purchase-cycle

Vocabulary Word

Definition

When we talk about a 'purchase cycle', it refers to the steps a customer takes from realizing their need for a product, to evaluating different options, to finally making a purchase.

Examples in Different Contexts

The purchase cycle in e-commerce involves steps such as browsing, adding items to a cart, and completing a purchase. An e-commerce strategist might say, 'We analyze our website's purchase cycle to streamline the shopping process and reduce cart abandonment.'

Practice Scenarios

Service

Scenario:

Guest feedback suggests the need for more variety in our holiday packages. A focus on niche experiences might be beneficial.

Response:

I agree. Breakdown of the purchase cycle can help us understand customer requirements and tailor our offerings to those.

Tech

Scenario:

Our website's data indicates a high drop-off rate during the checkout process. We need to simplify our interface.

Response:

Yes, simplifying the purchase cycle on our platform should lead to higher conversion rates.