likability and therefore following purchases of your products. Then there is also what people say about you and who they say it to.
Be the Best in the Industry
You can rank high in Google and have excellent reviews, you still require to proof yourself. Make your product excellent, so you are not only relying on new customers but reach market stability with returning buyers. A loyal consumer group doesn’t just establish stability, it helps you influence new customers without your own efforts. Happy buyers talk and word of mouth is still the most efficient marketing you can get.
Keep your wording and design simple
Individuals are attracted to products and brands they can understand. This is called “cognitive fluency,” which refers to how effortless it is to think about something and our habit to ignore the things that are too complicated. Cognitive fluency guides our thoughts as well as our purchases. It touches that all-important element of human emotions. The easier something is to grasp, the more attractive it is. Cognitive fluency motivates familiarity, which in turn influences trust.
Create an Empire of Returning Customers
As mentioned before, don’t just focus on getting new customers. Repeat buyers should be a big part of your marketing technique. Repeat buyers are responsible for 40% of a business’s revenue. So if you’re investing your whole marketing funds on bringing in new customers, you’re missing some serious possibilities for growth and stability.
- A buyer who has purchased from you once has a 27% likelihood of buying from you in the future
- After two orders, their probability of purchasing again increases to 45%.
- After three purchases, there’s a 54% possibility of returning.
The Purchasing Path
It’s challenging to understand the many variables that influence a consumer’s purchasing action, nor can you control all these things. But by identifying what influences your customers and the journey they go leading up to their purchase, you can direct your efforts more efficient. All purchases start with an awareness of need. This is followed by a search for product info which helps them determine exactly what they are searching for and the companies that provide the product to suit their needs. Then there’s a decision and a purchase, followed by usage of the product and an evaluation. That evaluation is often shared with others. Finally, the buyer is in the post-purchase period, which is when they determine whether to be a repeat customer.
As a company, you have influence over very few of these steps. The best you can do is deliver a great product that meets your customers requirements. Be visible and easy to locate online, persuade the user through great reviews or with proper responses to the negative ones. Concentrate on reputation to start with. Make it a great and positive reputation and the buyers will come.