Thursday, July 19, 2012

Changing Trends In Online Economy


Online retailers have shown tremendous growth over the last 3 years. Although the industry is growing, it’s getting more challenging to discover and understand the changing trends of commerce in this unconventional mode of economy. For anyone entering the online retailing business, it is essential to understand how to manage multiple customer touch-points, latest shopping trends and changing customers’ preferences.

The current generation of online shopper has been termed as ‘Smart Customers’, which is because of the smart choices they make. They are a lot more tech-savvy compared to older generations, they know what exactly they want and where to get it, they know their options, they know if you are selling a genuine product, they know how to get the best product at the best price, and they know how to not let the seller fool them. All those qualities started appearing in the shoppers mainly due to the widespread use of internet. People are reading more, researching more and understanding better.

Now when you enter the world of online retailing and start selling a product or service, there is every likelihood that someone in a different part of the world is selling the same product or service and even at cheaper rates. Unless you have positioned your product in a way that is in coherence with the current fashions and trends, you are not likely to make it big in this industry.


Many online retailers are investing heavily into this business and creating websites and applications to enhance the customer experience and increase engagement. Initiatives such a mobile shopping apps, that were a no more than a blip on the radar a few years back, have now taken the center stage in the industry. With the growing use of Smart phones, people now prefer to log on to the net via their mobile device. And it is the platform where the element of customer engagement is at its peak. If the business has an attractive and user-friendly app that customers can use to make purchases via their iPhones, Android phones or tablets, they have a much greater chance to capture a bigger market share and wallet share of the customer a well.


So in the end, it all boils down to how customer focused your company is. The more time you spend understand the customer needs, the better solutions you could offer. And of course, mobile applications are one of them. So if you are an online business and you have not launched a mobile app yet, you my friend are seriously lacking behind. Hire a top grade developer and get on with it now!
 

No comments:

Post a Comment