How Customers Decide to Purchase a Product?

Mostly Bullet Points

Source: Free Image from Unsplash

The typical purchase cycle goes through the steps of awareness, consideration and purchase. Below, I am deconstructing the consideration phase.

During the consideration phase, users take into account the following factors:

1. Functional Utility of the product

2. Trust that the functional utility will be delivered as promised

3. Price (low price or fair price perception)

4. Ease of purchase (steps taken to purchase)

5. Delivery Speed

6. Ease of return, if things don’t work out

The above list is derived from observing numerous products and remembering Jeff Bezos’ statement that customers always want “low price, vast selection and fast delivery”.

Side note: Vast selection may not impact immediate purchase decision, but is helpful in making people return back to the platform.

Note: I am using the word “Purchase” in a broader sense. It could mean any final transaction step on any kind of platform. Example -

• “Easy Apply” on LinkedIn Jobs signifies ease of applying to a job (ease of purchase)

• Promise of 10 minute delivery on quick commerce apps signifies Delivery speed.

• Install a plugin via a single click in a software marketplace (ease of purchase)

We can add numerous examples here.