The Changing Landscape of the Customer Buying Journey
Customer behaviours are evolving rapidly. With advancements in technology, changing consumer preferences, and shifts in the business landscape, the customer buying journey is no longer a linear path from awareness to purchase.
Digital channels are increasingly important to today’s buyers: From researching products and reading reviews to making purchases online, buyers are turning to the internet more than ever before. In fact, 75% of buyers shop online at least once a month and 63% of all shopping journeys begin online. In 2020, the COVID-19 pandemic prompted a profound transformation as companies of all sizes were forced to move online and turn to ecommerce platforms in order to continue selling. In 2022, retail ecommerce sales were estimated to exceed 5.7 trillion U.S. dollars worldwide.
In order to thrive in the digital world, businesses should aim for a robust online presence. Ensure a user-friendly and responsive website and incorporate an ecommerce solution that guarantees a seamless purchase experience for customers. Make sure to invest in digital advertising solutions, and populate social media profiles with engaging content.
For buyers today, the path to purchase is non-linear: The traditional funnel model of the buying journey no longer accurately represents how today’s customers are making decisions. Buyers today are unpredictable, often jumping back and forth between different purchasing stages, revisiting products numerous times, and making impulse purchases based on their unique circumstances.
Businesses can embrace the non-linear pathway by creating content and marketing materials that cater to various stages of the buying journey and implementing retargeting/nurturing campaigns to re-engage with potential customers.
Today's buyers are well-informed and empowered: Customers today are doing their research, reading product reviews and seeking recommendations from their peers before making a purchase. According to a 2021 report by PowerReviews, over 99.9% of customers read reviews when they shop online, and 49% of buyers trust reviews as much as personal recommendations from friends and family members. Social media, online forums, and review platforms have given buyers a powerful voice, and they are not afraid to use it.
Businesses should focus on transparency and provide accurate and detailed product information, encourage customer reviews and highlight those reviews on their websites, and respond to all feedback received in a timely manner. Research from BrightLocal found that 60% of buyers feel that the number of reviews a business has is critical when deciding whether or not to purchase their goods or services. Customers trust the opinions and recommendations of others, and businesses that can build trust will succeed. Businesses should also work to build a strong brand reputation by creating exceptional customer experiences.
Buyers expect personalisation: Customers want tailored experiences and recommendations that cater to their specific needs and preferences. According to a recent report by Elastic, 88% of online shoppers are more likely to continue shopping on a retailer website that offers a personalised experience, including 96% of Gen Zers and 97% of Millennials. Brands that can deliver personalised experiences will stand out in today's crowded marketplace, and companies that get personalisation right have the potential to generate 40% more revenue.
What does this mean for your business? Implement personalisation strategies in marketing and customer service, invest in data analytics and CRM systems to better understand and predict customer behaviour, and use AI to recommend products and content based on individual customer data. These steps will be worth it: 89% of marketers see a positive ROI when they use personalisation in their campaigns.Businesses that recognise the changes to the customer buying journey and adapt to these changes will be well on their way to success. By investing in digital strategies, providing personalised experiences, and prioritising transparency and trust, brands can create lasting connections with their customers. Remember, in the age of the empowered consumer, the journey is just as important as the destination.