With the invention of the internet, social media, and online retail, factors that influence buying habits have changed. Today, many consumers are shifting to online retailing. As a result, companies are going from traditional marketing channels to online marketing strategies. The following factors significantly influence customer buying habits.
1. Product and Service Reviews
Most businesses have currently shifted to online marketing and services because of the vast opportunities and potential consumers. The global online community consists of more than 3.6 billion users worldwide.
Many consumers buy products based on the content they come across on businesses’ websites. Consumers are always looking for reviews, regardless of how companies advocate for their products. According to a consumer study conducted by Fan & Fuel, 97% of participants indicated they depend on customer reviews before making purchases. 94% indicated they hesitate to buy when there are no customer reviews.
Major companies and small businesses have realized the importance of reviews on how they influence buying habits. Thus, they allow customers to leave reviews on products, services, and overall customer experience.
The same applies to services. Whether it’s AC maintenance in Santa Rosa or heating repairs in Buffalo, service providers need positive online reviews from previous customers to thrive going forward. Also, consumer reports provide reviews on various products and compare different services and products.
2. Strong Social Media Presence
Currently, there are over 3.6 billion social media users across the globe. Companies have invested in various social media platforms to attract and influence consumer buying habits. Statistics indicate that 47% of young adults buy products due to social media influence.
An increasing number of consumers use social media to research particular products or brands. Research indicates that 71% of consumers are likely to make purchase decisions based on social media referrals.
Consumers assess the way you interact with your followers and users in general. They want to ascertain if your brand can be trusted. A brand with strong social media influence and presence is likely to influence many social media users’ purchase decisions.
3. Peer Influence and Recommendation
Many consumers become aware of brands and products through peer recommendations. It’s one of the reasons why companies conduct targeted marketing to existing customers. If a customer is satisfied with a particular service or product, they will likely recommend it to their peers.
Celebrity influence builds brand credibility and can influence other people. Companies use celebrity endorsement since they influence the purchase decision by changing the perception of consumers.
4. Personal Factors
Factors such as age, occupation, income, and lifestyle significantly influence customer buying habits. For instance, individuals with higher disposable income are likely to purchase more products based on quantities and qualities. Also, different people have different ways of living in terms of interests and opinions. Companies design various marketing strategies to influence other consumer’s buying habits.
5. Social and Cultural Influences
Human beings are wired to follow certain social and cultural norms. It is worth noting that the opinions of families, friends, and social groups can influence the purchase decisions of consumers. For instance, cultural practices in particular areas can define the things individuals want to consume. For these reasons, many companies use the herd mentality strategy to influence the purchase decisions of consumers.
