It is clear that consumers often use much more information than just the price of the product while making a decision to purchase a particular product. The amount of information than the brain processes while making a purchase us phenomenal, these being driven by various cognitive, social and behavioral cues. While sophisticated architecture may be able to capture the volumes of data to decipher a probable promotional strategy, even they will not be able to capture all the fine nuances which affect a purchasing decision, hence making it difficult to predict a promotional offer which has a high probability of working. The answer is to follow the approach which e-commerce sites have successfully employed that is using structured experiments to find new possible effective promotional strategies. Tailored data for deriving effective promotions in retail is the answer to the above limitations.
This channel integration relates the retailers in online. According to Jim Bengier, the success of online retailers over the past few years has encouraged catalog retailers and department stores to focus their energy on ecommerce, providing a wide-ranging of products online. Not only do these retailers have to focus on providing customer service and storing shopper loyalty, but they must also handle the challenges of cross channel retailing and multi brand management. The downfall of multi brand selling, as well as multichannel selling, is that retailers may be motivated to run their operations as though they are managing several independent businesses, with separate warehouses and, most importantly, separate logistics and satisfaction processes. This is by no means an ideal retail strategy.
Most of the companies have their own online shopping sites so that they can attract the customers from international arena. Online shopping has made a transaction easier than it was and online stores offer consumers benefits by providing more variety of products and services that they can choose from (Lim und Dubinsky 2002). The traditional retailers offers only the limited number of product because of the storage problem and different other factors. Thus, customers may not find different varieties as offered in online shopping sites. To overcome these problems, the electronic stores like Saturn, Media Market and Conrad have also the online sites where they can offer more products then in their outlets.
Omni channel experience to shoppers: An emerging retail reality -Priyanka Banthia (Ebiz-2) I choose to be in marketing because analytics in digital marketing and branding are the kind of job profiles i wish to be in. I am a creative person and have good convincing skills. When I get the opportunity to meet dignitaries from this field, I get inspired to be in the field. Lastly I enjoy marketing case studies and projects. Omnichannel experience is a multichannel sales approach that provides the customer with an integrated shopping experience.
The digital space has changed the way companies operate and consumers purchase their products. Usually companies bring more to online world than to offline. However, in the last few years, because of a new shift in consumer behavior, forced brands to revise the existing face of e-commerce. Customers become more careful, dedicated and definitely more active when they choose product or service. We all know it is hard to buy a pair of jeans online because we need to try them on.
Amazon uses Market Basket Analysis in which they use data mining algorithm to identify customer purchase behaviour by analysing previous purchases to determine items they buy together, as well as the frequency and order of their purchases. This analysis is also used for the order of content items on their media sites or to form their catalogue. It is also used to deliver targeted marketing (e.g. emailing customers who bought specific product with other product and offers on that product that they are likely to purchase). Amazon now also use its big data to monitor, track and secure its products lying throughout the world in its retail stores.
Introduction The Information revolution is changing our daily lives. Along with the explosion of the Internet and social networks, online commerce is growing stronger than ever and plays an important role in the modern world (KIYICT, 2012). More than 85% of world’s online population has ordered goods over the internet during the recent year (Cheema, Rizwan, Falal, Durrani & Sohail, 2013). It can be witnessed that, online shopping brings about not only advantages but also disadvantages. According to Cimigo NetCitizens market research (2012), more than 50% of internet users agree that they can choose a variety of products through online shopping, but the level of trust in the security of online shopping is safe.
consumerism we can also see a positive that is highly advantageous for not only the business but for the economy as a whole. E-business being popular has had the maximum number of sales and profits in the recent years. It is prevalent that due to the convenience of buying everything just with a click and at highly attractive discounts, there has been a massive increase in the number of sales for all online businesses. Statistics have shown that online shopping has increased its sales from $72 Billion to about $322 Billion over the past 12 years which is a massive leap. This is helping the business have more accumulation of revenue and thus it can be used not only for development of the business but also for
ABSTRACT The Assignment tries to identify the Online Shopping scenario in current market dynamics, specifically on Consumer behavior tilting towards online shopping from traditional offline retails shops. We identified that Price variations, Product and Service quality and Safety and trust strongly impact purchase intents of customer in the retail shops and online shopping. With option of Retail and Online Shopping, consumer has been more empowered to decide on way to purchase of goods and is very important to understand it from a managerial point of view. INTRODUCTION Online Shopping has revolutionized the way of shopping experience in urban areas. It has grown from a small shopping cart to giant e-commerce industry, thanks to emergence and growth of faster and cheaper internet services and its availability on the mobile devices.
With the emergence of a more diversified retail outlets and increasing competitiveness in the marketplace, customers’ shopping orientations need to be understood by the online retailers so that customers’ online purchase intention can be maximized, which ultimately leads to the increase in online sales. Vijayasarathy & Jones, 2000; Park, 2002; Brown, et al., 2001; Seock, 2003; Gehrt, Onzo, Fujita and Rajan, 2007 have all acknowledged that shopping orientations have significant impact on customers online purchase