Buzzwords of Online Retail
Buzzwords of Online Retail
1.M-COMMERCE - The new buzzword as the offline and online world converges, mobile commerce has the potential to dominate the online retail sector. With M-commerce shopping has become ubiquitous. Now a man returning from his office while in a metro can buy De beers diamond ring for his wife, or a lady can click a picture of his friends dress and check on her cell an identical one. Online retailers are working to make more customized mobile apps .For instance Amazon iPhone app allows a customer to scan a bar code of a product and later whenever he feels like buying it is just a click away.
2.F-COMMERCE- With over 1 billion active users, in next 5-10 years F-commerce is going to supersede the purchase done on sites like eBay, Amazon. Facebook has a huge role in directing the consumers to a particular online brand. In no time, instead of just liking the brand on Facebook, consumers will start buying on it freely too.. It is emerging as the biggest platform to drive customer trial, customer loyalty and later customer's word of mouth. The power of more than 1 billion users who do the first thing when they get up is login in their Facebook id's and before sleeping the last thing they do is check their profile is going to make F- Commerce penetrate into online retail sector and make it a dual phenomenon.
3.GET A VIDEO - share it on Facebook Though online retail sector has overpowered the offline sector, it has got some disadvantages too. With so many products to choose from, images may not be a convincing tool for customers and may make them apprehensive while buying. Interactive product display videos are the new trend in online retail. They will be more helpful for a customer to make a decision and with ever-improving internet speed, its gonna be the most important marketing strategy in near future.
4.SIMPLER AND ATTRACTIVE PAYMENT PROCESSESTo increase the number of online shoppers the transaction process needs to be safer and simpler. In future more and more transactions will be carried out through Pay Pal, debit and credit cards. Customers will prefer one page payment methods, which ensures more trust in the transaction process. The second aspect of making payment enticing is accomplished by providing coupons. Indians are especially known for bargain and discount hunting whether offline or online. So it won/t be difficult to accept that about 20% of the online customers click one of the coupons site before making a deal. 5. RENT THE RUNWAY- This new business model is a new trend and is sure to make a dent in brick and mortar apparel stores. The site allows customer buy dresses on rent for 4-8 days basis from a high-end street designer and later return it. The trend is making a way into consumer mind and already has over 3 million users subscribed to it. The model can be a trend which many other sectors in retail can copy to make their high end luxurious and expensive products to be bought by consumers. It is described as the Netflix of fashion.