¶ … online retailing operates, what kind of problems they face and the kind of environment they operate in. The author has also focused on Asian online retailing and special focus on Hong Kong online retailing. It has 22 sources.
Access of basic necessities of life has followed the conventional method of buying and selling. This pattern changed in the last decade with the emergence of information technology age. When consumers have the ability to access information instantly, technologists thought why not access to products has as well. Thus emerged the concept of retailing online.
Online market had initiated with selling of information but today one can interact on the internet and buy physical products without any fear, atleast in some parts of the world. The main concern for consumers today is not whether their regions have access to the internet or not but rather focused on how fast and how online retailers can promptly provide them with products / services. As a result of this attitude a lot of internet companies started to have a separate division for marketing - online retails or more commonly known among IT professionals as retail. Online retailer is a diversified version of the e-commerce sister. Today online retailers sell anything that they find feasible to sell- right from a hair pin to a car, all can be online.
The competitive factor concerned here is how efficient is the etailing system, that is whether it is to survive external as well as internal environment. Despite being one of the most lucrative hub of online retailers America today still fear for its survival. With the Asian crisis, the Latin crisis as well as the recent September 11 crises, the economy had lurched on and off. The major concern is the local market is not strong enough to survive. In the face of competition from Asians as well as from Europeans, online retailers fear they need to gauge their competitors' strength and weaknesses before they can progress further. In discussing one of the competitive region, Hong Kong has been taken as an example.
STATEMENT OF PURPOSE
In the following section the author will provide the current environment, the scope and the pitfalls of online retailers in America and Asia. Special focus on Hong Kong has also been given to provide an in-depth view at a micro level.
DISCUSSION
Online retailing concept
The basic marketing concept of a business is easy to understand if one were to take into account of the customers. Customer retention is an important phoneme if a businessman considers their needs. It is important to note that the entire selling concept is dependent on the understanding of the importance of the model of customer valuation and base. Customer "acquisition" is therefore important if one need to develop a business. There are several factors responsible for the upkeep of a business where customers are concerned. These are as follows:
Good retention marketers have two objectives with any kind of customer retention marketing:
1. Hold on to the most valuable customers
2. Try to make less valuable customers more valuable
To retain and increase the value of customers, you have to create marketing promotions and execute them. To do this in the most efficient and effective way, you have to know the value of your customers and their likelihood to respond to a promotion, for these 2 reasons:
1. You don't want to waste money on promoting to low value customers because you can't make a profit
2. You don't want to waste money promoting to customers who won't respond because this is just throwing money away."
Customer Retention and Valuation Concepts
How one go about valuation and retaining customers is also important. Most of the retailers have utilized the package programs, catalogs and benefits of long-term relation strategies. But as time passes this tactic is having little or not effect. Consumers are looking for new tactics. Most retailers adopt the attitude of selecting customer identification at random and provide them added benefits. Others adopt the catalog to select a list of names to mail them offers in the hope to instigate their interest in buying products. While these tactics have proved effective in the past catalog sales no longer have the desired effect. The reason being that the internet has taken over this arena. As a result of this they need to analyze how the online retailing differs from the brick and mortar one.
Although consumers have looked forward to online retailers, online retailers have not been able to meet up with their expectations. Consumers look for product variety, timing, efficiency, quality and on time delivery. Where on time delivery is concerned most of the...
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