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Purchasing Process: What is it and what are its Phases?

As you may know, your customers’ purchasing process is rarely linear. Typically, customers do not start at a specific point and move through each subsequent step of the buyer journey until they reach the goal. Rather, customers move into the buying funnel at different stages. For example, they can enter the top or middle of the funnel early or join late in the trip, just before making their purchase. This is because buying a product or acquiring a service is not always an easy task, sometimes it is necessary to search for information, analyze costs and benefits, decide where and how to buy. That is why the consumer ends up going through a series of steps to reach a final decision. In this sense, if you have a company or business it is important that you design a strategy that allows you to attract customers at each entry point of the funnel and know how to market to your potential customers at each stage of the purchasing process. Before starting it is important that you are clear about the purchase process and how it works.

What is the Purchasing Process

The purchasing process is a systematic model, which represents the stages that a consumer goes through since making the decision to purchase your product or service  In other words, it is the route your clients take as they decide to do business with you. It is similar to a buying funnel in that it is a path that flows down at the top (as prospects become aware of your brand) and ends more narrowly at the bottom (as your potential customers are become paying customers).

How the purchase process works

As we saw earlier, the purchase process d writes the steps your customer goes through when making the purchase decision . This process applies whether the purchase decision is made by an individual or by a purchasing center. In order for you to understand how your client’s purchase decision is made, you need to know how the purchasing process works in each of its stages. Let’s go there?

Phases of the purchase process

1. Acknowledgment of Need

The shopping process begins when a consumer realizes that they have a need . You realize you have a problem you want to solve or a void you want to fill. At this point, the customer may or may not know what will solve their problem. They may be aware that you want to change their reality or situation . Or they may have an idea of ​​what will help you, but you’re not sure which brand, product, service, or solution will provide the best option. Example: Pedro is a graphic design professional who has a computer that starts to work slowly. He is preparing for a new job and needs a computer to help him perform his tasks efficiently. Or, it could be a project manager, Maria, who is tired of her team using spreadsheets to keep track of projects. So Maria needs a new tool or a suitable system to manage the projects.

2. Information search

The next phase of the purchase decision process begins when the customer begins to search for information that will help them solve their problem. You know you need something to fix your situation, but you are not sure what the best solution is. So you start looking for information that will help you better understand your situation and identify what will solve your problems. At this point, the customer frequently turns to online research and searches for solutions. Continuing with the previous example: Pedro, the designer, can start looking for information to solve his immediate problem, which is to improve the performance of his computer or he can also start looking for alternatives to buy a new computer. In the case of the project manager, Maria, you can investigate which are the technological tools that can be used to optimize project management.

3. Evaluation of options

Once the initial information search is complete, clients begin to reflect on what they learned or discovered . They begin to evaluate their options to determine the best solution for their problem. Customers at this point in the purchasing process have a lot to consider . They must determine which solution is the most reliable, affordable, highest quality, and highest performing. They look for reasons to understand why one solution has more benefits than the other. Example: in this phase, Pedro could make a list that includes prices, characteristics and models of the different computers that he found in the search phase. Meanwhile, Maria is at the point where she is reviewing product demos to see which software best suits her needs.

4. Purchase decision

In this phase of the purchasing process, the customer is ready to pull the trigger and make a purchase . They have made their decision on which product, service, brand or solution is best for them and they are ready to buy. Research and evaluation are over, so now the customer only needs a clear path to buy . For your brand to help you get through this stage, your product or service needs to be easy to acquire. You should also use additional reinforcers (such as testimonials, reviews, discounts, etc.) that lead you to the purchase and avoid the negative elements (bad reviews, barriers, additional expenses, etc.), which will cause customers to turn away. Example: Pedro, you already made the decision to buy, it is likely that you are eager to make the purchase and get your computer. Therefore, you are more likely to buy the computer if you receive free and expedited shipping. For her part, Maria, the project manager, may need final approval from her bosses to make her purchase, but she will also be eager to get started, so a free trial may be the way to get her through this phase.

5. Post-purchase evaluation

In this last stage of the purchasing process, the path to purchase is complete. The customer has already bought your product. But that doesn’t mean your journey is complete. Now is the time when you reflect on whether you made the right decision. The customer will consider whether your solution accurately and completely meets their needs. It will decide if it was worth the cost and if your brand delivered on its promises. They will feel satisfaction or remorse from the buyer. In the first case, the customer could come back to make another purchase . But if it’s the latter, the customer could reject your brand, never make another purchase, and even share their negative experience with others. Example: Pedro is using the computer and discovering what he likes and what he doesn’t like. Reading resources that show you how to use your computer better may make you like it more. Maria is going through a similar process. She is using the tool, distributing it to her team, and listening to her colleagues’ feedback. Viewing articles on how this software has helped people like her manage their projects will probably improve your perception of the product.

Online vs offline purchases (how they differ and how they are combined)

As you may be thinking, the main difference between buying online vs offline is the medium or channel used to make said purchase , in addition to the speed and simplicity with which it is made. For example, online purchases only need a couple of clicks, while offline purchases involve a physical movement by the customer to purchase the product. Besides these differences there are others. Let’s see:
  • Purchase impulse. Online purchases, unlike offline purchases, are more impulsive and instantaneous . This is because the calls to action that online customers receive are designed to drive purchases.
  • Information. Online shoppers can find a lot of data about the products they want to purchase, for example: availability, features, etc. For their part, offline buyers only find information in the physical store, it is there that they will know what products are in stock.
  • Acquisition cost . Although it is not a general rule, the prices of online products are usually cheaper than in physical stores, this is because in online stores the distribution chain is reduced, which reduces costs and therefore can offer better prices.
  • Trust. Offline purchases give a higher degree of trust towards brands, since customers have a greater contact with the products and can test them before deciding whether to buy.
  • Loyalty . This is a weak point of online stores . However, marketing strategies can help to reverse this situation and achieve customer loyalty.
  • Schedule flexibility . This is one of the main advantages of online shopping. Consumers can purchase their products at any time since they work 24 hours a day, 365 days a year.

Recommendations to facilitate the online shopping process

Normally we are familiar with our site, we know where to find or what term to use to locate a certain product, but in general this procedure may not be so simple for our client. And when it comes to the purchasing process, very large forms or request for irrelevant data can make it even more difficult than reaching your goals . Is it necessary to request the marital status of your client, for example? It is clear that in some cases this information is essential, but if you sell cell phones, for example, is it really important to obtain that information? Another key point is that you try all the payment methods of your site . Have you already made sure that the payment and continue shopping buttons are working? And the method of payment by credit card? In addition, it is essential that you periodically test your links, buttons, forms of payment and form filling , so that you can find and correct faults before your client finds them. Believe it or not, these details can hinder conversions on your site. Therefore, test your site frequently, use different browsers, and ask other people to test the navigation and complete the purchase process without your help. The idea is that you facilitate your client’s navigation on your site. If you facilitate the purchase process of your customers and offer them a good user experience, you make sure that they buy more times in your store and you increase the possibility that they will recommend you to other users.

conclusion

As we go through the five stages of the buying process, you may have noticed that a buyer could start from the beginning and move through the phases. But often this theory doesn’t work out exactly as planned. Customers can enter and exit during the process through the top, middle and bottom of the funnel. So you can’t just focus on getting customers up front and expecting them to find their way through the rest of the process. You must optimize the purchasing process from top to bottom to attract customers at each stage of their journey. In addition, you must be clear about the differences in the ways of buying online vs buying online. Knowing the behavior of your consumers in each channel will help you design appropriate strategies to attract and convert them. Finally, it is important that you keep your website optimized and easy to navigate, this way your customers will buy from you again.

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Crypto

How to Create Account in EXMO step by step

In this article you will learn how to register in EXMO in 2022, as you well know it is a cryptocurrency platform to trade, as well as buy and sell digital currencies. Next, we are going to make you a quick and easy guide to create your account.

How to open an account in Exmo.com step by step

Access the official website of EXMO to be able to register for free.

Select “Registration”

At the top right you will have a Registration button, click on it and there you will open a form to place basic data such as username, email, telephone, password and its confirmation, as well as the acceptance of terms and conditions of the platform.

Likewise, if you want you can subscribe to receive news you just have to activate the option. then activate the captcha and click on “Registration”

Phone and email verification

They will send you an SMS to the registered phone to place the verification code and give it confirmation. The same will happen with the email, in which they will send you an email with a link to confirm the account and activate it.

Account Verification

Once you have completed all the registration, you must verify your account, this is quite important that you do it so that you do not have limitations, it is a financial platform and as such, by regulation you must verify your identity and address.

  • For identity, you can do it through your ID, passport or other identity document, also a selfie with the document, you can support yourself by linking the mobile if you do not have a webcam.
  • In the case of the address, it would be verified with a bill for services such as electricity, water or other document where they can verify your location or residence, this is to raise the limits further.
  • For the card, you need to enter your card details and even take a photo and attach it.

Ideally, you should verify everything, but the first thing is the identity, in which you will be required name, surname, middle name in the case you have. Secondly, you will be asked to identify what type of document you are going to use to identify yourself, for example, the DNI.

After that, you must upload a photo of the front and back of the identity document, if you do not have them at hand, you can do it with your mobile and send it to you by mail or web whapsapp or another application, and then upload it from the computer.

Once this is done, it will request a selfie with specific details, where you must write down on a paper the word EXMO, followed by the date of the day of the photo and hold the DNI without covering anything, there you capture the photo and attach it, with these steps you will already be in the process of verifying the identity.

Likewise, you can do it to verify the address with a receipt and in the case of the card you must do the same, they are similar processes quite simple, the idea is that you complete the entire registration process.

Configuration

Another important point regarding registration is the security configuration in which you can add extra protection and have two-step authentication. Likewise, you can observe other options such as personal information, which you can review carefully.

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Crypto

How to create an account on Poloniex step by step

In this article you will learn how to register with Poloniex in 2022, it is a cryptocurrency trading platform, where you can trade with margin or leverage and you can also do hodl. Here’s a step-by-step way to create an account on Poloniex.

Go to the official website of Poloniex

Access the Poloniex registration page to later follow the step by step that we will give you to register for free.

Select “Sing Up”

Once you are on the platform you must select in the left menu “Sing Up”, where you must enter the email and password, the latter you must confirm it. Additionally, you must place the referral code (optional), as well as accept the terms and policies that govern this page.

Verify your email

Once the previous form has been completed, you must check the email where a link will be sent for the purposes of verifying the email, in order to continue with the account registration process.

Account access

With the email and password data entered, we select “Log In” and access. Among the important things that there are is the “profile”, where you will have to verify your account.

If you want to apply margin for trading or leverage you must verify your profile in “Upgrade” you will be able to select other aspects that will help you verify your identity, you will probably be asked to upload a file, such as a photo of the DNI or an invoice to verify the address.

Then, in the event that you want to use the future option that allows margin up to one hundred leverage, you have to have verified these things.

This request is totally normal, since it is required by all financial platforms by legal issue, with this you would already have verified level 2 and with it you would not have any type of limit.

Right now, you could make all kinds of deposits, normal purchases with certain fairly high limits.

Two-factor authentication verification

To protect your account you can activate 2FA this is double authentication code, so you must enter a code apart from the password to be able to log in.

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Crypto

How to Invest in Cryptocurrencies on Skrill

If you are one of those investors who do not like to deal with many complicated orders, but prefer to hold long-term, then Skrill is an excellent alternative for you. With the simplicity that characterizes it.

But the question is, how to invest in cryptocurrencies within Skrill? The answer will be shown in this article.

But first log in to your Skrill account, then you could already start the step by step that will be shown below.

Access Skrill’s Cryptocurrency Investment Options

Like any financial platform, Skrill puts at your disposal tools so that you can invest in cryptocurrencies within yourself, doing so in a simple and comfortable way. To access these tools, below, we will describe the following procedure:

  1. Within the home screen of your account, in the left sidebar, find and tap on Cryptocurrencies.

Important: It is likely that when you enter this section, you will be asked to accept some terms or similar.

  1. Once there, you are presented with different options in terms of cryptocurrencies. From among these, you will select Invest now, clicking on this option.

  1. Once you access that section, you will be shown an extensive list of existing cryptos in Skrill. In each of which, you are given a Trade option. If you click on any of these, you would enter their trading options.

  1. When you have entered the crypto you chose, you will see a Buy – Sell panel.

Ways to trade cryptocurrencies in Skrill.com

In this buy-sell panel or trading box, you will have some options that will allow you to perform these operations:

Steps to buy cryptocurrencies within Skrill

First of all, talking about the purchase of cryptocurrencies in the Instant mode (which is the usual one), you will be able to do the following:

  • Select the currency in which you want to buy cryptos.

  • Set the amount to spend that, for its purposes, must be a minimum of 10 EUR (You are also shown the balance you have available).

  • Select the cryptocurrency in which you are going to invest.

  • See what you are going to receive in cryptos in equivalence for what you have invested.

  • See the commission you will be charged for that transaction.

When you have everything ready, then you can click Next.

After this, you will be able to see the summary of the entire operation; you will be told everything you have added, such as the amount and what you would receive, and also the commission charge, which will be added to the total amount to be spent. If you agree with everything, you can click on Confirm.

Steps to Sell Cryptocurrencies within Skrill

There is not much to comment on in the case of selling your cryptos within Skrill, as they are basically the same steps as in the case of the purchase:

  • You establish the type of crypto that you are going to sell (and that logically, you should own).

  • You indicate the amount of cryptocurrencies to sell directly or, if you prefer, using the percentage indicators.

  • Select the currency in which you want to receive the funds in equivalence.

  • See how much you will receive, in the same way as the previous case.

Having this ready too, you would click Next.

Following this, you must also click on Confirm in a summary similar to that of the case of the purchase, where you will see important data with which, if you agree, you can proceed to the respective confirmation.

Some other options that Skrill gives you to trade

The options you have in Skrill to trade are very practical and easy to use. And for your convenience, they are not numerous. Here’s what you can find on Skrill for when you want to trade on it:

The Portfolio section

In this section you have at hand some useful things for your negotiations, such as:

  • The Watchlist, with which you can keep abreast of the indices of your cryptos in the market.

  • Alerts and orders. With these options you are given the possibility to mark an index within the cryptocurrency, which, if the price reaches it, this will be notified to your email or mobile, as you have it configured.

  • Recent activity. It is the section where you will get your last financial movements, when it comes to purchases and sales, as is logical.

The Trade section

Within this section, you can do what you are told below:

  • Visualization of Graphs. This will allow you to take a look at the stock market movement in a not at all complex interface (you can also see the current trend that the market has in terms of sellers and buyers).

As you can see, the trading system within Skrill is not complicated. They are few and simple options, but with the same utility for people like you who do not want to get too entangled in the stock market issue, but to play it safe, but in a simple way.

This tutorial summarizes it this way so that you have a general idea when investing in cryptocurrencies within Skrill.

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