Online shopping has changed the world of business for ever as now competitors face-off across clicks, swipes or taps away. That is why consulting firm McKinsey thought of and developed the consumer decision journey to map the shifting consumer behaviour. It is divided into four stages, beginning with the initial consideration set that is the trigger. Then there is the active evaluation of all brands for consideration followed by the moment of purchase, culminating in fulfilling loyalty by being again. Sadly, for most brands the research conducted clearly gives that ninety percent of categories lacked customer loyalty. Social media has become a very powerful tool for digital marketing with potential customers getting highly influenced by influencers. The study also found out that more than half of customers shift brands at the next purchase cycle. Also, seventy percent of brand choices are made at the beginning of the journey. Thus, McKinsey has now curated the customer growth indicator to gauge business intelligence post study of the huge chunks of data now generated.

Source:https://www.mckinsey.com/about-us/new-at-mckinsey-blog/ten-years-on-the-consumer-decision-journey-where-are-we-today?cid=other-soc-twi-mip-mck-oth-1711&kui=oREs47JTH9TaSTzSdwUlpg

Uploaded Date:28 November 2017