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 buyer’s purchasing decision.
According to a recent survey, the top reason buyers may turn away from a brand is bad customer service. As many as three out of five consumers name it as a factor that would affect their buying decision.
Unsurprisingly, customer service has always played a key role in the success of a business. The numbers say it all—92 percent of consumers would stop buying from a brand after experiencing three bad customer experiences and more than three in five share these negative experiences with others.
The second-biggest factor that influences purchasing decisions is the brand’s press image. Nearly half (48 percent) of all consumers list negative media coverage as a factor that will make them think twice about purchasing from a brand.
Rounding out the top three factors influencing consumer behavior is having a poor environmental record. Two in five (39 percent) buyers list it as one of their top purchasing concerns.
Social Issues Affect Consumers’ Buying Decision
Delving deeper and further down into this list of factors, we see that social issues are starting to not only rise but also rank among the top factors that influence consumer purchasing decisions.
More than three in ten (31 percent) consumers would rethink their decision to shop from a brand if its employees were subjected to working in sub-par labor working conditions. Approximately 15 percent of consumers also list political and social activism as well as workplace diversity as factors that affect whether they’ll purchase from a business.
With these in mind, brands with a strong and ethical social standing will likely perform better than those that don’t. They’ll gain more trust, following, and loyalty from consumers, which translates to more sales and revenue.
Moving forward, businesses should focus not only on their brand image but also their brand purpose.
Even as companies place more effort on social issues and initiatives, they should not be neglecting one of the key things that make their business run: their product. The range of products offered continues to be one of the top factors that influence consumer purchasing decisions, with as many as one in four (24 percent) of consumers listing supplier and product variety as a purchasing factor.