Purchase cycle is a sequence of events that happen when a person buys a product and constitutes the products journey from manufacturer to end customer.
This blog article discusses the different stages in this process, from when an idea for purchasing a product is conceived to the moment when it’s handed over.
What Is Purchase Cycle?
Purchase cycle is the stage of buying behavior where a customer identifies a need, assesses his or her budget, selects a product or service, and makes a purchase.
The term purchase cycle is commonly used in the retail marketing industry to describe the various stages of buying behavior that occur during each stage. The purchase cycle is particularly important for retailers as it can help them have a more accurate idea about the time of when their customers are ready to make a purchase.
In other words, this is the process a customer follows before making an actual decision to buy something.
Stages of Purchase Cycle
The purchase cycle is a journey that consumers go through when they are looking to buy a product.
There are five stages of purchase cycle: awareness, consideration, evaluation, decision, and implementation.
Awareness Stage:
In the awareness stage, a customer is aware of the need but not yet interested in purchasing. They may be researching products or services to find the best fit for their needs.
Consideration Stage:
In the consideration stage, a customer is evaluating the pros and cons of purchasing the product or service. They may be trying to decide if they have enough information to make a decision.
Evaluation Stage:
In the evaluation stage, a customer makes a decision to purchase the product or service. They may start to put together their budget and select a product or service to buy.
Decision Stage:
In the decision stage, a customer commits to purchasing the product or service. They may go through with the purchase and get their product or service. This can be difficult because customer may still have questions about the product or they may have changed their mind about buying the product. Customer may also be bargaining with the seller to get a better price.
Implementation Stage:
In the implementation stage, the customer uses and enjoys their product or service. This can be different for each person, some may hate the product or some may like the product and might recommend it to others.
Conclusion
In business, the purchase cycle is an important concept to understand. It’s the process a customer goes through when making a purchase decision.
Understanding which stage your potential customers are in can help you optimize your marketing efforts and create products that will meet their needs.
