Top Factors That Influence Consumer Purchasing Decisions
One of the most important things to consider when running an ecommerce business is the factors influencing consumer behavior. In other words, the elements that affect a potential sale.
Knowing what guides your target audience’s buying decision allows you to make adequate changes to your business strategy to attract shoppers and boost sales. Here’s a look at the top factors that influence consumer purchasing decisions.
Factors influencing consumer behavior
According to a recent survey, the top reason buyers may decide to purchase from a brand is the quality of its products. As many as 53% of global consumers name it as a factor that affects their buying decision.
The second-biggest factor that influences shoppers’ purchasing decisions is the product’s cost. Over one out of every three consumers (36%) list this as a factor that will make them consider purchasing from a brand.
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Rounding out the top three factors influencing consumer behavior is trust. 32% of shoppers say they look at whether the brand and its products are trustworthy before deciding to purchase. Results from the same survey show that quality, cost, and trust are intrinsically intertwined. Buyers indicate they would prefer to fork out more money to acquire a quality piece of item that’s meant to last. This mindset is especially widespread among buyers shopping for luxury products. In fact, experts say that lower prices can lower shoppers’ trust in a product and, as a result, their willingness to purchase.
The fourth- to sixth-biggest factors that influence purchasing decisions are brand reputation, good reviews from existing customers, and whether a brand offers discounts. More specifically, just under one in three (31%) consumers worldwide say they consciously consider these factors when deciding whether to purchase from a brand.
This is followed by whether the brand’s products align with their personality and style. 29% of consumers say this is a factor affecting their decision. Another 27% say good customer service is key to getting them to buy.
Brand familiarity is also one of the most important factors influencing consumer behavior. 23% of people say knowing a brand well determines if they should purchase from them. Last but not least, the 10th-biggest factor buyers keep in mind when shopping is if products are convenient to find and purchase.