The singular, orderly sequence of purchase stages has been scrambled, and marketers need to conform quickly. Consumers are changing the way they research and purchase online, and new shopping paths are emerging depending on behavior, device, location, and intent. It’s not just what consumers do that is important; it is also how, when and why they do it.
Consumers are distracted, but smarter. Marketers can be smarter, too. Digital marketers need to take a hard look into the data trail that consumers leave behind. Analysis of this behavior can provide actionable insight into how consumers arrive at their purchase decision. Some things to consider:
- Each individual consumer path to purchase is different; however, the combinations are not infinite.
- Understand how consumers get to your site and how many of them visit your site but convert elsewhere. These lost customers are a key element in understanding how to use consumer behavior to unlock low hanging revenue.
- Knowledge is power. Adapt to the realities of the new path to purchase rather than trying to change it.
The paths to purchase are different in each industry. Some quick path facts from Compete’s areas of expertise:
- Automotive: 56% of consumers’ 1st step in their automotive path to purchase is to check Auto Review Sites, not the manufacturer site.
- Financial Services: 80% of customers decide on a brand after their first research step, even before visiting a brand website.
- Retail: 20% of consumers who buy athletic shoes online try them on in a store first.
- Technology and Entertainment: The average path to purchase for a Flat Panel TV takes 11 weeks.
- Travel: The average hotel booker visits 12 travel sites before booking online.
For marketers, it’s a challenge to identify and map the ideal shopping behavior for their brand. Our latest ebook, “Navigating the New Path to Purchase” offers context and insight into what the evolving path to purchase looks like across several industries–so readers can make more informed, strategic marketing decisions. To start mapping your customers’ path, download the full ebook today!
Clayelle Wolf is a Marketing Consultant at Compete, focused on special projects concerning the complex and ever-evolving consumer path to purchase. Before joining the team, she worked in the advertising space. She lives in Boston and enjoys exploring all the city has to offer. Connect with Clayelle on LinkedIn.